Determining how much to charge for your psychic or healing products or services is always a tricky thing. You want to make sure you get the compensation you deserve, but you don’t want to price yourself out of the market. If you set prices and noone comes to you for a healing session, you might be charging too much at this time and might want to consider lowering them. But what if people were paying for your service at first and now you’re experiencing a sales drought? Maybe for the last few weeks, or even the last few months, sales have been lower than usual. You’ve employed your usual marketing strategies, and you may have even improved your product or service but you’re just not attracting much business. Should you lower your prices?
It depends. Lowering your prices can be a good idea as long as it’s done strategically. Whenever you drop prices, your goal should be to do it for the short-term. And you want to let your clients and customers know that you’re lowering the prices as a favor to them, and not because you’re not getting enough business at your current price-point.
How to lower your prices
As we said earlier on, lowering your prices should be done strategically. Here’s how you can get the most mileage out of a drop in price.
Sell the drop in price. Whenever you lower your prices, you want to let your customers know the price has been dropped because that’s a selling point. People love a good sale. Sometimes just the act of getting a bargain is enough to inspire someone to make an impulse buy. The drop in price should also be used to strengthen your relationship with your customers. It feels good when a company that you patronize tells you they’re going to drop the price for a while for a service that you regularly get. That makes clients feel that the company is consumer-friendly. The customer things, ‘they care about me and aren’t always thinking about ways to get more money out of me and ripping me off.’ They may even be more likely to patronize a company that offers periodic price breaks because, again, they think the company is less likely to rip them off if the company is frequently offering ways to save money.
Let readers know it’s temporary. A lot of research has been done that shows that people value things that cost more over things that cost less. Whether this is right or wrong, a person might look at two psychics and assume that the one that charges $250 an hour is more accurate than the one that charges only $50 an hour. If you simply lower your prices without letting potential customers know that the rate cut is temporary, you run the risk of them assuming that your service has lost value. That’s something no lightworker business owner wants to happen. Have you ever gone to Amazon.com or another service site and noticed that you’ll see two prices — a higher price that is crossed out and the lower temporary sale price? The reason that’s done is to let customers know that the item or service is still high quality; it’s just being offered temporarily at a bargain price.
Create a sense of urgency. As you let readers know that the drop in price is temporary, you also want to create a sense of urgency in them to buy the product now. You do this by letting them know that the price will soon be going up and if they don’t act fast, they’re going to miss out on the bargain. Let people know that they have a week to buy, or that prices could go back up any day. Not only might you spur some quick sales, but again, you send the message that your product or service is very valuable and won’t be available at that pricepoint forever.
When to cut prices
So what are some good times to cut prices? If there’s a slow period in your line of business, that might be an ideal time to offer a price break. Say the winter time is traditionally slow for you; you can offer winter prices to get people to consider buying your service at that particular time.
You might also offer a price break on a certain day of the week if you find that you often have a lot of free time on certain days. Again, this is a way to spur sales when business is low so that you can have steady sales activity all year long.
If price-setting is an issue that you have found challenging, you might want to pick up a copy of Ellen Rohr’s How Much Should I Charge? Instead of having to guess at what’s the right price, Rohr helps you come up with a strategy to make what you want on every job, every time. Her book is written largely from experience. Rohr almost sunk her family’s business, but she brought it back by mastering the art of charging the right price and attracting the abundance that her business deserved.