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Tuesday, 26 July 2011

Use The Odd man Out To Create Bigger Profits

One of the easiest ways to increase your bottom line exponentially, is to increase the value of every sale you make. Here is a secret tip to increasing the value of every sale, without increasing your prices.

Let's say you have two products to sell. Doesn't matter what they are, just that one is a lower value than the other.

Let's say you run a beauty spa. You might have two products like this;

1. Hand and Foot Massage:  £30
2. Hand and Foot Massage and Aromatherapy Massage :  £100

So you give your clients two choices, and your sales, research shows, says you'll get a fairly consistent split, let's say for example that you are getting a 50/50 split.

If you introduce ANOTHER third choice in the middle, and make it the same or very closely priced to your second item; research shows that something quite amazing happens.

1. Hand and Foot Massage:  £30
3. Aromatherapy Massage: £100
2. Hand and Foot Massage and Aromatherapy Massage :  £100

Now, no one ever buys the 'Odd Man Out' in the middle, and research shows that the introduction of this 'Odd Man Out' massively polarises the buying pattern in favour of the highest price product which previously was split down the middle with your lower priced product. The theory is that most buyers now focus on the choice between the second and third offerings and dismiss the first altogether. You have miraculously highlighted the VALUE of the higher priced product.

You may get a 30/70 split or even better in favour of the higher priced item.  Work out for yourself what that is going to do to your bottom line. 

With a little imagination, you can apply this to any business, product or service.


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