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The key is three tiers, and three is the target. More than three and you get decision paralysis, less than three and you cut yourself at the knees, and here’s why:
There are by and large three types of buyers.
The “Fuckit buyer“
They want the top tier because they want it. They want the best, at whatever cost. Money is no object.
The “Budget buyer“
They are pinching pennies which, to no fault of theirs perhaps, they just don’t have the budget… but they want YOU. Give them your most affordable option.
Most folks don’t want the cheapest, or the most expensive. Buyers also use the first price they see as the “anchor”, hence you list a premium package before the middle package. (This tactic is also used at restaurants with a priced bottle of wine they hardly ever expect to sell; its primary purpose is to anchor every other bottle of wine.)
Whatever is in the packages almost doesn’t matter, just begin with your historically most popular package the middle of the three. My pricing structure is as follows: $3.5k $2.5k $1.7k (the industry average Wedding DJ price in my area is $1.1k-$1.5k, ala greater NYC metro)
Most folks book my middle package, a smaller portion book the budget package, and a rare rare few book my highest rate. Can you tell I have a Psychology degree?!
I got 15% off Gigmasters just for asking.
Here’s my conversation almost word for word, I’m sure you could use any reason for why you want a reduced rate. One 5 minute phone call = $40. I’m sure you can follow this exact script for ANY subscription service you pay for.
Hi [name of rep]. I have an existing Gigmasters account and have an annual renewal coming up in a few days that I had a question on.
“Ok, what’s your Member ID or account email?
“Ok great am I speaking to Daniel?”
“Ok how can I help?”
Well I see the renewal coming up is $269 and I wanted to know if there was any flexibility in that, my marketing budget this year is pretty tight.
“Ok hold one moment, let me see if there’s anything I can do”
“I checked with my team and we don’t have any promotions currently running but I can offer a 15% discount on your renewal, does that work?”
Sound like you’re in a good mood by smiling, be polite, and generally pleasurable to chat with. Use their first name. People like hearing their name. Make them want to help you!
Companies really don’t want to lose business. Taking time to call about retaining their services shows you’re interested and it won’t take much to keep a happy paying customer!