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Pricing Your Products on Your MLM SiteBy now you probably realize that using my program and building your MLM site is not a…give this a test and go on to the next big thing type of plan. Three months, six months, a year down the road you will still be building your MLM Empire. This is a long term business plan.Not that you can’t start making money in three months…its just our goal is not just to make money. It is to achieve the highest level of success possible and be the best we can be. (or something like that) So we begin by building a small content rich site, we build a little traffic then we generate income off of retail sales. We obviously use our MLM to do that but we also use affiliate and referral programs and AdSense to generate multiple streams of income. There will come a point when building your MLM site where you will be ready to take your business to a whole new level. Retailing your own e-products can do just that! As outlined in the MLM Master Blueprint this also serves as a self-funded proposal for your business. The question then becomes how do I price my products? Counter Intuitive Psychological Tendency that just may Significantly Increase the Income you Generate from Your MLM Site. An example of this can be found in a story presented in “Influence” by Robert B. Cialdini, PH.D in which a little jewelry shop owner who catered to tourists was interested in getting rid of some inventory she had for quite some time. She had a set of turquoise jewelry that had been discounted for a while and just wouldn’t move. She used all the standard retail marketing techniques to get rid of it to no avail. She reduced the price, displayed it in prominent locations and so on… Well one day an accident occurred. She attempted to communicate to one of her staff members to cut the price even further practically giving it away. However the note was misread and the staff member actually significantly increased the price. You guessed it…the next day when the store owner arrived the jewelry had been sold. You can imagine her surprise when she found out how much it was sold for. What does this have to do with you and your MLM site?
Mental shortcuts. We all use them when making decisions. I know I have used this one myself on many occasions. I find it actually to work more often than not. The more expensive a product is the higher its quality usually is. What is the lesson here? Do not undermine your own success by undervaluing your own products and services. Properly pricing your products on your MLM site does not always mean pricing them at the lowest possible price just to make a sale. Remember my rule to MLM success…provide more value than you receive in monetary compensation. I am not advocating ripping people off. However you must ask yourself…am I lowering the perceived value of my product by pricing it too low?
You may want to use your MLM site to conduct a pilot to this out. Tracking the number of visitors to your product purchase page you can see what the conversion rate is and then implement a short increase in price until you get a statistically significant sample size to see if it went up or down. Oddly enough…you may find that the expensive = good mindset can actually increase the number of sales as well as the profit on them. Provide your clients with more value than they paid for and they will have benefited as well. Someone who may have passed up on the opportunity to purchase your product may just be the individual who ends up building a successful MLM business with the information.
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