An Easy Way To Boost Your Online Sales

Would you believe me if I told you that many times the solution to skyrocket sales on a slow selling digital product or physical product such as a double din car stereo, is to raise the price? When I first started to market online, I didn’t truly understand this concept. I used to ask myself why customers would actually want to pay more for a product. It just seemed like it was a myth straight out of bizarro world.
Of course this was before I learned about “perceived value”. A higher priced product is usually perceived to have a more significant value in the customer’s mind. Now that I have been marketing online for well over ten years, I have seen this phenomenon in action countless times.
A famous Internet marketer I once knew put this theory to the ultimate test by first giving away an ebook for several months, then he turned around and sold it for $47 a pop. Amazingly, he sold thousands of copies and without a doubt proved his point; perceived value is an extremely critical psychological tool.
The kicker is, while he got a few positive comments about his ebook while he was giving it away, he was absolutely flooded with positive reviews when he began selling it. This is because of the perception that since the ebook was free, the content didn’t hold any real value. However, when people had to pay for it, the content became much more valuable to them.
It was comical, but true.

This is why you should never be afraid to raise the price of your products, especially if one of them isn’t selling well. This not only can boost sales, but also increases your profit margins substantially. I have done this many times and it works like a charm, even though it isn’t always successful. If you find sales are dropping off significantly after the price increase, then nothing is stopping you from lowering the price again. If sales remain the same, you will have increased your profit margins. Do you see how powerful this concept can be?
If you are afraid to test your pricing points, you will never reap the substantial rewards that can come with it. Never be afraid to take action.