There are typically three types of shoppers according to studies:
Tightwads are very price-conscious, so it requires different strategies to sell successfully to them, as compared with spendthrifts and average customers.
There are a number of tried-and-tested strategies which can get even tightwads to part with their cash because they can’t resist a great deal.
The most obvious way to sell to tightwads is to offer them bargain prices. There are two ways of doing this. The first is to genuinely offer a discounted price that will make your product irresistible.
The second way to boost your perceived value so high that they can’t resist a “great deal” is the “value-stacking” method. In this method, you list all of the items in the deal with a “real value” next to each one. Then you total up the value listed. Once you’ve done that, you offer the deal for a significantly lower price. The comparison between the “real value” and the offer price will make even the stingiest buyer thrilled to get such a great deal.
Bundle two or more of your best products to sell for one low price. The price won’t be as high as the total of the two products put together, but it will increase the value of each customer passing through one of your sales funnels.
You can also create a bundle of high-perceived value by offering things in the bundle that buyers won’t be able to get anywhere else. You can stack the value without spending a lot of money. Create checklists, fact sheets, tip sheets, how-to videos, and other free items that enhance the user’s experience. They will take some time to create, but they won’t cost any extra money. Add the value-stacking technique above and make it clear that the items are exclusive, and you should have no trouble selling your brilliant bargain bundles.
Annual or Lifetime Memberships
If you sell a membership or service and bill people monthly, consider creating an annual or lifetime membership. This gives you your money for a whole year upfront. If they do ask for a refund, you could give a pro-rata one if you wish, for any months that have been unused. But in most cases, once a purchase has been made in the US, there is only a 30-day money-back guarantee; 60 days if you want to be really generous.
For a lifetime membership, you can charge a lot more. Pack on the value by offering access to, for example, your back list of products. Use the value-stacking method to show them what a great deal they will be getting.
A firesale is a quick “flash” sale you can run a couple of times a year. In traditional businesses, it was used to clear out inventory that was fire damaged. In the case of online marketing, it’s usually used as a means of creating a bargain sale that looks very attractive. It is also used to clear out “inventory” at the end of a selling season.
If you are an information publisher or software publisher, for example, your products might get out of date so you will retire them, or update them. Sell the old items for a seriously discounted price. You can also move products that are not great sellers by bundling them together to clear your inventory, especially if you are selling physical products.
Dimesales are rock-bottom price sales you can use occasionally as a “thank you” to loyal customers, or an end-of-season or end-of-inventory sale. Obviously these should not be run too often, or you will start to devalue your items and people won’t want to pay the regular price for them.
Use these suggestions, and even tightwads will want to do business with you.