Recently we talked about how you can use irrational decision to build a successful multiple edition price strategy. But that’s just the first step. In this post we’ll give you tips for getting the most out of your editions.
Most sites that use the multiple editions strategy create three options. There's no rule that says you have to only have three so if you find offering more works better for your business, don’t feel you have to remove some of them.
Tip 1 – Make sure the options or add-ons you include in each of your editions are justifiable by your potential customer. In other words make the decision making as easy as possible.
Tip 2 – Make sure as your editions increase in price that the benefits they provide are substantial.
Tip 3 – Choose prices for each edition that show the value of your service. Most people are wary of things that seem too good to be true so ensure your prices don’t set off any warning bells.
Least Expensive Edition Tips
Your most inexpensive edition should still have value. Keep in mind that people who may not be able to afford the more expensive editions today may be able to in time so use this edition to build brand loyalty. You want your customers to enjoy and benefit from what they are getting to the point that they will want more.
Middle Edition Tips
This is probably going to be your most popular option as it hits that sweet spot for a lot of customers who on one hand don't want to buy the least expensive option, but on the other want to feel like they are saving money by not choosing the most expensive.
For many people, choosing the middle edition is often viewed as the 'safest' option. Make sure your middle option includes all of the value and functionality of the less expensive edition, but has enough added benefits that it becomes the easy choice to make. Many people are comforted (often subconsciously) by the thought that a lot of other people have made the same choice they have, so advertising that this is the most popular option will often increase the chance of its being selected.
Most Expensive Edition Tips
The most important reason for the existence of your most expensive edition is to make your other options seem more attractive because they cost less. Not to say you don’t want people to purchase it, so ensure there are substantial added benefits when compared to the middle edition but construct it with this main goal in mind.