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Price With Complete Confidence...
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Know Your Perfect Price in 50 Minutes
"Why is the Perfect Price so important?" That depends on whether you are considering a new product concept, launching a new product, or managing existing ones...
Considering a new product concept? Not sure if it will fly? Imagine if you could know how much people would pay. You'd know if this new idea was worth pursuing... or not (think of the dollars and time saved).
Launching a new product? How will you price it? How do you know the absolutely perfect price -- the price that will maximize your income, right from the outset?
What about your existing products? Market conditions change rapidly -- is your pricing up to date? Smart pricing maximizes returns, at launch and all the way through the product maturation cycle.
"Sophisticated pricing offers opportunitiesfor extreme profit improvements."H. Klein, CEO Passenger Division of Lufthansa Airlines
How extreme? Consider this... suppose your net profit margin is 10%. If you could increase the price of your product by 10% without losing unit-sales, you would double your net profit margin to 20%. A 10% increase in price would increase your profits by 100%.
Or let's say that you decrease the price of your product from $89 to $79. If that doubles sales, wouldn't that more than make up for slightly lower margins?
Up until now, it has been impossible for the small-to-mid-sized business to know exactly what price increase would still maintain unit-sales. Nor could you clearly see exactly what price decrease would double sales. Up until now, there has never been a way to know.
Now there is. Now you can know your Perfect Priceâ„¢.
In a hurry? Click here for the 3-minute tour.
The Current "Art" of Pricing Is About to Become an Exact Science
Many marketers spend a lot of time and money trying to find the perfect price -- and still can't be scientifically sure that their first answer is correct. That's true even with many large companies, and certainly the vast majority of smaller ones.
Whether you're large or small, here are some common pricing techniques you'll recognize...
evaluating product features and customer benefits
marking up your cost of production
undercutting competitors' prices
asking key customers
getting feedback from salespeople
considering typical customers' "disposable income"
soliciting advice from consultants, or business associates, whomever...
Sound familiar? Most companies mix this "data" together, and somehow magically come up with "the number."
But what does that number mean, really? How do they know it's the perfect price... the number that's going to maximize their profit?
The answer is... they don't.
For example, you could undercut your competitor's price. But how do you know their price was right? Or, what if you don't have direct competition?
Use a spreadsheet? What numbers do you plug in for customer response and resistance-to-price variations? Your results are only as sharp as that unknown customer perception. Why guess? After all...
Launching at half the price could double your profit. Or maybe, pricing a few dollars higher could add thousands straight to your bottom line.
The perfect price... it's important enough to hire a pricing consultant. But you'll need deep pockets. These specialists cost $5,000 to $15,000 -- some are even worth it! Let's say that you can afford it... what's your cross-check? How do you know your expert "got it right?"
At the other extreme, what if you're working from home, introducing an e-book to a niche market? A projected income of $20,000 a year might make you very happy. But suppose the market is willing to pay more for your book? Wouldn't $40,000 make you delirious?
Whoever you are, wouldn't it be nice if you could have your own high-powered consultant-in-a-box? A convenient source of definitive market insight, at your beck and call anytime... with the answers that can give you that perfect price?
You can. Read on...
Introducing an exact, scientific pricing processthat anyone can use and afford
A "scientific pricing process"? Are we really talking about something new in the centuries-old world of capitalism?
In a word, yes.
The concept, of course, is not new. It's being used by many of the Fortune 500. What is new is the method by which the information is compiled, analyzed and delivered, and all this at a much reduced cost to you.
The idea emerged at an e-commerce seminar where our company's president, Ken Evoy, was asked to speak about his special area of expertise... Building Web Sites That Work. One of the other speakers was a direct marketing consultant with 30 years' experience. He spoke about the traditional, offline methods of using a questionnaire to gather data which is used to assess pricing policies. The data is entered manually into an Excel spreadsheet. And the spreadsheet then generates graphs that help determine pricing.
That fellow will sell you his services for thousands of dollars. Or he'll sell you the spreadsheet for hundreds. But then you'd have to run the survey and question people yourself, enter the data, and so forth... There had to be a better way... a new, high-tech way that used the power of the Net.
"We sell on the Internet," Ken thought. "Our customers buy on it."
"What if we totally automated, improved and fine-tuned the traditional, offline pricing process by developing a perfect set of questions (to ask customers) and by using the Internet to gather, analyze and deliver the data (to merchants)?"
Research showed that no one else was doing this on the Net. So Ken took that question to Dr. Carol Ann Dorn.
Dr. Dorn is a marketing professor and a consumer behavior specialist in the Faculty of Management at McGill University's prestigious business school in Montreal, Canada. She has spoken at numerous international conferences on business, marketing and high technology, served with several well-known high-technology companies, and taught at a variety of high-ranked institutions.
Her knowledge was invaluable.
Ken and Professor Dorn applied linguistic, psychological, marketing, and statistical principles to the question of pricing through an online survey. They attacked the challenge from the ground up, thinking netcentrically.
The result... a new kind of pricing survey with integrated server-side statistical analysis. Powerful. Fool-proof. Automated. This break-through takes full advantage of the Web's reach, speed, user-interactivity, and programmability.
Yes, now there is a perfect process for determining your product's perfect price -- a system that is exact, super-fast, cost-efficient and... truly scientific.
We call it "Make Your Price Sell!â„¢" because it really does turn your price into your "#1 high-powered salesperson."
Here's how to become your own pricing consultant...in minutes
Invest less than an hour of your time -- the MYPS! system will mathematically generate a pricing strategy you can truly have confidence in... and it will show you why.
Our new software turns the art of pricing into an exact science. And because the analysis runs on our computers ("server-side"), you don't have to mess with the software itself.
Correct. There's no software to download or install. Nothing to learn. The process itself takes place entirely on the Net. If you can point-and-click and use your browser, you're all set.
The MYPS! system does it all for you...
automatically customizes a totally unique and patent-pending questionnaire, to ask people about your product
records and stores their answers
runs the patent-pending analytical models
and presents you with clear, bright-as-day answers to your pricing questions.
For the first time ever, you can know how much your product should sell for. More good news?...
You're less than 50 minutes away from being up and running.
The time is right for the price to be right
Why now? Simple -- it's the Internet. There has never been such a practical, economical way to implement a technique like MYPS! before...
The Net makes it work.
The Net also makes it necessary.
Marketing cycles have accelerated. Distribution occurs at (literally) the speed of light. Opportunities are everywhere. And with all this speed and opportunity comes...
...heavy, intense competition.
That all brings an increase in price risk. Relying on the old fact-finding processes takes too long. Misjudging your price points costs dramatically more than it used to.
MYPS! takes advantage of the Web's interactivity to present a survey dynamically -- different people see different variations. The presentation is randomized and eliminates all bias. So the data is exceptionally accurate.
To your prospect, the MYPS! survey is short and sweet. But the questions have been linguistically crafted to pull precise answers. And we collect only the data that is absolutely essential to the pricing process.
Then, behind the scenes, we run the data through our patent-pending algorithms. Our system does all the math, using calculus, statistical analysis, multiple regression, and a new concept that we lovingly call "The Teeter Point."
You see the end results in easy-to-read bar charts and line graphs (click here to see samples). Each, of course, is supported by an interpretation of what you see... your pricing strategy laid out before your very eyes.
Did we say "calculus"?? Wouldn't you rather we do this stuff than you? With MYPS!, you don't have to!
No, a spreadsheet can't do what our algorithms do! And even if it could, you'd still be missing the other unique half of the MYPS! system... the consistently precise, high quality data that our copyrighted, patent-pending questionnaire gathers. To coin a phrase... "Quality in, quality out. " The MYPS! questions deliver the "high quality in" -- the algorithms deliver the "high quality out." To coin another phrase...
"Wow! How about that!"
It worked for our product. It will work for yours.
We used MYPS! before we launched our company's second e-book product, Make Your Knowledge Sell!. The graphs generated by MYPS! were so revealing, even our own reaction was...
"Hey, who turned on the lights?!"
Here's how we used MYPS! to determine the single most profitable price for that book's March/2000 launch...
First Step... Show and Tell
We used the most practical way to "show and tell" our customer... a Web site. You could use other ways, of course -- we explain them in the free MYPS! Pricing Manual that you receive when you order. (More on that in a minute.)
The Web site gave us another tremendous advantage...
It does more than just educate people about your new product -- a Web site is also able to fully develop perceived value. You can show your prospect all the product's benefits, stoking the fire in a very real way.
(If you like, you could even have five different versions of your Web site, and test each of them to see which generates the highest value perception!)
Here's what happened next...
Second Step... Customers Answer Survey
Almost 700 potential customers reviewed our site over a period of 48 hours (the MYPS! Pricing Manual, included free with your order, explains how to build this kind of rapid response). Visitors got a strong introduction to our new product. Each person developed a perceived value, based on the Web site's information. Our survey questions pulled that perceived value into the MYPS! database.
It took each respondent less than 60 seconds to complete the survey. For helping us, we offered them a 20% discount off the price of our product. The offer also provided us with a nice bonus...
We were well on our way to making 700 sales!
Third Step... "Hey, Who Turned on the Lights?!"
That's exactly the sensation you feel when you see the results (click here to see sample bar charts and line graphs -- this review by Ralph Wilson shows exactly what MYPS! delivers). The answers to your pricing questions are that clear!
No more new-product anxiety. No more uncertainty over how the market will respond to your price point. No more trial-and-error. MYPS! replaces all that with a simple "Eureka!" moment.
The perfect price point becomes so, so, obvious. Going back to the old way would feel like slogging through mud... with a sprained ankle... on a cloudy day... through the fog... uphill!
OK, we promise... no more mixed metaphors. What we're trying to say is... Now that we've used the MYPS! process once, we will never "not use it" again!
MYPS! helped us get our product to market sooner and maximized our profit...by providing answers that enabled us to price it perfectly, right from the start.
And -- while MYPS! took us months to develop and get answers the first time...you are just minutes away from getting your answers.
What the Marketing Pros Say About MYPS!
Review by Ralph Wilson, Web Marketing TodayMYPS! succeeds wonderfully at its chief goal: to provide marketers with a scientific tool that will help them set their product's "Perfect Price." For the first time, it makes available to mere mortals the sophisticated analytical tools once only high-priced consultants were privy to.
Review by Allan Gardyne, AssociatePrograms.com NewsletterIf you sell any product or service, you need MYPS! It can save you a lot of money. It can make you a lot of money.
Review by David Carter, Web Essentials TodayMake Your Price Sell (MYPS) is an exact, scientific pricing process that anyone can use and afford, which will establish that "magic number" for you. Comments by Ken Evoy, author of Make Your Site SELL! and part of the team that created Make Your Price Sell! We originally invented MYPS! for ourselves. We wanted to maximize profits while still delivering GREAT VALUE to our customers. We've used it twice so far. It's an indispensable tool -- I cannot imagine marketing a product without first knowing its Perfect Price.