: How Much Is Your Popcorn Worth?: Powerful Lessons In Marketing And The Psychology Of Selling - Part 6 by: Ian Canaway Additional Lessons from Popcorn Marketing I'm assuming that the movie theatres have tested their price

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How Much Is Your Popcorn Worth?: Powerful Lessons In Marketing And The Psychology Of Selling - Part 6

by: Ian Canaway

Additional Lessons from Popcorn Marketing
I'm assuming that the movie theatres have tested their price point and figured out what the highest price is that they can charge and get away with - the highest price the market will be willing to pay.
And, that's what they charge for their popcorn.
I believe that's a mistake. Here's a better way of doing it:
Test your price point. Find out what the highest price is that the customer is willing to pay for your product. Then, bring the price down considerably! Offer a 'better' deal than your competitors. Or offer them a lot more value than others, by adding additional bonuses to increase the overall perceived value.
Sure, you can take advantage of your customers by charging as much as you possibly can. But, I wouldn't recommend that strategy. Instead, tell them what others are charging and what a great value you're giving them. Break it down for them and explain the difference. Show them how they're unique and why buying from you is in their best interest.
Remember, you can either corner them into buying from you, or you can just make your offer so much better, and so much more irresistible, that they will want to buy from you!
Moreover, I want the customer to feel good 'after' the purchase as well. I'm not a fan of buyer's remorse, and I assume my customers aren't either.
You ensure that they will continue to feel good about their buying decision after the purchase by delivering on your promise. In fact, you can go a step beyond and 'over-deliver.'
When you do that, you will also:
1) Dramatically decrease your refund rate, and
2) Ensure that the customer will buy from you again, in the future, because his first purchase from you was a positive and rewarding experience.
And, besides, the only reason I'm "in business" is because of the 'customer.' Why would I want to cheat him or trick him? We're in this business because we want to help people and create real value in their lives. Not because we want to suck every penny out of them, right?
Most marketers are bad marketers because they think that marketing is about 'tricking' people into giving them money. That's absolutely not true.
If you do it right, they will want to give you the money, and feel good about it. And, you'll be able to sleep well at night.
Marketing is not a one-shot deal. If you try to trick the customer into giving you as much money as possible just so you can get one sale out of him, you're seriously missing out.
Instead, if you make the first buying experience a pleasant one, the customer will continue to buy from you again and again, and will happily give you more money. So, don't forget about your existing customers after they've made that first sale. That's just the beginning of your mutually-beneficial relationship with him.
Well, there you have itâ€¦ "popcorn marketing" explained, and then some! :-)
There are many extremely powerful marketing strategies and psychological motivators at work in the above 'movie popcorn' scenario.
Remember, just 'knowing' about these strategies and concepts won't do much to increase your profits. Start applying as many of them to your own business as possible, and I guarantee you'll sell more, and sell more often.
In fact, you'll get much better results than the movie theatres ever will, by always keeping the customer's best interest in mind.
Here's to your dramatic increase in profits!
Sincerely,
Ian Canaway