As you make your journey to value pricing, one of the very best places to start is Menu Pricing.
We know that different customers value different things, they all want to pay different prices - so let them. Give them three choices - Bronze, Silver and Gold.
Menu Pricing works.
That’s why you see successful businesses like Apple, Starbucks and Intuit using it.
I have so many stories of people increasing their prices by 20% or more. Some people say that menu pricing doesn’t work - those people clearly aren’t doing it right.
I’m going to share a 7-step framework that will help you to build really effective packages.
You can watch the video here.
#1 - Number
You need to decide how many bundles you are going to offer.
I recommend three. This is because of the psychology of the magic of three. It’s proven to be the best number with some exceptions. Unless you can prove another number works better, start with three.
#2 - Customer segmentation
This step is...