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What_Happened_When_I_Allowed_The_Mad_Hatter_To_Take_Over_My_Online_Marketing
| What Happened When I Allowed The Mad Hatter To Take Over My Online Marketing...
Returns had been steady since I created www.howtoproducts-xl.com
back in December 2004. Steady, but not spectacular, so I decided
to conduct a survey.
What I did was to mail those visitors who had taken up my
freebie offer but hadn’t made a purchase. They were presented
with three optional price bands for each of ten products and
asked to tick the one that best reflected value for money for
each individual creation.
The market spoke up and it was clear that I was in danger of
over-pricing.
However, it is wise to exercise caution when playing around with
your pricing structure so soon after a launch. Do it overtly and
some will accuse you of being a rip-off artist; others will say
you don’t know your ‘a’ from your ‘e’ (which I patently did not).
So I decided to adopt a softly-softly approach and engaged the
services of a marketing specialist: the Mad Hatter.
I set him loose in my store and he returned with his alarming
verdict;
“Lop 50 percent off the price of all ten products”.
Hold up, I thought, but I allowed him to proceed anyway…
The result: Returns graduated from steady to spectacular: sales
on the ten products in question tripled and overall returns were
up by 300 percent over a 7 day period; just peachy when you are
operating on a 100 percent mark up.
That’s the beauty of selling your own personally generated
intellectual properties. You can react to market forces and
adjust pricing without the potentially nasty side-effects you
incur when marketing other peoples’ produce.
The Mad Hatter’s strategy is available for viewing at the
website featured in the resource box.
About the author:
Jim Green is a retiree, entrepreneur, and published author with
a string of bestselling hard copy titles to his bow including
his latest ‘Your Retirement Masterplan’ ISBN 1857039874.
http://howtoproducts-xl/madhatter.com
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