The Perfect Price
MYPS (Make Your Price Sell), the latest product released by Ken Evoy, is awesome! Essentially you invite your visitors to read your sales pitch, then instead of an offer to sell, you invite them to answer six multiple choice questions. Two relate to buying habits, two to attitudes, and two to pricing. So you get a cross check on each.
The resulting graphs are stunning. There will simply be no question in your mind regards potential interest in or uniqueness of your product. You see it in a glance at the graphs. Nor will there be any question as to the buying habits of those who participated in the survey.
The Perfect Price
Finding the Perfect Price takes a bit more doing, but the information needed is provided in detail. The key pricing question produces what Ken calls the Teeter Point, a term he has trademarked. It is the price at which your buyer may or may not buy. That is, the price at which people will hesitate.
The beauty in this question is that there are two versions of it. One asks respondents for the price that is *almost* too high The other asks what price *is* a bit high. Half of respondents get one question, the other half get the other. By approaching both from above and below, the focus is excellent.
Further Information
For less then $50, you can have results previously available only in the $10,000 range. If you do not like the results, your money will be refunded. But the manual is yours to keep in any case. And it's a real clinic on pricing. The first four chapters do an excellent job of explaining pricing strategies with lots of examples of when to do what. Subsequent chapters explore various uses of the model. For Ken's presentation of this outstanding product, please click here.
sitetipsandtricks.sitesell.com/myps/
And while you are there, take the demo tour. The graphs and explanations will startle you.
There's Much, Much More
There are tons of neat things I can say about this fantastic model, but frankly I can't say it better than Ken does, so I'm not going to try. Instead, click above for Ken's presentation. Or click below for his latest 5 day mini-course on MYPS. It's free. Send any email to:
sitetipsandtrickstpms@sitesell.net
I'm going to change direction here just a bit, and mention some things about this model that may not be obvious at first glance.
Best Use Of MYPS
The best way to use this model is to build a website to sell the product, but take visitors to the survey rather than an order page. (You can reach respondents later, for you will have their email addresses.)
Taking this a step further, build two sites and two surveys (at no extra charge). You can now also indirectly test the effectiveness of your sales presentation.
A Possible Better Use
However, my personal view is that this model, while extremely effective when used with the above format, will be even more effective in testing the feasibility of a product that is little more than an idea.
Just put sufficient thinking into the idea to build an effective website or page. Then ask you visitors to read your page and take the survey.
If they have no interest in the product or do not find it to be unique, you will see this immediately with a minimal number of respondents.
To be able to know in advance your idea is not likely to work? Think of the man hours saved if this is the case.
Given interest and uniqueness, you have a real possibility. It is then time to look at the pricing aspect of the model with considerable care. But here again, if the pricing options show little profit given estimated costs amortized over the life of the product, you again save major bucks or time as suggested above by laying the project aside.
But if you have a solid idea and there is sufficient profit in it, you will find the Perfect Price. And again, you will find it before ever spending a dime on marketing, design, or production. There is unbelievable power here, a tool previously available only to Fortune 500 type companies willing to pay very hefty fees.
A Trial Run
I used this model to check the feasibility of The HTML Editor before it was produced. The results were quite surprising. If you like, you can view them on my site. Click here to do so.
SiteTipsAndTricks.Com/test/
Click here for info about The HTML Editor.
Other Early Returns
While MYPS has only been available for a very short while at this writing, Ken has reported two early results that are fascinating. One customer had thought to price his product, an ebook, at $14.95. The model said $19.95, and there was simply no question but what the model was right on in this case.
The second case reported is quite different. A fellow had been selling a CD- ROM of games at $39.95. The model said he'd do better at $29.95. Ouch! That's a hard bullet to bite. But he did so. And tripled sales!
Before we hear the end of it, there will undoubtedly be even more dramatic examples available. But the above only add to my previously established conviction that MYPS works.
The Flaw
As is true of any statistical model, MYPS can not overcome GIGO: Garbage In, Garbage Out. Thus the major difficulty in using this model lies in finding people who will take the time to respond to the survey, and who will do so honestly. If this doesn't happen, results may be meaningless.
It is reasonable to offer some incentive to encourage people to participate. But if the offer is too strong, some will take you up on it, then do what they can to screw up your results. Making the right offer is a crucial step in putting this all together and generating solid results.
This is not a flaw within MYPS; it is something with which every statistical model must cope. Find the right target, and results will be stunningly accurate. MYPS is destined to become one of the biggest games in town, a dynamite tool for offline businesses, as well as for those online.