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+--- Thread: Shannon's Journal Discussion Thread, Vol. 5 (/Thread-Shannon-s-Journal-Discussion-Thread-Vol-5)
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Shannon's Journal Discussion Thread, Vol. 5 - Shannon - 10-04-2019
Welcome back. Carry on!
RE: Shannon's Journal Discussion Thread, Vol. 5 - Yous - 10-04-2019
Im new but i have read the forum and Personally i think that the prices are now ok. If in 6g they work much more better and much more faster you will not need anyway to raise the prices because you will sell much more. But if the demand its much more higher or the programs turn out to work better the prices will raise naturally.
Normally prices are set in relation to supply and demand. In this case there is a lot of good supply and being archives, practically unlimited, therefore with an increase in demand, prices could be increased without damaging sales or the sales benefit ratio.
This increase in demand would be determined, of course, because it has been shown that they work better and faster in most people, meeting all or most of the objectives pursued.
On the other hand it is true that it is important to find the right price, because a price that is too low can make the product feel inferior and everyone likes to think that they are buying the best, however a price that is too expensive depending on the profit would hurt sales.
That is my humble opinion considering that I am new here
RE: Shannon's Journal Discussion Thread, Vol. 5 - Shannon - 10-04-2019
The price has to primarily please the target demographic, wouldn't you agree? Supply and demand does not work with digital products, because the supply is always equal to the demand. Every time someone "demands" it (buys it) they have a new copy that comes from the original on our servers, from which an unlimited number of copies can be made.
If we based our pricing model on supply and demand, we would still be charging $9.99 a copy, because for a "subliminal" there is a flooded market.
However, we started using the current pricing model specifically because the profits kept going down each time we improved the programs. Why? Eventually I figured out that the price was perceived as being too low for the value given, and this made our customers suspect something was wrong. They stopped buying, because basically this created a sort of cognitive dissonance, which made them suspicious of being tricked, and thus uncomfortable.
I discovered this by running various options through my predictive models. They told me, each time sales dropped, that contrary to popular wisdom, the solution was to raise the price. Eventually I came to understand why - the value being given had to match the price. Each time I listened to the predictive models on what the best price was, we would return to and exceed, our previous sales and profits.
In the beginning, I was pricing them at $9.99 a copy for my 1st Gen subs. 2nd Gen needed to be priced at $10.99, and then 11.99. 3rd Gen needed $11.99, then $12.99, then $13.99. 4th Gen started at $14.95 a copy and went up each year until they hit their current $24.95. 5th Gen subs went to $89.95 for a single stage. 5.5G subs started at $114.95 a single stage. And now 5.75G is making 5.5G look old, and the prices will go up to match soon.
None of this was something I was planning to do originally; this came out of the predictive models, and every time I used the prices they gave me, people initially responded with shock and then came to agree that the price was reasonable as they saw what the programs were doing.
So the price of 5.75G is going to go up to whatever the models tell me to raise it to. And the price of a single stage 6G is most likely to be $299.95 a copy, which is what the models showed me a couple years back.
Again, this isn't based on "what I want". This is based on what the predictive models show me is the price at which our majority of our core demographic is happiest with the price vs the value they get from the programs.
You don't see the highest end professional photography lenses going for cheap, and that's because they are the best on the market, and they do what other lenses can't do; they also require extraordinary skill, knowledge, experience, dedication, research, development, time, effort and cost to build. Our programs are the same. These (the latest technology generation) are the top of the line subliminals, the best money can buy. They require extraordinary knowledge, skill, effort, time, dedication, research, development, experimentation, experience and attention to detail to create. You're going to always pay a premium for the best on the market, no matter what it is. Car, photography equipment, makeup, computer, doesn't matter. The best of the best is always the most expensive and the most difficult and expensive to build.
Our goal is to produce the best subliminals that money can buy, and not just that, but the best subliminals that it is possible to create. Our target demographic is those people who can afford to pay a premium for the best. And as with anything that is top of the line and exceptionally expensive, when someone wants it enough, they will find a way to pay for it. It took me years to save up enough for my professional camera and lens set, but I did it. Canon and Nikon don't target the average consumer with their professional level lenses, but a lot of consumers end up on those lenses anyway, because they are a great value regardless of price because they do the best job that can be done, and they can be used for the rest of the photographer's life with one purchase.
And again, the same is true here: one purchase, and they're yours to use and benefit from forever.
We sell the highest end luxury subliminals on the market in our latest generation of subs. Luxury isn't cheap to create, and it isn't cheap to buy, either. And those who really want it will find a way.
RE: Shannon's Journal Discussion Thread, Vol. 5 - 4Kingdoms - 10-04-2019
Supply & Demand Subliminals=One Size Fits All
Indigo Mind Labs Subliminals=One Size Fits Most
RE: Shannon's Journal Discussion Thread, Vol. 5 - TouchyCat - 10-04-2019
(10-04-2019, 06:35 PM)Shannon Wrote: In the beginning, I was pricing them at $9.99 a copy for my 1st Gen subs. 2nd Gen needed to be priced at $10.99, and then 11.99. 3rd Gen needed $11.99, then $12.99, then $13.99. 4th Gen started at $14.95 a copy and went up each year until they hit their current $24.95. 5th Gen subs went to $89.95 for a single stage. 5.5G subs started at $114.95 a single stage. And now 5.75G is making 5.5G look old, and the prices will go up to match soon.
How long have you been making subs? I'm interested to hear the story.
(10-04-2019, 06:35 PM)Shannon Wrote: So the price of 5.75G is going to go up to whatever the models tell me to raise it to. And the price of a single stage 6G is most likely to be $299.95 a copy, which is what the models showed me a couple years back.
I think this is fair. I really do think your pricing model is justified.
RE: Shannon's Journal Discussion Thread, Vol. 5 - Shannon - 10-04-2019
(10-04-2019, 07:03 PM)Karuniyado Wrote:(10-04-2019, 06:35 PM)Shannon Wrote: In the beginning, I was pricing them at $9.99 a copy for my 1st Gen subs. 2nd Gen needed to be priced at $10.99, and then 11.99. 3rd Gen needed $11.99, then $12.99, then $13.99. 4th Gen started at $14.95 a copy and went up each year until they hit their current $24.95. 5th Gen subs went to $89.95 for a single stage. 5.5G subs started at $114.95 a single stage. And now 5.75G is making 5.5G look old, and the prices will go up to match soon.
How long have you been making subs? I'm interested to hear the story.
I started making subs for myself back in 1992. I started selling them on ebay in 2002 or 2003, IIRC. That was when they were $9.99 a copy.
(10-04-2019, 06:35 PM)Shannon Wrote:Quote:So the price of 5.75G is going to go up to whatever the models tell me to raise it to. And the price of a single stage 6G is most likely to be $299.95 a copy, which is what the models showed me a couple years back.
I think this is fair. I really do think your pricing model is justified.
I can't think of a better way to do it.
RE: Shannon's Journal Discussion Thread, Vol. 5 - Yous - 10-05-2019
(10-04-2019, 06:35 PM)Shannon Wrote: The price has to primarily please the target demographic, wouldn't you agree? Supply and demand does not work with digital products, because the supply is always equal to the demand. Every time someone "demands" it (buys it) they have a new copy that comes from the original on our servers, from which an unlimited number of copies can be made.
Yes, thats why I think in this case should be based in the demand. The demand will raise much more if there is enough people that can test that they really work much more better.
Other possibility is that with the new prices there will be less people trying it but if the new subs works as we expect the demand will raise slowly but at the end It will do it anyway because it's worth it.
RE: Shannon's Journal Discussion Thread, Vol. 5 - lano1106 - 10-05-2019
I know few things about pricing. You definitely control and define your positioning with pricing and unless you are Walmart, it is usually a bad idea to compete with low pricing.
If you want to position yourself as the #1 on the market and you have result to back it up (I think you do), then yes can set a high price tag on your product.
but there are few things to consider:
1. You need think about some sort of ascension funnel for newcomers. Someone new stumbling on IML website for the very first time will most likely not buying a 1K+ product. That would be a too big leap of faith for most. You need to offer few low-entry products as a No BS test and slowly win their trust so that they get prepared for a bigger investment. For me, the No BS test product has been DMSI.
2. You need to respect the capacity of paying of your fanbase. If the ultra wealthy is your targeted audience, then no problem because money is no objection. they simply just want the best that money can buy. However, even if I would like to have a Lamborghini because it is the best exotic car that exist, I wont get one because I don't have the capacity to purchase it. You need account for that reality and I think that car manufacturers can inspire you few ideas how to do it. Selling a multi-stage program 1 stage at time or offering financing are probably 2 good options.
There is a sweet spot in pricing. Yes you can position yourself with high prices but above a certain threshold point, there will be less sales because many people cannot afford the price. If you go too high, sales can dry out. It is an art to set prices.
Another good strategy is flashsales...
You may want to check 'No BS price strategy' from Dan Kennedy for some good ideas on the topic.
RE: Shannon's Journal Discussion Thread, Vol. 5 - Shannon - 10-05-2019
The challenge for us is that we sell a product that most providers of financing will not accept, from our experience so far. We have looked into that. We have considered trying to offer subscriptions, streaming the product on-demand, financing, etc. There does not at this time seem to be a very good option for us to do those things.
Furthermore, unless I am mistaken, you generally don't see things like financing options for a luxury product. They also don't go on sale.
I'm still figuring out what we will be doing in the end, but part of what I want to do is offer everything in 6G and basically have a unified and consistent product offering, instead of a patchwork of products scattered all over the place technology wise confusing our customers as to whether or not we actually do offer the best products on the market.
RE: Shannon's Journal Discussion Thread, Vol. 5 - Yous - 10-05-2019
For that last thing there could be the possibility of reordering the shop in generations instead of deleting everything previous of 6g. But I guess you don't think it's a good idea.
RE: Shannon's Journal Discussion Thread, Vol. 5 - Shannon - 10-05-2019
(10-05-2019, 04:14 AM)Yous Wrote: For that last thing there could be the possibility of reordering the shop in generations instead of deleting everything previous of 6g. But I guess you don't think it's a good idea.
We already do that. It still confuses people, unfortunately.
RE: Shannon's Journal Discussion Thread, Vol. 5 - Yous - 10-05-2019
(10-05-2019, 04:31 AM)Shannon Wrote:(10-05-2019, 04:14 AM)Yous Wrote: For that last thing there could be the possibility of reordering the shop in generations instead of deleting everything previous of 6g. But I guess you don't think it's a good idea.
We already do that. It still confuses people, unfortunately.
Yes, you can order de hole catalog as you want, is really practical but maybe there is a more intuitive way. Just an idea.
RE: Shannon's Journal Discussion Thread, Vol. 5 - THolt - 10-05-2019
Shannon when will work on this new sub begin?
Sounds very intriguing
RE: Shannon's Journal Discussion Thread, Vol. 5 - Shannon - 10-05-2019
(10-05-2019, 08:43 AM)THolt Wrote: Shannon when will work on this new sub begin?
Sounds very intriguing
I'm taking the rest of today off to try to get some rest, but I have been playing with various ideas for branching off of the first example of what I'm planning to build and release. I officially start working on it tomorrow.