When a product isn’t selling, the common mistake is to lower the price or give it away for free.
But here’s the thing… to a customer, free isn’t free!
Most customers, especially in B2B, and middle-class B2C, value their time more than money, and happily pay for convenience. (Robot vacuum cleaner? Electric scissors? Self-stirring coffee mug 😳) Honestly, people. How bloody lazy...
Even worse, people hate spending time and effort figuring out new unfamiliar things. To a prospect, “Free Trial” or “Book a demo” sound like "an hour listening to your sales guy" or "mucking about with weird unfamiliar tech." (That’s why your conversion rate to "free" is so low.)
(A free beer? Or a free puppy? Which would you rather have? 😏)
What To Do Instead?
People will invest time, effort, and money if they understand what it gets them. Help people understand exactly what your product will do for them - how it will help them achieve their goals. Therefore you must...
Start by understanding their goals. (Ask your product team. Or watch a great how-to video on Jobs to be Done interviews.) Then, make your value super clear to prospects before you ask for their time or money.
Is there a shortcut?
Ironically, I’ve just asked you to spend time and effort… Is there a quicker, simpler way to “signal value”? Yes, absolutely! One great way to signal value is to raise your prices and charge a premium. Counterintuitive yet obvious, right? 😈