The Real Value Behind High Prices: Insight From 35K with Joe Polish

Joe Polish explores the psychology of pricing and value, sharing how premium offerings attract top-tier Clients. Learn how to raise prices, deliver exceptional experiences, and build Customer loyalty while transforming your business.

Here’s a glance at what you’ll discover from Joe in this episode:

• Why "high ticket" isn't just about charging more—it's about delivering an experience that matches the price tag.
• The psychological principle of "pride of spending": Why some Clients don't feel good unless they buy the best, and how you can positively leverage this to deliver a TON of value.
• How to frame your product or service to enhance perceived value—and why the framing can matter more than the actual deliverable!
• The surprising story of why raising your prices can lead to better Clients and less stress—and how this applies even if you’re in a competitive market.
• The importance of matching your deliverable to your price point: Why high prices require high-quality execution… and... how to make sure your Clients get what they pay for.
• Why adding value before raising prices makes price increases a non-issue—and how this can increase the long-term bond you have with Clients.

If you’d like to join world-renowned Entrepreneurs at the next Genius Network® Event – then apply today for your invitation to attend at https://geniusnetwork.com.

Psychology of Pricing and Value:

• The concept of "pride of spending" and how some clients feel psychologically compelled to buy the best.
• Examples from luxury brands like Rolex, Four Seasons, and Starbucks that demonstrate how framing and experience drive higher pricing.
• Differentiating between selling commodities and experiences.

High-Ticket Offerings:

• Insights on creating and selling high-priced coaching programs and events.
• Why the best clients often pay the most and how premium pricing attracts committed, high-value Customers.
• The importance of over-delivering value in high-ticket programs to maintain trust and loyalty.

Value of Framing and Presentation:

• The role of framing in perceived value using examples from the art world and Starbucks.
• How reframing small details—like Starbucks renaming cup sizes—can elevate simple commodities to luxury experiences.

Lessons from Raising Prices:

• Real-world examples of businesses that successfully doubled their prices without losing Customers.
• The psychological and financial benefits of charging higher prices while delivering superior results.
• Encouragement for Entrepreneurs to overcome the fear of raising prices and recognize the value they offer.

Real-Life Business Stories:

• Joe's journey in launching his $10,000 coaching program and why it succeeded against initial skepticism.
• Peter Diamandis's transformation from charging $25,000 for keynotes to over $100,000 after simple mindset shifts.
• Experiences with Genius Network, including the decision to raise membership prices and how members perceived added value.

Building Long-Term Value:

• Why longevity in business relationships leads to exponential growth and deeper connections.
• Strategies for creating loyalty and fostering strong communities in premium groups.

Insights for Entrepreneurs:

• Addressing common fears about raising prices and the importance of thinking beyond the seller’s perspective.
• The significance of understanding Customer psychology and delivering unparalleled experiences.

Resources

• The Experience Economy by Joseph Pine
• The Ultimate Sales Letter by Dan Kennedy
• Abundance by Peter Diamandis
• Genius Network
• Strategic Coach