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Perceived value is everything
How to convert budget-conscious readers
Joe Portsmouth
November 15, 2023
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Welcome to the 43rd issue of Write On!
The newsletter that can hold its breath underwater for a full minute.
Estimated read time: 2 minutes 20 seconds
How can you write copy that communicates value to budget-conscious audiences?
Budget-conscious customers are an interesting case study for copywriting.
They’re tough to convert because they want to maximize the ROI on their money spent.
And they’re risk-averse to trying anything that doesn’t feel like a sure thing.
But budget-conscious customers are still buying products out there.
So what gets them over the finish line?
3 principles come to mind:
1/ Perceived Value
I don’t believe that the price is ever too high for a product.
It’s that the perceived value is too low.
Because when you expect to get a lot of value in return, it doesn’t matter what the cost is. You’ll find a way to pay for it.
Take these two hypothetical options, for example:
A) Pay $1,000 for my email marketing frameworks, guaranteed to make you $2,000 or your money back.
B) Pay $1,000 for my email marketing frameworks, guaranteed to make you $100,000 or your money back.
Same price. But option B sounds like an absolute steal, right?
It’s because the perceived value is 100x vs. 2x.
But it’s not common to be able to offer a 100x return…
So here are three quick ways to increase perceived value with your copy:
Highlight cost-effectiveness in the long run
Explain the cost of inaction
Provide a guarantee
2/ Stress the Problem-Solving Aspect
What problems do you not hesitate to pull your wallet out for?
The most painful ones:
Water leaking from your ceiling
Refrigerator isn’t working
No internet connection
These problems need to be fixed no matter what.
Your copy should evoke a similar feeling (without implementing scare tactics).
Show how your product answers the problem your customer can’t stop thinking about.
Pro tip: Think about Maslow’s hierarchy of needs within the context of your customer’s problems. Where does your product fit in? Speak to those needs:
3/ Add Bonuses. Don’t Discount.
The first instinct to please a budget-conscious customer is to lower the price.
But this also lowers the perceived value (remember bullet #1).
A nice perk of offering bonuses is that it usually costs less to add value than it does to discount.
Here’s a quick example:
A) $50 course discounted to $30.
B) $50 course that comes with a free workbook and action plan so that you can keep up with your practice beyond the course.
See the difference?
One feels cheap. The other feels like more bang for your buck.
It’s just one more lever to increase your perceived value. So, hype up your bonuses with copy.
💡 Bottom line: Convert your budget-conscious audience into customers by ramping up the perceived value in your copy.
Top Finds This Week:
📖 Storytelling: Over 1,000,000 people read Morgan’s writing in 2023. Here’s his #1 secret for telling stories online: (link)
💪 Writing Exercise: 1 seductive storytelling technique Steve’s mentor paid $2,000 to learn: (link)
📜 Principles: There's a shift happening in the type of content that resonates online. Are you adapting? (link)
✍️ Write On: What I thought copywriting was vs. What I learned copywriting really is: (link)
That’s all for this week. Thanks for reading.
See you next Wednesday!
P.S. Whenever you’re ready, here’re two ways I can help you:
Write On ad slots are back open! Get your business in front of 15,500+ other entrepreneurs: (👉Grab an ad slot)
Keep your writing sharp all year round. Enjoy free lifetime access to my collection of Write On copywriting guides: (👉View all guides)
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