- Thread starter
- #21
joshua mcdermott
Sage
Yeah, I like the way you are thinking.
I have seen this in many other areas of sales and it holds up. People search and buy in specific price points. I used to buy, fix, then sell motorcycles- again a hobby, not a business so really all I wanted was to break even. So I would price a bike at $700 and get no serous offers, just people saying "I'll give you $200" then wait a week, price the same bike at $1200, get people immediately interested - then when they showed up I'd say: Give me an even $1000 and its yours!
They ride off with a great deal and I have $300 more than my original ask.
but the point of that little diversion is: the bike was actually worth $1200... and pricing it below what it was worth was a fault on my part. I had done good work getting that bike in excellent shape (for what they were.. often i'd get them for free.. old 80s bikes).. and it was worth more than my initial pricing and undercutting myself out of the gate was detrimental to both me and potential buyers.
I have seen this in many other areas of sales and it holds up. People search and buy in specific price points. I used to buy, fix, then sell motorcycles- again a hobby, not a business so really all I wanted was to break even. So I would price a bike at $700 and get no serous offers, just people saying "I'll give you $200" then wait a week, price the same bike at $1200, get people immediately interested - then when they showed up I'd say: Give me an even $1000 and its yours!
They ride off with a great deal and I have $300 more than my original ask.
but the point of that little diversion is: the bike was actually worth $1200... and pricing it below what it was worth was a fault on my part. I had done good work getting that bike in excellent shape (for what they were.. often i'd get them for free.. old 80s bikes).. and it was worth more than my initial pricing and undercutting myself out of the gate was detrimental to both me and potential buyers.