Digest...

1. Raise the price, and let that price speak for itself.

A high price, in and of itself, can help the user to convert. Here’s why. When a user sees a higher price, she automatically thinks that a higher price equals a higher value. Marketing researchers have identified three main things that people look for when they buy: 1) Price, 2) quality, and 3) value, in that order.

 

Here’s the funny thing, though. The price level influences the other two factors. Since price is the first consideration in a purchase decision, it affects the remaining two factors of the decision. So if the price is low, the user thinks that the quality is low and the value is low. If the price is high, then the user thinks that the quality is high and the value is high. Scholarly studies have affirmed this higher price/higher value correlation.

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2. Give users a free trial.

Common sense tells us that the free trial model is a good idea, and the scholarly studies confirm it. Not only does it help conversions happen, but it also “has an impact on post-trial beliefs and attitudes” according to a study in Information Systems and e-Business Management.

 

3. Put trust signals everywhere.

Trust signals are an essential part of helping users to make big conversion decisions. You need trust signals everywhere.

 

4. Provide live chat.

A live chat team should be on hand during normal business hours to answer questions, respond to concerns, and help persuade users to convert.

 

5. Identify your Common Conversion Activities

One of the more advanced techniques to improving conversions for big deals is the CCA metric — common conversion activities: “The things that all or most paying customers do during their trial.” A more advanced definition is “a set of story-driven actions defined by falsified hypothesis that, when completed as a set during the trial, lead to conversion.”

 

The CCA is a metric, but it’s not a financial one. This may seem counterintuitive, since your goal is to improve revenue due to conversions on high-priced purchases. What the CCA does, however, is takes the focus away from the financials, which are secondary, and on to the product, which is the primary concern of a high-paying user.