236 How to Raise Your Prices (and Make More $) Using Price Anchoring
My Digital Farmer | Marketing Strategies for Farmers
Release Date: 11/08/2023
380 Can You Actually CREATE More Demand for Your Farm Products?
My Digital Farmer | Marketing Strategies for Farmers
Can You Actually CREATE More Demand for Your Farm Products? Demand for your farm product often feels like it has a ceiling — but what if that ceiling can actually MOVE? This is part 2 of a two-part series all about Market Demand -- an important element in the sales/marketing formula. In the last episode, I talked about the danger of scaling production before you have enough demand to support it. But that raises an important question: What if you check the demand…and there simply isn't enough yet? Are you stuck with the demand you've got? Marketing can't magically make everyone want what...
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379 Got Demand? The 6 Questions to Ask Before You Grow More Farm Products
My Digital Farmer | Marketing Strategies for Farmers
What happens when you’re really good at growing something… but you don’t have enough people to buy it? I learned that lesson the expensive way this summer when we ended up renting a refrigerated semi-trailer to hold thousands of pounds of watermelons we suddenly didn’t have a market for. We had successfully grown the crop, but growing it and selling it turned out to be two very different things. In this episode of My Digital Farmer, we’re exploring an important piece of the revenue equation that farmers don’t always spend enough time thinking about: demand. Before you add another...
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378 Who Should NOT Buy Your Farm Product? (A Worthy Thought Exercise)
My Digital Farmer | Marketing Strategies for Farmers
We spend a lot of time defining our ideal customer, but here's a question we don't ask nearly enough: Who should NOT buy your product? If you're spending too much time answering questions, overcoming objections, or trying to convince people to buy (only to have them walk away!) you may not have a sales problem. You may have a qualification problem. In this episode, I'm sharing a recent encounter that made me realize how valuable it is to recognize our “no signals” -- the clues that someone simply isn't a good fit for what we're selling. And even better: What if our marketing could...
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377 Practical Ways to Get More Referrals From Your Farm Customers
My Digital Farmer | Marketing Strategies for Farmers
Most farmers will tell you that word-of-mouth is one of their best sources of new customers. But there's a big difference between being grateful for referrals, and intentionally creating more of them. In this episode, we're talking about how to put an engine behind word-of-mouth. I'll share a whole bunch of practical ways farms can make referrals easier, more natural, and more likely to happen—without needing complicated software or some fancy loyalty program. More importantly, I'll show you how to think strategically about who you ask, when you ask, what you give customers to share, and...
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376 What Should I Call This? How to Name Farm Products (So That They Sell)
My Digital Farmer | Marketing Strategies for Farmers
Could changing one word on a sign or product listing make a product sell better? Last week at our Farmer's Bag Toledo pickup, I noticed something strange happening with two kinds of onions sitting right next to each other. Customers kept choosing one—and passing over the other. Then one of our volunteers made an observation: “I wonder if it's the name.” That comment made me think, "Oh I've got to do a podcast about this!" Because as farmers, we often name our products based on what we call them -- i.e. the variety in the seed catalog, the technical name of the cut, or whatever makes...
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375 The Five Transformations Farmers Really Sell
My Digital Farmer | Marketing Strategies for Farmers
What if your customers aren't actually buying your vegetables? In this episode, Corinna shares a personal story from her son's Air Force Basic Training that reinforced a key marketing principle, and it has nothing to do with farming. If you've ever struggled to know what to say in your emails, on your website, or in your social media posts, this episode will help you uncover the deeper reason people choose to buy from your farm. Eventually all business owners realize that customers don't buy products... they buy the life those products help create. You'll learn how to identify the...
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374 Behind the Launch: How Farmer's Bag Toledo Went From Idea to Sold Out
My Digital Farmer | Marketing Strategies for Farmers
How do you go from a random idea... to selling out a brand-new food access program in just a few days? In this episode, I'm pulling back the curtain on the complete behind-the-scenes story of launching The Farmer's Bag Toledo. You'll hear how one unexpected meeting planted the seed, how the right partnership changed everything, why we chose to beta test instead of trying to make it perfect, and all the practical work that happened behind the scenes -- from pricing and logistics to technology, funding, naming, messaging, and launch strategy. If you've ever had an idea sitting in your notebook...
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373: The 7 Essential Offers Every Farm Business Needs
My Digital Farmer | Marketing Strategies for Farmers
Imagine asking the first runner in a relay race to carry the baton from the starting line all the way to the finish. No winning team would do that. Yet many farm businesses unknowingly expect one offer to do exactly that. In this episode, I introduce a simple framework that completely changed the way I think about marketing: The Offer Portfolio. Instead of relying on one offer to attract new customers, create first-time buyers, build loyalty, increase order value, and generate referrals, you'll discover the 7 essential offers every farm business should consider -- and the unique role each one...
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372 Dealing with Dread: The Hidden Marketing Obstacle That's Keeping Farmers Stuck
My Digital Farmer | Marketing Strategies for Farmers
Have you ever found yourself putting off the very marketing task that could help your farm grow? Writing the email. Launching the promotion. Recording the video. Raising your prices. Building the sales page. You know it needs to get done... but every time you think about it, you feel that heavy sense of dread. In this episode, I share a personal discovery that is challenging the the way I think about procrastination, marketing, and business growth. After catching myself avoiding two important projects this month, I realized something surprising: I wasn't avoiding the work. I was avoiding the...
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371 Re-Broadcast: Use This Weekly Checklist to Sell More at the Farmer's Market
My Digital Farmer | Marketing Strategies for Farmers
This podcast is for all of you who go to farmer's markets!! This episode is a rebroadcast! I first recorded it two years ago, and I decided to share it again, because it needs repeating! Do you want to walk away from the market feeling like you did everything you could to maximize sales that day? Here's a fact: You're going to sell more at the farmer's market if you do a little bit of preparation in the sales strategy department. In this episode, I'm sharing my checklist of "things to make sure you do" before you hop into the truck and head to market. Things like: create a weekly special...
info_outlineHow do you raise your prices and get your customers to buy at that price point? (And feel good about it?)
In today's episode, I'm diving into a crucial aspect of farm marketing: the art of price anchoring.
Have you ever gone to Amazon to buy something with a certain idea in your mind of what something will cost?... and then you see what Amazon thinks it should cost?...
For example, I recently needed to buy a countdown timer for our Chopped Competition -- a big one that everyone can see from the room. Amazon had one priced at $300 (!!!), then another one at $65, and another one at $125.
Guess which one I bought?... Yup, the $125 one.
AND... I felt okay with it.
Honestly though, going into it, I was hoping for a $75 option. That's where my mind was. But then I saw the $300, and realized I was at the wrong pricing table. So the $125 suddenly didn't feel so bad -- like I had compromised and found a good happy medium in quality and price.
This... is price anchoring in action. And if you know how to use it, it can help you raise ALL your farm product prices, get people to buy at that price level, and make you more money.
Price anchoring is a psychological technique where consumers use an initial piece of information to base future buying decisions. You set a mental benchmark, or an "anchor" with a high price tag, and then this creates a perception that subsequent (slightly lower) prices are a better deal. (Meanwhile: you've also raised the prices of those subsequent, slightly lower prices, too).
You see this ALL OVER THE PLACE in the retail world. And in this episode, we dive into the details of how it works.
It's time you learned the psychology and strategy behind what makes this work.
Your homework from this episode is to set up a product with a higher price anchor, position your other products around it, and guide your customer this week to buy the thing you want them to (at the price you want).
This podcast was sponsored by Local Line, the leading e-commerce platform for the local food system. Try Local Line for your farm today! Local Line is offering a free premium feature for free for one year on top of your paid subscription. Claim your discount by signing up for a Local Line account today and using the coupon code: MDF2023. Head to my special affiliate link to get started: www.mydigitalfarmer.com/localline
This podcast was also sponsored by: The Thriving Farmer Podcast. In this top-rated farm podcast, you'll learn the latest tricks and strategies of successful farmers, strategize with in-depth interviews with leaders in the industry, and connect with stories of farmers just like you. In our interviews, we focus on building farms that last, on setting up systems, knowing your customers, building your team, and creating a work/family/life balance. With over 15 years of farming background, your host Michael Kilpatrick has the experience and authority to bring you practical advice, ask the hard questions, tease out the gold nuggets, and help share what it’s really like to build a profitable, sustainable farm.
Subscribe wherever you listen to your podcasts or visit: https://www.thrivingfarmerpodcast.com/
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Some of the resources mentioned in this episode:
Join my free email list! I have a great "Crash Course in farm marketing" that will guide you through the marketing jungle over the course of several months. Each week, you'll get a new email with suggestions and tips to make your marketing better.
Join my CSA Renewals Course: CSA Early Bird Campaigns that Convert. In this program, I teach you my exact process for how I build my renewal promotion campaign every fall, that gets 80-90% of my members to sign up again by November 1st.
Sign up for my CSA Academy -- and get access to my CSA member resource library to use for your own CSA (as long as you're a paying member). Use coupon code TRIAL to get your first month for $1.
Find my Facebook group for farmers!
Follow me on Instagram for a daily IG story tip on marketing! @mydigitalfarmer