The Tick List Technique

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Hi there. In this quick video I want to share with you a technique I call the ‘tick list technique’. What on earth is that? Well, you know I talk about creating three different packages. Menu pricing, I call it, and I talk about the magic of three. Why you should have three choices. Well, at some point you are likely to present your different options to the client, and a great way of doing it is the tick list technique. Here’s an example you can see on the screen. This happens to be for a subscription company, a newspaper, but you’ll see lots of examples of this. Where you can see that across the top are your three different options, for example, bronze, silver, gold. Down the side is all the things that you do as part of that package, and then you indicate with ticks and crosses what’s included and what’s excluded in each of the options. Very simple technique but also very powerful.

I love the technique. Firstly, I like it because it’s a wonderful way for you to actually plan and structure your solutions. If you’re designing, for example, a series of packages for, let’s say, cash flow forecasting, then this is a great way of planning what goes in the different options. I would do this with post-it notes. Stick the three different columns on a flip chart. Work out what the various things are going to be. Stick them on the chart, and figure out the right combination.

Even more important, when you present it to your client, this is powerful. There’s a number of reasons why, but the most important is something that behavioural economists have found about us as humans, and that’s that we are loss averse. We don’t like missing out on things. What this does in a very visual way is we can see, because of the big red crosses, what we don’t get. We can see very clearly what we are foregoing, what we’re missing out on, if we were to buy the cheapest option. What happens is, because we can see that visually, it’s another tiny little thing that happens very often subconsciously that gets customers thinking, "Don’t want the cheap one. I’ll go for the middle one or even the more expensive."

It’s so powerful. I strongly recommend you use it whenever you reveal all of your solutions in a brochure or proposal during the course of a meeting. If you like the idea, please just click on the like button just so I get your feedback. That would be awesome, and if you want to get more help from me, remember I have a free video training program, A Systems Approach to Value Pricing. Make sure you grab that. Link’s below. I’ll see you again very soon.