So how do we decide upon our pricing? Does competition matter and what should I take into consideration when pricing my product? Should I be cheaper? Should I be more expensive? How do I know when to be which and why? Should I give special offers to particular groups of people? Who? Why? Should I offer different versions of my product at different prices? How do I do that, and how do I know if I'm doing right?
A shed load of questions and answers are covered in our neat 61 pages exclusive E book here.
You do indeed need to be aware of what others are charging for similar products, but that doesn't mean you need to beat them.
Why can't your product be the Mercedes or the Aston Martin of your chosen market? It's still a car, but it's the best, a premium product and the price reflects that.
So rule number one - if you have a great premium product, don't be afraid to bump the price up. By putting your price up and above the competition, you're actually likely to outsell super cheap competition.
Would you expect the same quality from a $10 course as from a $1000 one? So there we have rule number two. Never price yourself so low that you think people will look and think wow that’s a quality sounding product, look how little it costs! Because that's not what they're saying at all.
They're saying Wow, look at how little that costs. What’s the catch?
In effect all you're doing here is adding even more value to your product through a higher price. It might be the same product, but I'll tell you now, it's much more likely to sell at a price someone will think is reasonable, than something that knocks the reader off their chair at how cheap it is.
Discover more on pricing strategies from our 61 pages exclusive E book here.
Why you're doing what you're doing, what to expect, and most importantly how to go about this correctly right off the bat, because building a strong base is vital for the short term success of your internet marketing endeavours.
One thing that I find with online business is, people see the opportunity there to make a whole load of cash, quit their jobs and live the good life. In a way, this is true, but they forget about themselves.
They see the money and their eyes light up. This blog post is to manage certain expectations about the nature of online business, what you want and how you plan to get it before committing any further.
The answer to this question is what's going to spur you on and keep you going and moving on up the ladder.
Some people like to create whole elaborate plans around their goals, but for now we'll leave it at that.
Quick and simple. It's not hard, it's not time consuming but it is an extremely important part of your success.
All you ever need to do is ask yourself those three questions. Why am I here? What do I want? How do I plan to get it?
Basic? You may think so, but look at it this way, without this motivation, you may find yourself waking up in five years time, sitting in the same chair, in the same place, in the same situation and wondering why you haven't moved forward.
It's likely because you didn't set yourself a goal, which is done simply by answering those three questions.
Don't let this happen to you. Click here to discover more Internet Millionaire Mind Hacks.
A middle-aged man buys a gym membership, not because his doctor has recommended it or health tests have shown that he can reduce the risk of heart disease and other illnesses, but because he sees it as a new lease on life, a turning back of the clock to a younger self.
A young mother buys organic products that are essentially the same as the regular products on the shelves because for her, purchasing these goods is a decision for the environment, her children, and the future.
A teenager buys a pair of tennis shoes without doing any due diligence on the brand but simply because her favorite tennis player wears them and she imagines that she will play better with them.
A small business entrepreneur invests a great deal of money in a new content management system, partly because of the merits of the system, but mainly because she believes it will free up time and grow her business.
We buy because we want more time, better health, more self-confidence, improved appearance, more leisure or comfort, or what we perceive as a better life.
We also buy to avoid taking risks, losing money, leaving ourselves vulnerable to threats, potential suffering, embarrassment or worry.
We think our purchases will keep us up-to-date, make us likable or influential, or help us better express ourselves.
If you're selling beauty products, you might choose to focus on how they give you confidence rather than their actual ingredients.
A seller of gadgets might highlight how its products connect people and put them in touch with the future, rather than the actual features and improvements. You're not underestimating your customers or 'dumbing-down' your marketing.
You're simply meeting your customers halfway between the actual features and qualities of your products, and their psychological and emotional needs. You're directly speaking to their needs or struggles.
When you understand where your products or services fit within your customer's psychological and emotional needs, you can tailor your marketing approach and tactics.
If you know at what point of Maslow's pyramid they're struggling, you can identify how your product helps them overcome their struggle or achieve what they want. Discover more by clicking here.
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