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.
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