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The Basics of Product Creation How to Price Your Products
It will determine how much success you will have Price too high => no one will buy Price too low => you may not recoup time and expense
Why Product Pricing is Important
The Basics of Product Creation How to Price Your Products Why - - PowerPoint PPT Presentation
The Basics of Product Creation How to Price Your Products Why - - PowerPoint PPT Presentation
The Basics of Product Creation How to Price Your Products Why Product Pricing is Important It will determine how much success you will have Price too high => no one will buy Price too low => you may not recoup time and expense Exception
SLIDE 2
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Pricing low to build list of buyers
Works best when you have a back-end
Upsell/OTO Follow-up with more expensive product Recurring revenue stream
Exception to What’s Ahead
SLIDE 4
Size Competitive Pricing Your positioning/USP vs competitors
Factor #1: Market
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Electronic
E-books, reports, whitepapers, PDFs Audio Video
Tangible products Personalization
Calls – group (teleconferences/webinars) & one-on-one One-on-one assistance Q&A through blog/forum
Community
Factor #2: What You’re Including
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If new to product creation, multiply estimated time by a factor of 3 or 4 to be realistic Sometimes it may not be worthwhile
Factor #3: Your Time & Out-of-Pocket Expenses
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Offer multiple products at different price points
Different formats + the whole enchilada Different formats + bonuses Most people buy the middle priced product
Pricing Hack #1
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Offering a premium option (5-10x the price of basic) can boost sales
Example: $47 product -> $297 product which includes 2 hours of coaching
Pricing Hack #2
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Don’t offer too many choices
It can reduce sales Limit to 3 options max
You will need to experiment
Final Words
SLIDE 10