Hi everyone! Since I was up so early, I decided to get another 90-day product creation challenge tip done for you – this time on pricing your product. Here’s the vlog with text below…
There are different ways to price your product – one time payment, monthly ongoing indefinitely or for a certain # of months.
Do you want a low entry point with add-on one time offers and upsells? Some marketers who have multiple components of their product take ONE to use as a low entry point ($27 or $37 for instance) and then tack on the rest as upsells or OTOs.
Don’t price off page count! You can’t price a product based on whether it’s 7 pages or 700. Don’t do it! Volume does NOT matter.
Price for your target audience. What will and SHOULD they pay?
Think of your product as a college course more than a book.
Think of your affiliates – make it worth their while. (Many won’t promote for under $20).
Compare it to others in the marketplace. But don’t get too wrapped up in that. Just get a spectrum – for instance, there are $0.99 hamburgers and $1,000 truffle-laden burgers at a fancy restaurant that people eat with a fork! Be in between – or not!
Remember you can tweak it up or down. Nothing’s set in stone and it takes seconds to log in, change a price and save. Don’t hyperventilate over it.
You can split test. There are tools that let you test all elements of a site. Price is one. See which converts better.
It doesn’t have to end in a 7. I always use that as an example though. I dislike prices that end in 9 personally because as a consumer I’m always wondering why they didn’t just bump it up to the rounded number. But a 7 means I’m saving $3. LOL
Remember this: The marketplace is NEVER wrong. Ever. If someone’s willing to pay $1,000 for that truffle burger, then that’s prices correctly, period.
Do NOT price based off your self doubt. I don’t want you to price it low because you’re new or unknown or any other bullshit excuse. You go into this thinking you ARE the shit and price it accordingly. Being the shit doesn’t mean you overprice your product. It means you’re pricing it according to what you truly believe is the value is provides.
And if you price it too low, ask yourself why – does it NOT include enough value? Back to the drawing board then. If it’s a simple tip in a short report – as opposed to a full scale product, then a lower price point might be okay.