If someone bought my product, applied what they learned and they were able to make $10,000 from what I taught them, where do you think I should be pricing my product?
It has to be based upon the results that someone can get. Just trying to undercut a competitor is not the way to do it. Oftentimes by charging more, I differentiate myself and add value. If you’re providing a lifestyle change for someone, you have to understand what that actually does for them. For me, I am willing to pay more for nutritional products and services because that’s something I highly value. When I feel better, I perform better, I work harder, I get more and make more money, so I’m willing to pay for that.
Another question to answer is when a discount should be offered.
One mistake people make is that they offer a discount when business is slow and they’re needing to make some quick cash to play catch up. If you start giving out discounts and people know that, those are going to be the types of people you attract, the ones that always beg for discounts. Try to do bonuses, instead. Roll-in different things that can support your product in place of cutting the price your product is actually worth.
Casey’s Super Tip: If you see someone else in your market, consider getting more specific on who you’re targeting. Change it up just a bit so you can prove that you’re different. The specificity of your product will add value.
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