Do you have a great product or service but you’re wondering how to price it? Or you’re wondering why nobody’s buying what you have to offer. Keep watching this video and I’ll show you how to hit your pricing sweet spot.
Click "Read More" to read the video transcript.
In pricing a product, most people make the mistake of believing that price equals value. And that’s not true. Price is actually an indicator of perceived value. As entrepreneurs building businesses, it’s our job to influence perceived value through our branding, our marketing positioning and our product packaging.
Within every industry there’s a WA Salvage company. That’s the company whose branding says “We’re not fancy, but we’re cheap!” And then there’s the Rolex of companies, the one at the high end of the market, with the luxury brand that charges the high prices. This creates the scale within your industry of whether you’re a WA Salvage company or a Rolex company or whether you fit somewhere in the middle.
But wherever you fit on the scale, your brand and the position that you create needs to make a statement and that statement will influence the perceived value of your products and make it really easy for you to price each of your products and services.
If you enjoyed this video please share it now and head over to my blog at trudymurphy.com to sign up for weekly business tips and videos delivered directly to your inbox. I look forward to meeting you soon.