In episode #685, Eric and Neil discuss pricing. Tune in to hear how you can figure out the right price for your product or service.
TIME-STAMPED SHOW NOTES:
- [00:27] Today’s Topic: How Much Should Your Charge For Your Product or Service
- [00:40] How does one settle on pricing for a product?
- [00:48] Neil completely made it up. There was no logic behind his pricing.
- [01:35] If the market for your product is saturated, compare yourself to your competitors.
- [01:55] You can charge the same or more if your product is comparable.
- [02:20] Make sure you are price-matching or charging just under your competitor’s rates.
- [03:35] Price Intelligently is a great resource.
- [04:00] @Patio11 is a pricing nerd, who has written great posts about pricing products.
- [04:35] As yourself what price is too expensive and what price is so low it would make you question the quality of the product.
- [05:12] Crazy Egg has a partner that helps you chart out your rates.
- [05:50] Never take advice blindly, always run A/B tests.
- [06:51] Pricing is the biggest lever that you can pull.
- [07:04] Some companies adjust pricing as often as four times per year.
- [07:15] Do your due diligence and go with what seems right.
- [07:28] Domo is valued at $2 Million, but there are comparable products that are worthless. Why?
- [08:27] That’s it for today!
- [08:33] Go to Singlegrain.com/Giveway for a special marketing tool giveaway!
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