How to choose the perfect price for your product or service

How to Choose the Perfect Price for Your Product or Service

By onlinemoneyblueprint.com

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Copyright © 2014 All rights reserved. No part of this book may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, without the prior written permission of the publisher.

Disclaimer All the material contained in this book is provided for educational and informational purposes only. No responsibility can be taken for any results or outcomes resulting from the use of this material. While every attempt has been made to provide information that is both accurate and effective, the author does not assume any responsibility for the accuracy or use/misuse of this information.

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When you’re choosing the pricing for a product or service you always want to put yourself in your customers shoes. Ask yourself, “If I was one of my target customers would I buy this product at this price?”. If not, then what price would you buy it at? Your answer will likely be similar to theirs as long as you are familiar with the market that you are selling in. What Should You Price an Introductory Product at? You may have noticed that a lot of online marketers and businesses like to start with a really low starting point price for their product or service at or around seven dollars. This is a great price point for many different products and services and books because they can get a very large amount of people to buy if it’s a good value for the money. After choosing your price for your product or service you should always test new prices each week and see if you can improve upon a previous price. Sometimes you’ll feel like you’re not getting anywhere with it but don’t let this bother you as through some testing you’ll often stumble upon a price that gives a much larger profit overall. Going the High Price Route You can also choose to sell your products at high prices. It creates a premium image for your brand or product. Many people and businesses have had huge success using the highpriced model for pricing their products. The best thing about using really high prices is that it’s difficult for people to compete with you on price since your prices very high. It is tough for them to push you out of the market because you already have positioned yourself as being a more premium product then there’s is. It pretty much forces them to use a Walmart model type of pricing. They will be forced to go the low priced route. And this isn’t always the most profitable route. Perception is powerful with pricing. People automatically assume that a product is of higher quality, the higher the price is—even if it isn’t true.

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The Psychology of Pricing It is also important to realize that ending the price of your product on certain numbers is going to make a big impact on the conversion rates and sales of your products or services. The best numbers to end on are typically number nine and number seven. Some businesses have also had good results ending on number five—however for online products ending on a seven is usually the best. Many people have tested this and found the conversion rates are a bit higher.

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