Getting your price right is so important for your new business. If you price it too high, people may be put off and not want to learn more about your product/service. And if you price too low, you're definitely missing out on potential profits, while also possibly turning customers away if they think your goods aren't up to the standard they're after.
This week we will look at how customers react to pricing and where your optimum price point should be. We'll then go through the process of finding your price range, figuring out what price to start testing at methods you can use to find your ideal price.
In This Module You Will...
- Learn how customers view pricing.
- Find your price range to work within.
- Discover how you will test your price point.
- Find your optimum price point for maximum customer value and sustainability for your business.
- Start tracking your costs, breakeven and customer acquisition costs.
Finding Your Optimum Price Point
Apologies for the poor sound quality! I'll be re-recording it next week for you but thought I'd get this up now in case you need it urgently.
Workbook - How to Find Your Price Point
Module 4 is all about discovering what price you should be charging to reach as many people with your solution as possible and have a sustainable, profitable business.
Worksheet 1 - Customer Purchase Ladder
Instead of creating a sales funnel, let's look at your customer journey and think how we can make it simpler for your customers to actually buy your product.
Worksheet 2 - Your Price Anchors
This is where you'll delve into the psychology of your customers when they buy your product/ service.
Worksheet 3 - Creating a Pricing Experiment
As with everything in this course, finding your ideal price point involves testing various prices and discovering what your customers want to pay for your product/ service.
Worksheet 4 - Know Your Numbers
Here you will be working out the numbers that drive the profit/ loss of your business. These are the numbers that you'll want to track on a periodic basis.
Module 4 Checklist
Download to ensure you've completed all required sections.