How to Price Your Products

read time 3 minutes.

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Today’s Email:

• Calculate the Value of Product

• Understand Your Audience

• Compare to Competition

• Adjust & Adapt

Alright - Let’s Innovate:

I launched my first course in 2018. This was 5 years ago.

I can say that I’ve learned quite a bit in that time.

It’s NOT easy to price your product/service. There’s also no exact method you can use to find the PERFECT price.

Hopefully the methods I use below will help you price your next offer:

Calculate the Value of Product:

What does your product/service offer?
What outcome do your customers get when they purchase it?

These are 2 important factors to keep in mind.

The more valuable the outcome - the more you can charge.

Understand Your Audience:

I’ll start with an example:

If your target audience is entrepreneurs just starting their journey - they aren’t going to purchase a $3,000 service (at least most wont).

Instead - you’d create a lower priced offer that actually makes sense for individuals just starting out.

• How much money does your average ideal customer have?

• How many followers?

• What type of business?

Once you understand exactly who you’re selling to - let’s go to the next step.

Compare to Competition:

Make a list of other products/services that are similar to what you’re selling.

The hard part here is:

• You don’t want to undercut yourself.

• You also don’t want to price people out.

You need to find that perfect balance between the two.

I’d always recommend coming in at a lower price with a higher-value product.

Adjust & Adapt:

I’ve adjusted my prices for many of my products/services over the years.

I’ll use my new course - The Growth OS - as an example:

1. My audience is mainly creators/entrepreneurs that aren’t too far into their journey yet. If they are - they aren’t seeing the results they want. Price lower than $200.

2. I need to make enough revenue, but also not price anyone out of the product. I also don’t want people to think too hard about the purchase. Price lower than $100.

3. With the amount of value in my course - I wanted to help as many creators/entrepreneurs as possible. With that being said - I had to find a price point that is low - but enough to be sustainable. Drop to $47.

4. With my affiliate links, word-of-mouth, and the organic content that I post - I’d get enough sales to sell at this price. Anyone that actually takes action on my course will make over $47 guaranteed.

Another reason why I’m not worried about pricing lower is:

• More likely to get repeat customers on other products.

• More likely to get testimonials.

• More likely to get word-of-mouth referrals.

Win-win for everyone.

Cheers,

Alex

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