How To Determine And Specify What Price To Charge - Part 1 (Episode #131)

In the first of a series where we'll be talking about how to set your prices, we're going to deep dive on the psychological factors that affect pricing - both for your customer... and for YOU. Many people struggle with what to charge for their products. And the easiest path is just to low-ball the price. While low prices have their place, it is too often done out of fear. Fear of being salesy Fear of not making sales Fear of being able to deliver So, how do we get past that? In this installment of CBB, we'll talk about how to get over the confidence issues with your offer and your price. We'll also talk about the foundation for how to set your price. Lastly, we're going to talk about how price affects what happens AFTER the sale has been made. This is a HIGHLY important topic... and may very well result in you confidently asking for higher prices. :-) This is the first of a multi-part series having to do with prices - an important aspect of product creation and the monetization of our businesses. Also, if you're finding these episodes valuable, I'd highly appreciate it if you could post a quick review over in iTunes. You can also share on social media and direct people to CoffeeBreakBlogging.com. Be sure to use hashtag #cbb so that I can see it and thank you.   So let us get in to our topic for today... Topics We'll Cover In This Series What I want to talk to you about today is actually the start of a multi-part series that we are going to run for the next few installments of Coffee Break Blogging. And we are going to talk specifically, about pricing... How to price your products. This is an often a very confusing topic for people; and me, too, at many times. And there is not an entrepreneur out there who has not second guess himself of what their pricing should be. So, if that is what you feel; it is totally normal, it is totally fine. So what we are going to be talking about here over the next few episodes is just some of what goes into deciding what price to have for the various products that you are selling. So if you are worried about pricing your product too high; or are you thinking maybe it will be better to aim low and hopefully make up for it and they'll buy them, or are you one of those people who just basically give everything away for free, then in a lot of times there are just psychological reasons behind that. Sometimes there are legitimate marketing reasons to give things away for free; in many cases like lead magnets and blog posts and stuff, but sometimes I find that bloggers are just giving things away for free because they are actually outright afraid to ask for money. So those are some of the things that I want to begin talking about on this episode and in the next few episodes. I want to talk about things like, our fear on charging higher prices; I want to talk about why the size of your product does not necessarily have to be humongous... I want to talk a little bit about what happens after they buy based on what they pay; because that is definitely something you need to keep in mind, especially with instructional products. I want to talk a little bit about the balance of exchange and how important that is. I want to talk a little bit about why aiming low on your prices is not always a good idea but there is a specific right place where low prices make sense. We are going to talk about how to test out a product idea that you want to charge money for and see if it has any legs. We are going to talk a little bit about those internet marketing style prices that end in seven, and whether there is really anything to it. We are going to talk about how price affects the perceived value of your product. We are going to talk about how to ask people what they pay, but without actually just straight up asking them... How much are you willing to pay; you know, it is going to be a lame question. And we are going to talk about how your pricing is affected by your competition. Not all of that are we going to be talking about today; but let us go and get started on this topic and talk about a few of them...