Pricing is risky for any business, but it's even more so for the online small business owner.
Your anxious-to-please competitor is only a click away...
Are you leaving money on the table?
Or, even worse, is your price turning away potential customers?
How do you know if that new product or service that you are developing (or are planning to sell) has a reasonably-sized, interested target group? In other words, are there enough people who will pay enough money?...
- If no, you'll never build a profitable income stream.
- If yes, what's the best price that maximizes that stream?
Is your pricing up-to-date, reflecting current marketing conditions?
How do you know... how do you know for sure... that you have the best pricing methods and the right price?
Perfect pricing answers all of the above questions. "Make Your Price Sell!, The Masters Course" provides
the information and strategies you need to determine the "Best Price." The course covers background pricing theory, key business models, target market profiling, the importance of the prising methods and perceived value of your product or service,
and much more... exactly what you need to make a profitable price decision.
And best news of all... "Make Your Price Sell!, The Masters Course" is itself priced perfectly...
It's free!
No more guessing or relying on a "gut feeling." No more swirling around a bunch of data and pulling out the magic number. No more nagging uncertainty.
You can now best price with confidence and sureness (without hiring an expensive consultant!)...
"Make Your Price Sell!, The Masters Course" shows you how to maximize profit for both you... and your customers!
Yes, your prospective customers must feel that they will personally
profit by buying your product or service. In other words, they must
feel that the value you offer equals or exceeds the cost. If they
don't, credit cards remain securely tucked away in their wallets.
Bottom line... You must best price it right.
Pricing Methods and Profit
You have to make a profit or you won't survive.
The best pricing methods are critical to your commercial future. It
*is* your most important marketing decision.
Why?
Misjudging your price points in this
digital era costs dramatically more than it did in the past.
Internet markets mature rapidly. You have to be prepared to
adjust pricing methods frequently or upgrade your product/service to
maintain your price. Best pricing methods are never static.
So, what do you do?
Get the e-commerce equation right every time!
Great Product + Perfect Price + Satisfied Customer =
*SUCCESS*.
A lifetime of success, that is.
A buyer decides if the best price is acceptable by determining
the benefits of the product and by considering the
competition.
The seller prices to maximize profit, while considering the
bigger picture business model (i.e., high price/low volume
or low price/high volume). The price must pay for the cost
of production, marketing and overhead costs, and still make
a profit.
Let us say that Product X costs you $20 to make, market,
sell, and distribute. But let us say that your customer is
only willing to exchange $10 for it.
This equation is definitely "off the rails" and will stay
there, permanently, unless some major modifications are made.
"Hard Knocks" life lesson learned by this experience? The
most important determinant of best price is *always* what the
product is worth to the customer.
This is the beauty of the MYPS! survey with its integrated
server-side statistical analysis.
You learn the exact price that people are prepared to pay
for your product so that you can assess whether your product
or service is worth pursuing or not - saving time and
money.
It's income by default.
Before your prospective customer can tell you what your
product is worth, she must understand what it will do for
her. So you must be able to answer the question...
What's in it for me?"
That's where an effective Web site is absolutely necessary.
A great site educates the customer about your product's
benefits and features. It builds perceived value.
For example, if you are going for a high price/perceived
value model for your product, the Web site must reek of
money... no corners shaved. Every high-end detail must
be polished to a shine.
Figure out your target group. Who is most likely to see the
benefits of your product immediately? Does the copy on your
Web site reflect that awareness?
And, you can't afford not to keep "tweaking" your site
periodically. Market conditions demand surveillance.
Perhaps you need to upgrade your product because your
competitor has come up with an interesting angle. Or you
need to counter-attack a mature market.
What if you discover an untapped segment of the population?
Your site has to be able to capture their attention and
make that visit-to-sale conversion.
Actually, your site has to go beyond that. It not only has
to get the sale, it has to build perceived value in your
product. If the customer "gets it" (in his or her head),
both the perceived value and the Conversion Rate will be
high.
Follow the principles of Make Your Site Sell! to
double perceived value *and* your Conversion Rate...
The next reality lesson on the blackboard is...
Don't guess. Be accurate!
A theoretical price for your product may look reasonable and
saleable on that fancy spreadsheet or after a discussion
with your hired pricing methods consultant.
But it might be totally off-base to your customers'
"personal" prices. And if it doesn't jive then you might as
well leave the dance hall.
You have got to know confidently at which price point your
customers are thinking... "Yes, this is worth it." Or
conversely, at which point *price-resistance* kicks in.
That's the price where your customer starts to think...
"I don't need that as much as I thought I did."
Which brings us to a critical concept that we call the
TEETER POINT (tm). It´s that price at which the consumer
just can´t make up his mind. Basically, it´s a 50-50
proposition - the credit card could stay out or it could be
put away.
MYPS! develops a line graph for you that will show you where
this Teeter Point is for your visitors-not-yet-customers.
But that's on tomorrow's agenda.
In order to identify this powerful point of consumer
decision-making, you have to *know* your customers. The
*ideal customer profile* would highlight...
o their assessment of your product in terms of importance
and impact
o their buying habits
o their average monthly expenditure on similar products
o their ability to find your competitors
o their point-of-resistance to a sale
Sounds great, but where or how do you access that kind of
private information? Lesson number three... Life has its
fair share of challenges.
This is your starting point for today's homework assignment.
Write down the answers to the following four questions
(we'll refer to them tomorrow)...
1) What method do you use to get to know your customer? How
do you know what they think about your product, its price,
and your competitors?... E-mail? Street canvassing?
Telemarketing?
2) If you were building a customer profile, would you look
for the same things that I outlined? What would you add to
be in sync with your particular product and business?
3) Does your site "fit" with your customer profile? For
example, a site for "pioneers" (daring consumers ready to
try revolutionary new products) will differ substantially
from that aimed at a "mature market."
4) How would you rate your Web site for "Builds Perceived
Value"? How often do you revisit your site for adjustments?
5) Get a picture of Henry Ford and put it on your desk with
a yellow Post-it note...
"Listen to the customer... s/he has all the answers." :-)
With the help of the easy-to-follow Make Your Price Sell!, The Masters Course you
can get the best pricing methods successfully and confidently... on your own!
1) ReadMeFirst.txt
Its name says it all -- start with this file.
2) MYPS!Masters.pdf
"Make Your Price Sell!, The Masters Course" gives
you what you need to know and do to price perfectly...
to maximize and leverage profits!
Pricing methods is the most important of the classical 4Ps of "Marketing 101"
-Price,
-Product,
-Place,
-Promotion.
And it's the only one of the four that actually generates income. The other Ps generate expenses upfront, in order to generate income later.
Choosing the best pricing methods for your product or service is the marketing decision that can make or break you.
"Make Your Price Sell!, The Masters Course"
will give you a solid pricing foundation so that you can use pricing methods precisely and worry-free!
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