“What Should I Price My Products?”

Summary

• Always test your prices, especially if you offer customization. It allows for easy adjustments based on individual needs.

• Remember, increasing prices doesn't harm your business. You can always adjust downwards if needed.

• Personalize your offers to test pricing effectively. Each customer may have different needs, so you can adjust prices accordingly.

• If a price is too high, you can lower it for future clients and offer a bonus product to previous ones as compensation.

• Continuously test prices by increasing them until the market pushes back. It's important to test over long periods and stay unemotional about changes.

Video

How To Take Action

I would suggest implementing a pricing strategy where you constantly test and adjust your prices. Start by offering personalized pricing that reflects your customer's individual needs. This allows you to easily tweak prices without upsetting your client base, as everyone may have different requirements.

Remember, don't be afraid to increase your prices. There’s no permanent harm in raising them, as you can always decrease later and smooth things over with past customers by offering a bonus product if needed. This keeps everyone happy while you find the optimal price range.

A good way of doing this is to keep pushing your prices up until you notice a resistance in the market. It's crucial to stay objective and not take it personally when you make these changes. The key is to test over long periods to see how the market reacts and adjust accordingly.

Another practical tip is to maintain a record of the price changes and the corresponding customer responses. This will provide clear insights into what works and what doesn’t. Over time, you’ll create a pricing model that maximizes your revenue without turning away customers.

Finally, keep it light and flexible. Business is ever-changing, and being adaptable will help you stay ahead.