Name: 7 Pricing Strategies - How To Price A Product
Uploaded: 2020-03-19T21:12:32.000Z
Duration: 20 min 27 s
Description: Thousands of YouTube videos with English-Chinese subtitles! Now you can learn to understand native speakers, expand your vocabulary, and improve your pronunciation...

The superlative

To-infinitive

you have to ask yourself as an entrepreneur

is how much do you charge for your product or your service.

Done properly, pricing could also be a marketing strategy.

So today, I'm gonna give you not one, not two, not five.

You see when you are not charging enough,

you're not making a profit, you're not making money.

you're not getting enough volume so you won't grow.

to just the right type of pricing strategy

Pricing strategy number one, price to your competition.

That means find out what your competitors are charging

and then maybe you charge kind of the same.

Let's say, they sell this product for $100,

then you'll say, "Okay, I'll sell mine for also $100."

what they do is they would take the the average prices

of the, let's say, three top competitors,

and then they would just add it together and divide it up.

Now, there is some industries, in some cases,

that's maybe 5%, 10% higher than everybody else

within your industry that might be hurting you

Now, unless you've done your proper marketing

that might be a difficult objection to overcome.

That means you are always reacting, right.

You're always reacting to what your competitors are doing.

They bump up their price, you bump up your price.

They lower their price, you lower your price.

We want to be the one that's dictating the terms,

so others follow versus you follow others.

Pricing strategy number two, price to pay the bills.

It covers your overhead, it covers your cost.

Well, that might be good in the beginning in some cases

that you are maybe entering a new marketplace.

"See how the marketplace reacts to my offer."

Or sometimes, you gotta use it very carefully, right.

Otherwise, you'll go bankrupt doing this.

Is you are pricing, using the break-even strategy

Sometimes I call that the self-liquidating offers.

Meaning this is for your low-ticket offer, on the front end.

I don't make money from selling the book,

That's fine, because that's what a book costs.

But you know all the profits, all the wealth

What you offer to the customers who have bought your book.

Strategy number three, and that is price to time.

Subtitles ListPlay Video

7 Pricing Strategies - How To Price A Product

perspective

strategy

conflict

revenue