What To Charge For Your Product

10 | Posted In Videos by David

After a super long video hiatus, I have returned by answering a user-submitted question about product pricing.

What should you charge for your product?

In this video, I touch on a few guidelines, including:

  • Most product creators tend to undervalue their own products.
  • Base price on the value to the CUSTOMER, not your perceived value.
  • Compare to your competition
  • Test different prices, looking for that “sweet spot” where revenue is maximized. Keep in mind, too, that less sales at a higher price point can still net more revenue.

If you have any advice on how to determine the pricing of your products, please feel free to share below.

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  • Dawn Rhodes

    Great article. So many struggle with pricing their products, especially with small businesses!

  • Dawn Rhodes

    Great article. So many struggle with pricing their products, especially with small businesses!

  • http://www.tipsandtricks-hq.com/ Ruhul Amin

    Thank you so much for covering this topic! Few tips that I picked up form this video are priceless. This is definitely going to help me readjust the price of my current product. Cheers!

  • http://www.tipsandtricks-hq.com Ruhul Amin

    Thank you so much for covering this topic! Few tips that I picked up form this video are priceless. This is definitely going to help me readjust the price of my current product. Cheers!

  • http://www.pcmech.com/ David

    Glad the video helps, guys.

    BTW, for anybody watching, I know the audio kinda sucks on this video. Its a new camera and I’m still working out the kinks. :)

  • http://www.pcmech.com David

    Glad the video helps, guys.

    BTW, for anybody watching, I know the audio kinda sucks on this video. Its a new camera and I’m still working out the kinks. :)

  • http://myonehundredthings.com/about Christian

    I think testing different prices is key. Agreed. But I’d also submit that *continuing* to test them is also important. Revisit it once or twice a year and retest. I’ve found that leaving a business system (even one as simple as pricing) alone for long periods of time often leads to inefficiency. Assuming everything is right where it should be is often the wrong decision. Continue to test :)

  • http://myonehundredthings.com/about Christian

    I think testing different prices is key. Agreed. But I’d also submit that *continuing* to test them is also important. Revisit it once or twice a year and retest. I’ve found that leaving a business system (even one as simple as pricing) alone for long periods of time often leads to inefficiency. Assuming everything is right where it should be is often the wrong decision. Continue to test :)

  • http://www.marte-cliff.com/ Marte

    Your audio sounded fine – even though I can only watch video in chunks. It gets pretty irritating when it stops in the middle of sentences, but that’s the price I pay for living in the woods and having Hughes Net as the best choice available.

    As you can guess, the speaker has to be someone special, or I don’t bother to watch!

    Thanks for all your good information…

  • http://www.marte-cliff.com Marte

    Your audio sounded fine – even though I can only watch video in chunks. It gets pretty irritating when it stops in the middle of sentences, but that’s the price I pay for living in the woods and having Hughes Net as the best choice available.

    As you can guess, the speaker has to be someone special, or I don’t bother to watch!

    Thanks for all your good information…