I’m often asked how I’m able to come up with the prices of my products and services. Here are the 3 things you need to know in order to properly price whatever service you will be offering.
KNOW YOUR MARKET
- What are the trending prices? What are other businesses pricing?
- Do your research.
- EXAMPLE: If an e-book is $30, don’t price it $7 because you want a bunch of people to buy it. Or, don’t price it for $99 because you want 4 people to buy and meet your goal.
KNOW YOUR AUDIENCE
- This is the main thing that is overlooked. We don’t think about our audience.
- Make sure you have an email list that has at least 5,000 people on it.
- EXAMPLE: If you’re marketing to college students, it’s going to be a different price point than someone that is 30 with a job.
- The way you price point something for your audience is based on the paying point of your audience
KNOW YOUR VALUE
- Know what you’re worth.
- EXAMPLE: You can sell a $40 e-book if you’re answering exactly what your audience is asking for.
- Be very realistic about what your revenue goal is.
The Mattieologie podcast (formerly #AskMattie) is posted Monday thru Friday. If you have a question for me on style, life or blogging, send your name, URL & city + your question to [email protected]. Listen below or subscribe on iTunes.