I Need Help On Pricing A Product....

8 replies
I'm not sure the best way to do this? I need to know what would be a "reasonable price" to set for a very specific product that's intended only for warrior forum members, meaning they are the only ones that can really use and benefit from it.

But in asking for advice on pricing, I do not want to break any rules of the warrior forum.

How should I go about this?

Can I say what the product is about, what it consist of, ect? And explain it, so that people can give me some input on what they think the best price point would be?

I'm not sure where it will be listed yet either. I'm leaning towards just using a signature banner link, or paying for a classied ad? I'm not sure if I want to go the WSO route?

Any advice on how to get some price point suggestions from warriors?

I'm being vague for a reason, until I know confidently what I can and cannot do to get some advice.

If there are any WF members who believe they can answer this for me correctly, so that I do not do something to get myself in trouble please do so...

Steve
#pricing #product
  • Profile picture of the author Owen Smith
    On pricing, I set the price as high as I think I can possibly less for. If it does not sell, I then slowly lower the price by the dollar, but others start low and go higher, test the water.

    You will learn quickly at what price point everything you sell should be.

    Regards
    Owen
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  • Profile picture of the author 60MinuteAffiliate
    Hi there,

    I wouldn't be afraid of pricing high provided the quality of content is there.

    I have one product that I initially sold at $47, all the competitors were at the $37 price point.

    I then expanded the product and created a $97 model of it and that by far outsells the original $47 product. It's the highest price for a product in this market and people aren't afraid to pay it.

    Bear in mind too that I know from contact with buyers too that they've bought other products in the same niche too that haven't lived up to expectations.

    So don't be afraid to price high, just market well why your product is what it is and why it's such a great price (at the high price).

    good luck with it

    regards

    colleen
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  • Profile picture of the author Tracey_Meagher
    Whatever price range you have in mind, go in at the higher end. It's far easier to reduce the price than increase it, unless as Colleen says you can expand it or add value to it in some way.
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  • Profile picture of the author tryinhere
    Originally Posted by EWGQDD View Post

    Any advice on how to get some price point suggestions from warriors?Steve
    While i can not guide you better than the advice here, I can say what i see on occasion is people forget about marketing in a sense and select the wrong price point that then does allow them to market the product, in that it will be priced to low.

    from that when people go to advertise the product they find based an a % conversion rate and to remain in profit they are then bidding below the competition for that or a similar product.

    This allows the competition to climb all over them in positioning and sales and as soon as they attempt to raise there price to meet or gain position the first thing they then loss is their % return on the product making it non viable.

    This is all caused by the low price point / not factoring in marketing, so go and have a look at the current market cost to promote that or similar products, work out a conversion rate for your product / guess lower than high and that will give you at least one more variable to add to your final call.
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  • Profile picture of the author Kate C
    Internet marketing is all about building trust. You want your customers to trust you and the value of your products. It is therefore not a good idea to start high and lower the price as this will offend previous buyers. It works better the other way round, if you start low and increase the price as the previous buyers will feel that they got a good deal before the price went up and will actually be happy.

    Alternatively, you could offer a certain low price for the first 10 buyers then increase it a little for the next 20 and so on. This strategy works well.
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  • Profile picture of the author WD Mino
    Hi Steve,

    Pricing wise... look at some of the products offered similar on in the same arena as yours compare your product to theirs if yours has more bang for the buck price it accordingly. if others are selling something with a ton of bonuses for x amount of dollars you may want to price it a little lower then theirs. All depends on what exactly your offering and the value in the eyes of the customer try to put yourself in their shoes would I buy this at this price kind of thing.
    best of success to you my friend
    -WD
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