Determining how to price a product

12 replies
I have a new product that I am releasing and I am trying to determine the best price point to market this at. I

The new product is my Library collection of Real Estate Investing Information full of e-books, forms, tools and over 40 hours of audio.

I would love input on what others would price this at.
#determining #price #product
  • Profile picture of the author Micheal Perkins
    Is there a similar product in your niche that you can look at? If so put the web address into web.archive.org. This shows you regular snapshots of that page for as long as they've had it indexed.

    You can see how long they've been around and see what their sales price ranges have been historically. If they've been at the same price for a while, you can be pretty certain that is a good price point and they make sales there.

    If there's no product like yours, determine a price point based on what you think is reasonable. I've not tested it, but there is a lot of information about prices ending in 7 ($27, $37, $47, etc.) selling the best.

    If you want to test it yourself, I would suggest getting a split testing script somewhere and running two different prices to see which sells best.
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  • Profile picture of the author George Wright
    Hi,

    It looks like you will not be selling to the IM or MM niche but rather to the Real Estate niche.

    I attend RE seminars and they don't have anything for under $300 and that's just for starters. The average course I see at seminars is around $2,000 just for the "common" stuff, like, flipping, buying foreclosures, tax liens, etc.

    Why don't you attend a local RE seminar and see what they are charging for products similar to yours. While you are there you can do some networking and maybe even drum up some business. After, not during the seminar of course.

    George Wright
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    • Profile picture of the author sblackburn
      Originally Posted by George Wright View Post

      Hi,

      It looks like you will not be selling to the IM or MM niche but rather to the Real Estate niche.

      I attend RE seminars and they don't have anything for under $300 and that's just for starters. The average course I see at seminars is around $2,000 just for the "common" stuff, like, flipping, buying foreclosures, tax liens, etc.

      Why don't you attend a local RE seminar and see what they are charging for products similar to yours. While you are there you can do some networking and maybe even drum up some business. After, not during the seminar of course.

      George Wright
      Thanks George -

      you are correct this is to the RE niche.

      I agree with you most products sold at those seminars are at least $300. This product however isn't a complete course but a collection of information.

      Maybe I should have included that part of the reason for this sale is to build my list larger ;-). This being the case I am thinking of offering it pretty low for like $37 or $47.

      Thanks a ton for the input
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      • Profile picture of the author Jason Zalesky
        Originally Posted by sblackburn View Post

        Thanks George -

        you are correct this is to the RE niche.

        I agree with you most products sold at those seminars are at least $300. This product however isn't a complete course but a collection of information.

        Maybe I should have included that part of the reason for this sale is to build my list larger ;-). This being the case I am thinking of offering it pretty low for like $37 or $47.

        Thanks a ton for the input
        I would just do a split test. Just use your sales pages on two different domains and promote them equally and do different prices. The one that sells better or brings in more profit would be the winning bid. This is what I done with the niches I worked outside the IM.

        For real estate it really depends on the quality of your product. If its worth what you get out of a two day class then you could price higher. I just find it hard to price anything above a hundred and get sells unless you have a highly recognized JV partner that endorses you or you have a name for yourself.

        I would recommend first maybe doing a small sell that you over deliver to gain peoples trust in your products then introduce them to your high end product and your more likely to get more sales.

        Im still learning as well so its just my 2 cents worth

        Jason
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  • Profile picture of the author Ron Killian
    Sounds like an "Real Estate Investors Took Kit"?

    For what it's worth, $27 is "suppose" to be one of the best price points. Course depends on market, need to test.
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  • Profile picture of the author JamesEcho1
    Banned
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  • Profile picture of the author Paul Hancox
    I have just about completed a report on this very subject. I intended it to be about 50 pages long, and it's grown to about 80 pages. Really, there is a lot more to PRICING than even I realized when I started out on the project!

    I'm going to be asking the Warrior Forum for reviewers in a few days anyway, but since you're in the situation of needing good advice quickly, if you'd like a review copy of my report, send me a PM.

    As Shonee said, don't make your pricing decision lightly! The bottom line is, you can't let others make a pricing decision for you, because there are so many factors that only YOU can know, such as...

    (a) Where you want to be positioned in your market, i.e. the Rolls-Royce or the Walmart of your niche,

    (b) Your bigger marketing model. Is this an "entry" product in a larger marketing funnel?

    (c) How you intend to market your product. Are you looking to build a large affiliate army and sell it on ClickBank? Then you'll probably need to factor in quite a large affiliate commission.

    Also, while psychological pricing (i.e. $x7) can have an effect, it isn't quite as important as other factors, such as the ones I've outlined above.
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  • Profile picture of the author Takuya Hikichi
    I would try it at $197 and have fulfilling center do offline shipping. Do a complete home study course. Send 1000 visitors with PPC and see how it converts?
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    • Profile picture of the author sblackburn
      Thank you everyone for your responses to my question on pricing. I still haven't decided a 100% where I am going to market this at yet.

      I tentatively have $37 in the current sales page, however I am not convinced that is the correct pricing.

      If you wouldn't mind could you review the sales page and provide any feedback that you have on making it better. This truly is the first time I have used video as well so any tips on that would be great.

      Here is the link: Swipe My Library

      Thanks a bunch
      Stefanie
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      • Profile picture of the author Charles E. White
        Stefanie,

        I just got done reviewing the report Paul is talking about and gave him a testimonial. All I can say is if he is offering you the report...then grab it! You'll know exactly what to sell your product for after reading his report and why you should sell it for that price.

        It could truly make a difference between success and failure, it's that good!
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        • Profile picture of the author jjwill
          you could also use the power of google and find similar products for sell. If your product is competing with the others with similar content, then you will have to under sell them or distinguish your product as premium product and give the reasons as to why.
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        • Profile picture of the author JohnMcCabe
          Originally Posted by Charles E. White View Post

          Stefanie,

          I just got done reviewing the report Paul is talking about and gave him a testimonial. All I can say is if he is offering you the report...then grab it! You'll know exactly what to sell your product for after reading his report and why you should sell it for that price.

          It could truly make a difference between success and failure, it's that good!
          One-liner alert!

          What he said...
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