One of the most difficult questions any company has to make is what price they should sell their product or services for.
Too high and you risk losing your market, too low and people might not trust that you are on the level.
Essentially when we go to the store each and every one of us, rich or poor, is looking for a good deal.
None of us wants to ever feel as if they got ripped off.
But we’re also skeptical of too good a deal.
Let’s face it, we’ve all experienced both sides of the spectrum.
I used to think that getting something cheap was a deal, then I learned the most important lesson of all when it comes to spending money – you get what you pay for.
Cheap stuff – well, is cheap.
That’s not to say it’s bad, but because you’re “saving” money you’ll lose out in other areas – service, longevity, quality and a whole host of other issues.
At the same time, there are a lot of expensive products that most of us would never get the value out of. Or are just extravagant.
One client many years ago insisted on buying the most expensive computer they could find because they believed it would be better. The problem? They couldn’t use all the extra functions and essentially threw a lot of money down the toilet.
There’s always a sweet spot when it comes to products – not cheap but not too expensive is where you tend to find your best deals.
I’ve been lucky enough to get amazing computers, great speakers, a lovely TV, some amazing books, incredible study material and eaten some food that would melt in your mouth.
Were they cheap? Some were, but most weren’t. Were they worth it? Most definitely.
So how can you decide your price points?
Here are some things to consider:
- Your market
- The economy
- Competition
- The value
- The unseen bonuses
- How much time it saves
Some people who saw the price of my first book, iSucceed, seemed rather surprised – $21.95?! For a book?!
One thing I learned in my study of business and marketing is that it’s not what it costs that matters but rather what people get out of the product that determines it’s value.
A new Playstation3 game that runs $40 and in the process kill our valuable time – no problemo.
Very few people complain about paying $50-100 a month for their mobile, for what it allows us to do – text, email, and play games.
Many of my friends don’t blink an eye when they pay $4.85 for a Frappuccino each morning before heading into the office.
But a book that costs over $15 raises eyebrows. Funny isn’t it?
I used to think that way until I realized how much we can learn from even a single book.
I could have made iSucceed about 800 pages but who wants to buy a tank of a book to carry around with them? I know I don’t.
That’s why I made iSucceed short.
Very few people want to read a book that’s difficult to read.
That’s why I kept iSucceed simple.
But don’t let iSucceed deceive you. It may be short and simple but it is full of powerful ideas that have the potential to change how you approach life as a whole; in business, in the community, at home and possibly most importantly, inside.
In the end, you must determine what the right price is for your product.
A book for many is just a book, but there are some that are more than just books.
They pass along valuable ideas, messages, and information that could forever change your life.
Is iSucceed one of these books?
For some it could very well be so. You’ll just have to part with $21.95 to find out.
What is that? 6 Frappuccinos?!
Adrian Shepherd