Product Valuation
Updated: Jun 8, 2022
How much are you worth? When you ask someone this question the answer will usually be in the hundreds of thousands of dollars if not more. This is understandable as we are all priceless human beings but our products can not be priced in the same way.
Gone are the days of extravagant spending and luxuriating hours away doing menial tasks. In todays world customers are looking for the least expensive way to save the most time.
Thoughtful pricing
"Pricing is actually pretty simple...Customers will not pay literally a penny more than the true value of the product." - Ron Johnson
With this said we shouldn't be underselling our products and services but being thoughtful in
How we're selling
What we're selling
To who we're selling
The Squeaky Wheel Gets The Grease
Its often said that it takes a customer 18 times of seeing your product or service before they purchase. I've had people follow me for months before reaching out and scheduling a consultation and rightfully so with all the scamming and crazies in the world.
With that said we have to be consistent and persistent with our audience. One time of mentioning your product, putting it on your story or sending an email out about it is going to make sales.
More than sales we should be looking to make relationships! When you get a new follower or a new subscriber more than trying to get them to buy you should be getting to know them and allowing them to get to know you.
We stay consistent with the potential customer but we don't bombard them or pressure them. Think of it like car shopping. We all hate the car salesman that is in your face and blunt and pushy about a car sale. We're 90% more likely to buy from the salesman that is laid back and factual in his approach. If he comes to you like "what cars are you interested in?", lets you know the vehicle facts and deals you're offering, gives you the option to come back after thinking about it, nd sends a follow-up email/text message casually checking on your decision... CAR SOLD!
Give Value
"Price is what you pay. Value is what you get." - Warren Buffett
How you should price your products depends on the value you are able to give. Though we shouldn't be pricing things for hundreds of thousands of dollars we do want to price for the value we are giving. As a marketer and business strategist I know how much time it takes to create content and the value that I bring to the table. When I price something at $4000 you better believe its worth every penny and I poured my blood sweat and tears into it.
If you have a client that has a price range below your products or services that okay! You can either
A. Meet them at that price range - Nicely explain to them what services you have in that price range. Though they might not be the services they originally were thinking of its a starting point in your relationship with them. From there down the road they might be able to afford your other services and will turn to you at that time.
B. Explain to them your prices - Nicely Let them know your product price ranges and why they are priced the way that they are.
You should never formulate your price around a customer in the sense that the right customer will value your time and effort and as you'll read below, the right client will purchase. If they don't want to purchase they weren't right.
The Right Client Will Purchase
The right client WILL purchase. There are billions of people in the world and the right client will see your worth, value it and purchase.
Ya'll I will tell you time and time again... WHO ARE YOU TALKING TO?
Is your ideal client a middle class mom trying to stay fit with your yoga course?
or
Are you selling high end fashion jewelry to executives?
Depending on that answer you have two very different price points. Think about how you are pricing things and also how you would buy things? Are you spending $600 on a yoga course? How much do you yourself pay for memberships?
The right client will purchase the right priced product.
