Price isn’t the most important thing.
Most business owners I meet, obsess over the price they want to charge, but haven’t even considered the product they want to offer.
Putting price before product basically means your putting your needs before your customer.
This way of thinking keeps you stuck in an eternal struggle of never making enough £££.
As cliche as it sounds, you have to get hyper client first driven.
- What are you looking to improve in your clients lives?
- How will their life/business transform?
- What delivery mechanism and platform are you using for your product?
- How much gravitas in your industry do you have? (don’t BS yourself here, be honest.)
- Is your target market even aware they have a problem that needs solving? (This one is huge and mostly missed by business owners.
- What’s your blue ocean strategy? (far more than a USP.)
- How do you intend to launch?
These are just a few questions to get you going.
Failing on the above, will keep you believing that just randomly pulling a price out of the air like $47 or $997 is a pricing strategy
In fact, it’s a terrible and bone crushing way to sell your next product.
I’m not saying you’ll never charge these prices, but there’s a reason why big companies like Apple, Bentley and Prada spend millions taking a deep dive into their business strategies and that’s why they are who they are.
Pretending at business is winging it and being 100% tactical = Most ‘self proclaimed’ entrepreneurs.
Just like Blue Ocean Strategy, you want to be in the minority, not the majority.
Having more depth to your pricing decisions is just the start of how you can add way more value to your marketplace.
What can you do today to be more strategic when it comes to your pricing?