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How Do You Work Out What A Reasonable Asking Price Is
Do you want
A particularly important question when you are creating and marketing your product is how much you’re going to charge for it.
Of course the whole point is that you want to make a profit.
At the same time though, you also need to make sure that you aren’t pricing yourself too high and putting people off of potentially buying.
You also need to make sure that you aren’t charging so much that people will be unhappy with what they receive and want their money back.
So how much are you going to charge?
And how do you work out what a reasonable asking price is?
Factors That Influence The Price
you are someone who is very famous or who has a lot of impressive credentials and qualifications, then you can charge more for your time.
Your aim is to build up to your reputation so that you can charge lots for short lunches ...
Your product/service is tailored to your customers needs or can appeal to a broaden audience "as it is"?
That price that you are charging is high because you are speaking directly to that one person and giving them all of your attention
Maybe your seminar would have been to a room of people.
This makes it less exclusive and means you can make a profit by charging lots of people at once.
Amount of information and/or time
Of course the amount of information and/or time you are providing is going to impact on the amount you can charge.
If you have a course that offers 100,000 words worth of text, 48 hours worth of video and one-on-one time with you, then you can obviously charge a lot more than if you’re selling a short email course.
The fewer seminars you give, the more exclusive and scarce your time and information is.
At the same time, you also need to think carefully about the type of person you are targeting and how much income they have.
You also need to think about the emotional heft of what you’re offering and whether it’s enough to encourage someone to spend a lot of money.
If you’re teaching millionaires to find love, you can charge a lot. If you’re teaching students how to ice skate, you might want to lower your price.
How exclusive and exciting is the information you’re providing?
If you can present a formula that will make someone instantly get the body of Captain America, then you can charge thousands and thousands of dollars.
That’s because it’s powerful and it’s exclusive.
On the other hand though, if you’re simply offering an in depth training program that’s not that different from all the others out there, you’ll need to charge a little less.
The precise price you charge is of course up to you.
The worst case scenario is that no one pays for your product and you can always lower the price at that point (in fact, it’s worth leaving yourself a little wiggle room in terms of price so that you can offer discounts and special deals).
However, if you’re looking for guidance, then a good place to start is to consider
what most other people are doing
Here is a rough guide that might help you get an idea of what to charge for your product
This is ideal for a one-day seminar or a brief, one-to-one consultation.
You probably aren’t famous for this price, but you’re qualified /experienced /well-respected /have some exclusive information to share.
At this price, you are either doing the same as above except with a lot more experience and fame behind your name or you’re offering a lot more information and a lot more time.
You might either be providing a whole day one-to-one, or you might be offering a longer course.
At this point you’re now looking very much at a premium product.
This is most likely going to be something very indepth in terms of what you’re offering and that means lots of materials, one-on-one time and access to a gated community.
This is for people who are better known and who are providing the full package as before.
This might be your ‘second’ high price item after you’ve used the first to make a name for yourself.
Provide lots of great information, some real ‘take homes’ and attach your name to it.
The only way you can charge this kind of money is if you have a really powerful secret/system/method and you can really make your audience believe that (a money back guarantee is a good strategy).
A good example of something you could do is to create a ready-made business with proven income and then to sell it for this price.
$10,000 and beyond
You must provide esclusivity, life changing experiences and (very) smart advice.
If you want to shortcute the whole process, then
may interest you...
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