How do you price your product and services? There some basic formulas and strategies you can use to get it right. Kay and Andy cover all the strategies on how to determine what the right price is for a product or service; what the markup is; and what the profit should be or could be. We also talk about the price of acquisition plus cost to go to market and profit. After listening to this episode you’ll be a pricing expert.
Episode 19 – How to Price Your Products and Services
- 1:00 – How to price your products
- 2:07 – Basic commodity exercise with potatoes
- 3:44 – How to price products in a niche market or when you’re the only one selling it. Andy walks us through a pricing strategy that uses anti-gravity boots as an example
- 5:17 – How do you know when you’re profit margin is big enough when factoring all the effort, costs, and time burn it will take to bring your product to market?
- 9:12 – What’s the ’33/33/33 Rule’?
- 10:03 – What about time burn?‘ Don’t forget to factor this into your price
- 11:11 – Why volume makes the price per item cheaper
- 14:20 – How to price your services
- 17:55 – How to differentiate yourself in your market
- 21:29 – When it makes sense to discount your services or products
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Want to be a guest on the Kandy Life podcast? Andy and Kay want to hear from you! Come on the show and share your knowledge, get business/mindset advice and promote what you’re up to. We are seeking both wantrepreneurs and entrepreneurs in all types of niches, as well as, couples who are in business together. Email email@example.com.