How to Price Your Product Or Service (With Confidence)
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Many entrepreneurs and small business owners are victims of an odd common practice: to price their products and services passively, using little more than raw intuition without careful consideration.
Establishing prices without thoughtful diligence can lead to dire consequences for small business owners whether they price their offers too low (leaving money on the table and not making healthy profits as a result) or too high (turning potential customers away and restricting their market share).
This course has the primary goal of helping you find the right price and also (perhaps more importantly) establish pricing policies that will lead to lasting success. Note the emphasis on the word "lasting": our focus are on strategies that will help you build a connection with your customers, which will in turn lead to long-term, and not just immediate, profitability. Many pricing strategies focus on short-term gains that could potentially lead to fast cash but at the high cost of sacrificing return business - which is not in our interest.
In this course we will offer a great deal of proven strategies, tools, and information that will help you get started right away in establishing your pricing policies and finding the right price(s) for your offer(s).
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|Section 1: Introduction to the Course|
Introduction, Goals, & AssumptionsPreview
QUICK SUGGESTIONS (Before Getting Started)!Preview
|Section 2: Key Concepts & Principles|
Key Concepts: IntroductionPreview
Customer Price SensitivityPreview
Competition & Substitute Products/Services
Cost-Plus vs. Value-Based Pricing
Marketing: Your Brand
Segmentation Pricing & Versioning
Higher Prices vs. Greater Market Share
Price Increase Vs. More Sales: Effect on Profits
|Section 3: Your Target Market: Price Sensitivity & Perception of Value|
Your Target Market: IntroductionPreview
Measuring Price Sensivitity
Measuring Price Sensitivity: Worksheet
Measuring Price Sensitivity: Example
Price & Perception of Fairness
Market Research Exercise (Value-Based Pricing Using Competition as Benchmark)
|Section 4: Buyer Psychology & How it Relates To Pricing|
Buyer Psychology: Introduction
Buyer Psychology: Important ObservationsPreview
Effects of Discounts & Emphasizing Original Price
Reference Prices: Very Important!
Reference Prices: Great Study
Effects of "Just Below" Pricing: the 99-cent Approach
Effects of "Just Below" Pricing on Quality
Effects of Small Differences in Prices
Price From Most to Least Expensive
How to Raise Prices
|Section 5: General Pricing Strategies|
General Pricing Strategies: Introduction
Top Down Selling
Decoy Pricing (or Premium Decoy)
Razor & Blades (or Freebie approach)
|Section 6: Pricing Strategies for New Products & Services|
Pricing Strategies for New Products & Services: Introduction
Strategies For New OffersPreview
|Section 7: Pricing Structures & Their Importance|
Pricing Structures: Introduction
When to Bundle
When to Unbundle: Common Mistakes When Bundling
Unbundling: Beware of Labeling Items as Free
|Section 8: Conclusion|
Conclusion & Final Considerations
With fifteen years of experience as an educational consultant, math tutor, and business owner, Gabriel has over 2,000 online lectures on a variety of subjects, including mathematics, languages, and business. His lessons have attracted hundreds of thousands of viewers and draw enthusiastic reviews from students all over the world.
Gabriel is passionate about providing clear instruction, and his extensive teaching experience (in excess of 10,000 hours of personalized instruction over the years) has equipped him with the power to inspire students and help them succeed in their education. He is an avid language learner, a conspicuous polyglot, and holds a Bachelor of Commerce degree with Honours from the prestigious Sauder School of Business.