Take my full course on how to start a business for more discussion on how to price a product: https://www.udemy.com/how-to-start-a-business-go-from-business-idea-to-a-business/?couponCode=y
For more tutorials like this tutorial with pricing theory and strategies on how to price a product, please visit http://www.problemio.com
In this video I discuss some pricing theory, and explain how to price your product. Many people on my apps approach me and ask me: how do I price my product? Of course, it is difficult to answer because every business is so different. But in this video I give a pretty good overview of the theory of how to price a product in various cases and competition.
If you have no competition, then you can price your product by simply experimenting with what the highest price you can charge while maintaining enough sales. But that is rarely the case.
The more common case is if you are in a very competitive environment. In this case, you price your product by giving away something very cheap or free. That way you take advantage of a part of the freemium model and take people away from your customers and bring them into your business. And then you hope to convert some of those people into buyers of your more expensive products.
Another interesting approach for how you should price your product is the name your own price model. In most situations it doesn't work. But there are some cases where it doesn't cost you money to have another client. So instead of turning them down because they found the price to be steep, you just let them name their own price. For example that is how you can price your product for event attendance or website membership.
If you are still wonderiing "how can I price my product?" here is an article on how to price a product from http://www.sba.gov
http://www.sba.gov/community/blogs/how-price-your-small-business%E2%80%99-products-and-services
And here is an article on how you can price your product
http://www.inc.com/guides/price-your-products.html
And here is an article on how you can price your product
http://www.entrepreneur.com/article/220746
Please check out my business books. Here is my book on starting a business with further discussion on how to price your product:
http://www.amazon.com/Get-Business-Ideas-Start-ebook/dp/B00HZUVAUM
Book with fundraising strategies to raise money:
http://www.amazon.com/10-Fundraising-Ideas-Strategies-strategies-ebook/dp/B00KADT0Q2/
Facebook marketing book:
http://www.amazon.com/Facebook-Marketing-Business-Expect-Promoting-ebook/dp/B00LMGPDIK
Marketing strategies book:
http://www.amazon.com/Marketing-Strategies-People-Problemio-business-ebook/dp/B00IG83T7E/
Mobile app marketing book:
http://www.amazon.com/Mobile-App-Marketing-thousands-downloads-ebook/dp/B00LTGV1NO/
Freemium business model
https://www.youtube.com/watch?v=8IqWwNLHIsU
Business plan course
https://www.youtube.com/watch?v=i19XAhb0-BM
What is a business plan
https://www.youtube.com/watch?v=T63QsuNIwZA
What is a business model:
https://www.youtube.com/watch?v=dsUz6lfXCkE
How to make money with ads:
https://www.youtube.com/watch?v=eAw7JowBjc8
Hiring tips and strategies:
https://www.youtube.com/watch?v=LEPLs1dOBZg
How to identify your target market:
https://www.youtube.com/watch?v=loHvzCFnAvg
What is KPI and how to use it in your business:
https://www.youtube.com/watch?v=fx1x33DKmGc
Do you need a business plan?
https://www.youtube.com/watch?v=0kYxzkx6JJI
How to price your product?
https://www.youtube.com/watch?v=qN5No7ON5o0
The lean startup methodology by Eric Ries:
https://www.youtube.com/watch?v=HYXTXHteY8Q
Steve Blank's customer development theory:
https://www.youtube.com/watch?v=_lkRDM8yXxU
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