Make More Money From Your Ideas

"How do I know what the right price is for my product?"

There's no definitive answer to this question. The best way to do this is by testing. Slice up your target market into different groups at random, and offer your product to each group at a different price. That will tell you which price point is the most responsive.

Other things to consider when setting your price:

• Value: What results can they expect to get from the product?
• Competition: Who else can give them the same results?
• Scarcity: Do you offer results that aren't widely available elsewhere?

There are a number of other things you can do to increase the perceived value of your product, so that you can charge a higher price.

Labels: market research, pricing