Mar
27

How to price your product or service

I am working with a client now that has a unique twist to a proven niche-business.

We focused the market to a tightly defined market, and are getting ready for launch in the next month or so.

They have quite a few volunteers involved due to the complexity of what they are doing.

A question keeps coming up about pricing, and one person recommended we ask the volunteers for their thoughts on pricing.

BAD IDEA, in my opinion.

Here’s why (with my response to the team):

Hey all.

Was going to discuss later, but will leave some initial thoughts to ponder here.
The market will tell us what they want to pay and how they want to pay.

We can discuss on the call tonight – but asking internally is not the way to launch a new product or service.
Sorry to say… but I’ve seen far too many internal surveys used as gospel that the actual paying public absolutely hated.
The ONLY real way to know what people want – is to put an offer in front of them and see if they buy it.
Plus, looking at other xxxxx sites is pretty well all the research you need – look at how they pay, what they offer, and consider they’ve already invested hundreds of thousands of dollars testing their offers with the paying public. Thousands of people are paying them millions of dollars  year for the bundles they have in place now no need to deviate too far.
The prices and conditions on how they do their memberships are what the public wants to pay.
We have a unique way of delivering it (xxxxxxx) – and to which market (xxxxxxx) but we are really offering the same thing as the others and our offers/pricing/deliverables should be similar.
Feel free to do internal surveys with volunteers – but the information you get there is to be used carefully as it is biased and it is not the general public seeing your offer for the first time.
My thoughts anyhow.
Troy

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