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Pricing Strategies - How to Price Your Product or Services For Maximum Profit
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- Опубликовано: 18 авг 2024
- Pricing Strategies - How to Price Your Product or Services For Maximum Profit // There's one simple thing that you can do to make more money. Can you guess what it is? Today I'm going to teach you how to price your product, or service for maximum profit.
RESOURCES & LINKS:
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CrazyEgg: www.crazyegg.com/
How To Undercut Your Competitors Price (And Still Make Money) [video]: • How To Undercut Your C...
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The first tip I have for you is looking at your costs.
If you know your costs are X for your product or service, you got to charge more than that.
You don't want to be losing money per sale. Everyone's like, oh my god I'm going to beat my competitors. I'm going to take the Jeff Bezos route and not worry about margins.
Well, the reality is, unless you have a big pool of money to blow, you can't do that.
You need to make sure it's profitable, including shipping, services, returns, other things like customer service, you need to take everything into account into your price, not just how much it costs for your product or service, but also all the other things like your office space.
Once you include all of those things to run your business you'll figure out what you need to sell your product or service for, so you can make a profit.
You're not in business just for charity.
You need to make a profit and there's nothing wrong with that.
The second thing you need to do is understand your target customers.
What are your target customers looking for? How do they perceive value when they look at the price?
A good example of this is a company called Diamond Foundry. They have figured out how to make diamonds above land. They match all the characteristics of a diamond that you find in the earth and there's really no difference from it.
But they found they can do it much cheaper, by making it above land and created these machines to create the exact same composition as it does in the earth, to make a diamond.
And when they had really cheap, affordable prices, they found that their sales weren't doing well.
Can you guess why? It's because, everyone's like, oh this isn't the same thing, it's too cheap.
So the moment they increased their prices, people like, oh wow, the quality of this must be amazing.
Sure we'll buy it. There's no difference in the product, but people had the perceived value in their space, that higher price means better diamond.
You need to look at your space. It could be that a cheaper price means more sales. Or it could be, cheaper price means fewer sales, because the perceived value isn't there.
The third pricing strategy I have for you is anchoring.
There's a lot of companies that'll show the initial price of let's say $37 and you may get X, Y and Z, but for $47 you'll get X, Y and Z and also 1, 2 and 3 and also A, B and C, just for $10 more.
By using anchoring you'll find that very few people will choose a lower option, which you don't want them to choose, but the majority of the people use the higher option because you're getting so much more value for just a little bit more money.
And that'll increase your profitability, especially if those other things that you're adding in don't cost you much at all.
The fourth thing I want you to do is A/B test.
Using tools like Crazyegg, you can A/B test your pricing, not only to maximize your sales, but also to maximize your profitability.
Sometimes getting fewer sales means more profit. Sometimes getting more sales means more profit.
Using Crazyegg you can A/B test to figure out what's the right price that you should end up rolling out to generate the maximum amount of revenue and profit.
00:00 - Introduction
00:37 Strategy 1 - Based on cost
01:28 Strategy 2 - Understand your target customers
02:34 Strategy 3 - Anchoring
03:11 Strategy 4 - A/B Test
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How do you determine what to charge for your product or service? Share the ONE most important thing you take into account in the comments below.
👍Thanks for not smiling in Thumbnail.👍👍👍👍👌👌👌😶😶😶
Competition and consumer behaviour and then ur own cost.
Neil Patel you're just deceiving people out here sharing tips you're not even using to rank.
Results ! Value !
I was waiting for a video like this from months!
Awesome!
I was using fiverr and i found your video on right time
A good lecture that will benefit all who have followed this excellent explanation.
Great explanation Neil! This is something we need to consider for sure!
Glad you liked it, Patrick ;)
Hi Neil,
Like always. Excellent tips.
Pricing is really challenging when your competitors have a range of price say $1 to $999 for the same thing.
I wonder how the same product with no difference is sold for $1 and $999 by two different companies.
I'm here referring to digital products where there is no shipping.
Best,
Promothash Boruah
Glad you liked it :)
Thank you so much for sharing this useful data! Greatly appreciated.
You are very welcome :)
yes
Nice !! Always helpful !
Thanks!
Exactly! Some people dont add costs. I own a few online companies. I see some new vendors get in to the business and drop prices so low with out adding costs. They go out of business within 2 months then get hit with taxes and at the end they worked hard and lost money lol
Yup. It happens all the time!
It's like they get in to business just to say they sell CBD. Makes no sense to me lol
Thanks Neil, for making video I was waiting when you will make video on my suggestion. It helped me solve my problem. 👍
That is great! :)
Thank you. Very useful
You're very welcome.
sir top article on my niche are ranking without a single backlink so is it possible for me to rank too with a better article without a backlink?
It is possible
Thank you for this tips !! You make my day 👌
You're very welcome!
Gonna apply these strategies to my Facebook marketplace Woolworths ooshie sales
Great :)
im doing this for my math powerpoint. thats so muchhhhhhhh :)
You're welcome!
Wonderful cool~
Thank you! Cheers!
you should add a summary of all the tips you presented us with at the end of you video. 👍🏾🙏
Noted!
Thank you, Neil
You're very welcome!
Hi Neil, thank you for all your work. Which ones of your Videos would you recommend for Right keywords in SEO for the website
You're very welcome!
Thanks ❤
You're welcome 😊
Thanks Neil! Universe helping answer a question here... maybe
& also considering competitive market positioning for market entry and future growth.. (love multi-factor analysis problems)
- I've just come up to Chiang Mai Thailand to nail this issue, and then the path to market. Such a crazy well timed Vid - Hope you're well!!! :)
Thanks, Paul, and best of luck!!
@@neilpatel 😉🙌
Hello Sir, exactly what I was thinking about my web application project(Web service which gives real time intraday stock alerts). Initially I want to launch this service for US and Indian stock market..The cost of project is all my hard work in research and coding. Initially, I am thinking of giving monthly subscription to people.But, I am confused of pricing . Will you please guide me what are good and affordable prices I set for Indian and US people? Thanks in advance😊👍
Hi Neil, thanks for ur video...the challenge I face is being a startup, u have to manage everything on ur own... though u know everything like what all needs to be done to run a successful online business. but can't do everything alone. So how to organise you ecomm business at starting stage and scale upto that level when u can hire people or agency to expand ur business further!!
Hire people when you are able... it's incredibly important to have the right people to scale
Hey Neil, what's better? to have more users paying low price or less users paying high price.
Depends on the ratio and the prices ;)
@@neilpatel ok Neil, thanks
nice explain
Thanks
Hey Neil do you have a video editor or do you edit yourself your videos are very helpful and am looking to start a RUclips channel for my business as well thanks a ton
I have a video editor :)
@@neilpatel thanks your very helpful neil
Thx for the video. I have a product (custom wash bag that’s more user friendly) test sampled a some group & they loved it but my cost is coming at $7.00 per piece. That’s not miscellaneous:
1.50 manufacturing cost per piece
2.50 taxes
2.00 avg shipping cost
10% donated to animal rescue = $1.00 if price is $10
I designed this bag out of necessity & to help raise $ for ASPCA.
I just don’t know what to price it!!! Can u help? I’m thinking $12.95.
Test different price points to see which converts well
My bakery idea is for my customers to customize their cakes, pies and tarts. How do I price the toppings, batter, and dough?
You need to do that math and depending on the cost of your ingredients :)
A client of mine wants to do a deep dive SEO course. What would you recommend?
The course I used to have is no longer available. Since I haven't taken any SEO courses, I can't personally recommend them.
Hi Neil can you please suggest whether is it necessary to do internship before starting a Digital Marketing Agency after I have completed my Digital Marketing certification
I think it is good so you can get hands-on experience :)
Hi Neil, it is off the track question, Could you please assist me on to fix an issue? I am getting an error that says " Submitted URL blocked by robots. Txt" in my console. The page it refers I have already deleted from Trash and Draft. Please assist and make a video on probable Errors like this.
Thank you for the suggestion
*Thanks for This amazing Video💓* Is *is Good to Start RUclips In 2019 ?*
Definitely :)
@@neilpatel Thanks a Lot💓
Hi, Neil
I charge $50/hr for writing blogs, informative articles, listicles, brand stories, product reviews and descriptions.
Though I find it hard to get clients who can afford. Why is it so?
I think that price is totally affordable.
nice
:)
Best way to learn digital marketing free ant website or any online courses which will make good digital marketer??
You can learn a lot from the content on my blog and here on the channel ;)
@@neilpatel thanks for replaying. Pls sir make video on how to become digital marketer , what will be the carriers options and an annual salary of Digital markertar??
Can you please provide more details
What specific questions do you have that I can help answer?
hello neil patel, have a nice day.
You too!
Neil big fan ...can you tell me how can i run Facebook ad for education consultants.... They are my first client and I am really very nervous..
Do you not have any experience with Facebook Ads?
I studied abt Facebook ads and I also did some practice by putting my money....
But now it's gonna be the client money so I am nervous
Just waiting for this 😭
Nice!
Hello nail , we met at ahmedabad . I m from icreate
:)
Shall i look for profit or Long term relationship with clinet?
Long-term relationships will bring you more profit
@@neilpatel Wow Great Reply 😇
I got 2m on my target niche website but i dont able to convert visitor's into sale can u suggest me what. I m doing wrong
Start A/B testing different ideas and working on conversion optimization
@@neilpatel Thanku neil i will try
Hey Neil please please please answer
Let's say my blog has keyword best earphones under 500 and it shows 10000 results and let's assume I have thorough content and give best user experience and engagement
How Google will know that my blog post which is new give better user experience than those on no. 1. Will Google test my blog post to small sample say 100 people?
Will Google give that sample impression not ctr to every blog whether it's new or last page of search like in 10000 listing I am last one in order to know my content will Google take risk and place my blog post from page 1 to 10 for sample impression for same keyword I targeted in order to know does my blog post worth
Page 1 to 10 because 100 percentage people go to page 1 to 10 abaove that no one 0 percentage goes
Because contradict is Google will know that your content is better by tracking user who landed on your blog but if you are new you will be on last page you haven't done seo no one will come there how good your content and user experience because 100 percentage people come on page 1 to 10
And my second question is if x has 1000 backlink and user experience is good and my has best user experience that they serach me on Google but I have no backlink
Can I rank higher than x?
And my second question is if x has 1000 backlink and user experience is good and my has best user experience that they serach me on Google but I have no backlink
Can I rank higher than x?
Google takes into account 200 different factors when it comes to ranking content, Ashish. There is no easy answer.
@@neilpatel thanks neil
Uma pena não dominó o inglês
Tenho um site em português: www.neilpatel.com/br e também tem un canál aqui no RUclips só para publicar vídeos legendados :)
We need to talk I need help
Hi man, what's the problem?
Do you have a specific question?
Omg....Why are most males doing these videos bald ! 😂
The Google algorithm just make us lose our hair I guess ;)
@@neilpatel
Lol
😀