ASK LOE: How Do I Price My Products?

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I’m sure that we’ve all set major income goals for this year. But the biggest reason why a lot of these goals go unmet is because of the way we price our products is way off. For this weeks Ask LOE episode, Jamie of Our Words Matter wants to know, “How do I price my products?”


WHAT YOU SHOULD DO BEFORE PRICING YOUR PRODUCTS

Before you dig into pricing, the first thing you need to do is decide on what your income goal is for the year. Don’t feel pressured to create a huge goal but whatever you feel you need in order to be financially successful by the end of the year. Pricing your products starts with a goal!

ON ADDING A LITTLE EXTRA TO YOUR END PRICE

Once you get the price of your product or service, I highly suggest adding in a little more to make sure that you are falling in line with your industry and also make sure that you are factoring in the percentage that your payment processor will take out!

ON GETTING OVER TRYING TO PRICE LOW TO GAIN MORE CUSTOMERS

Offering ridiculously low prices isn’t the key to gaining more clients or customers. Prices that are too low can often make potential clients question if your offering will be worth it. Cheapening yourself is never a good idea!


Pricing your products or services doesn’t have to be overwhelming. These simple formulas will help you price effectively even if you hate math!


KEEP UP WITH LIVING OVER EXISTING

Download the pricing formula worksheet

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Alisha Byrd