EPISODE NOTES
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Today’s episode is all about pricing, in particular how to work out the price for your product. There is a plethora of information online about how to work out your product price, from working out manufacturing costs, packaging costs, and then adding profit on top of it.
My advice is different. I advocate working out your product price first. Do your research, learn the market and decide what you want to sell your product for. Then work backwards to see if you can make it cost effective. I believe using this method can save you a lot of time and heartache down the line.
Listen in to hear me share:
- Why I wanted to record this episode (00:45)
- The method I think you should use for working out your product price (01:23)
- Why it is important to decide on your price first (01:35)
- The importance of doing your research (05:57)
- Working out where your product fits in the market (07:09)
- The advantages of knowing your product price as you develop your product (08:25)
- What to do if there is nothing else similar to compare it to (09:50)
- Ways to reduce the product costs for you (10:32)
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