Pricing is definitely one Marketing “P” that you ignore at
your (sometimes fatal) peril. On the Net, you may not get a second chance if
your price is off base the first time.
Price is the only “P” that brings income into your business
-- it extracts the value that the other 3 Ps (Product, Place and Promotion)
build in your customer’s mind.
A high perceived value is the critical determinant in
establishing the perfect price -- over and above your choice of business model
(high volume or high profit) and product development/ production/marketing
costs. Your prospective customer must feel that s/he will personally “profit”
by buying your product – that it’s personallyworth it – before a credit card
will come out of the wallet.
The best way to know -- rather than guess or presume -- what
the perceived value level is for your product is by going to directly to the
source. Ask your target group. With the help of a well-written survey, you can
calculate the perfect price… the price point where both you and your customers
profit.
Put your customers’ needs first and you will be successful
on the Net. The success equation that was outlined in the introduction chapter
of this course sums it all up…
Great Product + Perfect Price + Right Process + Satisfied
Customer = Success
As was noted earlier… achieve the first three parts of the
equation, and the other two automatically fall into place!
Our Training Session has given you what you need to know and
do in order to achieve the Perfect Price… and by extension, a Great Product. If
the perceived value of your product is very low or non-existent, you know that
you either need to quickly improve your product or ditch it completely and find
a new one.
The Right Process builds income through content…
1) Develop a valuable product -- your own creation or
someone else’s!
2) Develop your own site in the niche that you know and
love.
3) Fill that site with high-value content (people on the Net
search for information).
4) Use that content to attract your own niche-targeted
traffic.
5) Build trust and credibility with your visitors.
6) Use content to PREsell your targeted visitors. And...
7) Convert that PREsold, warm, willing-to-buy traffic into
sales.
8) Diversify your revenue plan to include other monetization
models (ex., Google’s AdSense, affiliate income, services, etc), all related to
your site’s theme-based content. This diversification will help you grow a
stable, profitable business that you own, one with true equity.
Content… Traffic… PREsell… Monetize...
This is the last article of our Pricing Training Session 1. Hope we helped!
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Pricing Isn't All Logic. Discover The Hidden Pricing Tactics You Can Use To Increase Profits!
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