One question that frequently comes up with new marketers is how to set the price of their products. Unfortunately, there is not a one-size-fit-all pricing strategy, but there are some things you can do to get a better idea of your products' worth.
If you want to know how much to sell your product for:
– Look for top selling products that are similar to your products in marketplaces like Amazon and Etsy.
– Look at what independent sellers in the same niche are selling their products for on their websites. It’s harder to tell who is popular, but look at people who rank well for keyword phrases, who are paying for advertising you see on social media, who you hear others talking about, etc.
BUT there are some other considerations to weigh before you copy their price, such as the audience they’re targeting with their marketing.
- Who is their audience?
- How do they market to them?
- Can you target a similar audience?
Because people will pay all kinds of prices for similar products … it’s all in the marketing. There is no right or wrong price … and there is no specific formula. It may take some trial and error in the beginning, but based on traffic, leads, and conversions, you will get the hang of what works and what does not.
All you can do is:
1. Do your homework.
2. Test out your ideas.
3. Drive traffic.
4. Tweak your ideas.
And PLEASE, if you don’t purposefully do #3, you have nothing to tweak. You can’t skip this and then expect magic.
Of course, we also talk about traffic a lot in our Big Growth Shortcuts and Templates Club. If you’re a member, check your archives for tons of golden advice. And if not, you can join for just $1.00!
To your publishing success,
Yusef Kulan and Alice Seba
Your Partners in Easy Product Creation at EKitHub.com