What will justify your price?
Price Your Product
You have a product or service that meets a real problem for your customer. But how much will they pay for it?
Determining the right price for your product or service is critical when considering your profit potential. The challenge is in finding that sweet spot—the spot between the cost to produce and sell your solution, and the value it creates for the customer. We are here to guide you through the challenge of appropriately pricing your product/service. Let’s dig in!
Justify your price
What do you think is the highest possible price you could justify for your product/service? Think of your median target customer—not just the wealthiest or least price sensitive.
Grab a piece of paper and write down the price you’ve identified.
Now, how would you justify that price? Write down three persuasive points in response to the question:
“Why should I pay this price for your product?”