Pricing - How to Find the ‘Sweet Spot’ for Your Products and Services
Getting your pricing strategy right is vital because if you don’t your business may not be viable.
There will always be someone who is the cheapest and someone who is the most expensive but finding ways to add value to your product or service, making it infinitely more valuable than your competition is the key to always being competitive in your market place.
Nick explains how he has developed his pricing strategy and why it works in this podcast which is an invaluable listen for anyone in business.
KEY TAKEAWAYS
Finding the right pricing strategy for your product or service is critical. Decisions on pricing should be taken prior to any marketing. You can make a decision to dominate the market based on being the cheapest and attract many customers or decide to dominate by being the most expensive. If your only advantage is price then you are vulnerable to being undercut by someone else. If your product is infinitely more valuable than your competition you will always be competitive. The perception is that more expensive means higher quality, it will be a better product or service more likely to get the result or outcome you are looking for. In the expert arena, people pay a premium for a higher degree of certainty about achieving the result. Find a way to differentiate what you are doing by offering more value. Sell a program or package, price your products and services just outside your comfort zone and raise them incrementally.
BEST MOMENTS
‘My approach is based on the premium-priced model’
‘There will always be someone who is the cheapest and someone who is the most expensive’
‘Find ways to make your product or service more valuable and go premium’
VALUABLE RESOURCES
ABOUT THE HOST
Nick James
Nick dropped out of university at the age of 21 and failed spectacularly with his first coaching business, which forced him to take a £16k/yr telesales job.
Within 12 months he was the top performer and left to start his second business at 24. This time he discovered a winning formula and before long had a multi-six-figure company.
He then made a huge mistake which nearly put him out of business and cost him £50,000 in personal cash!
Fortunately, Nick kept it afloat, turned it around, and sold that business 2 years later in a seven-figure deal.
He then co-founded a multi-million-pound marketing company, which he exited in 2015, and created Expert Empires.
Today, Expert Empires is known as the UK's number one business event for Experts, with world-renowned celebrity speakers like Gary Vaynerchuk, Grant Cardone, Chalene Johnson, David Goggins, and Lewis Howes gracing the stage.
Nick also specialises in helping Coaches, Consultants, Speakers, Trainers, and Authors take their businesses from zero to six figures and beyond through his Expert Empires Mastermind programme.
