5min
Module 1: The Foundation
Module 2: Building Your Brand and Website
Module 3: Creating Your Product or Service
Module 4: Marketing and Pre-Launch
Module 5: The Launch
8/15 Lessons
Content
Assignment
Pricing is a powerful signal. It communicates your product's value, brand position, and your target customer. Setting the right price isn’t just about making a profit; it’s about making sure your business is sustainable and that your customers feel they are getting a good deal.
Principle 1: Price Based on Value, Not Cost
This is the single most important rule of pricing. Your price should be determined by the value your product or service provides to the customer, not by how much time or money it cost you to create.
The Value Equation:
If your solution saves a customer $1,000 in time or helps them make an extra $500, then your price should be a fraction of that value. A $50 or $100 price tag would feel like a bargain to them.
Focus on Benefits:
Frame your pricing in terms of what the customer gains. "Learn to create a stunning website in a week for just $99" is more compelling than "A course on web design for $99."
Principle 2: Research Your Competition
Don't set your price in a vacuum. Your competitors have already done a lot of the market research for you.
Identify Competitors:
Find at least three businesses in your niche that offer a similar product or service.
Analyze Their Pricing:
What are their prices? Are they using tiered pricing (e.g., Bronze, Silver, Gold packages)? What features are included at each price point?
Position Yourself:
You don't have to be the cheapest. You can position yourself as a premium option by offering more value, better support, or a superior user experience.
Principle 3: Consider Psychological Pricing
These small adjustments can make a big difference in how your price is perceived.
The "Charm" Effect:
Prices ending in 9 (e.g., $97 instead of $100) are often perceived as a better value.
The Decoy Effect:
If you have three pricing tiers, a middle option can be priced to make the most expensive option seem like a better deal, or vice-versa.
Principle 4: Price Models
How you charge is as important as what you charge.