Episode 654: Day 8: Setting Your Prices in a Way That Sells More of Your Programs and Products
Dec 27, 2023
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This podcast episode discusses setting prices for products and programs. It explores the importance of aligning prices with value, attracting ideal clients, and maximizing profitability. The episode also emphasizes seeing oneself and potential clients in a positive, abundant light. Strategies for setting prices that increase sales and profit are provided, including starting with revenue goals and creating offers with ten times the value of the price.
View pricing as part of your marketing strategy by determining the type of client or customer you want to attract.
Create an irresistible offer by starting with the desired revenue outcome and envisioning the transformation your offer could deliver at a higher price point.
Deep dives
Series: 12 Days of Abundance
This podcast episode introduces a special series called 12 Days of Abundance, where each episode focuses on different aspects of abundance and manifesting what you want in life. The series covers topics like empowering beliefs, goal setting strategies, creating freedom, money, gratitude, and abundance hacks. The episodes are designed to be simple, practical, and applicable for immediate impact in listeners' lives.
Pricing as a Marketing Tool
This part of the podcast discusses the importance of viewing pricing as part of your marketing strategy. Instead of asking how much people would pay for your product or service, the host suggests a more effective approach: determining the type of client or customer you want to attract. By positioning yourself in the marketplace according to your ideal clientele, you can avoid being trapped in a price war and focus on delivering value to the right target audience.
Creating an Irresistible Offer
The podcast delves into a pricing hack to help entrepreneurs create an irresistible offer. By starting with the desired revenue outcome and exploring various ways to achieve it, you can develop a clear understanding of the value you provide. Then, by adding a zero to your initial price and envisioning what kind of transformation or solution your offer could deliver at that higher price point, you can create an offer that is perceived as ten times the value of the original price. This approach helps you avoid simply matching price to value and instead overdeliver to your customers.
It’s that special time of year again where we bring you some of our most listened to episodes here on the podcast, which we call the 12 Days of Abundance series! Leading up to the new year, we’ll be releasing an episode each day that focuses on abundance and I will be sharing with you how you can bring more of it into your life, all while manifesting what it is you really want. Best of all, these episodes are jam-packed with mindset shifts and actionable strategies that you can start applying in your life right now as you kick off a brand new year!
If you are listening to this series, chances are you are already on your way to creating a breakthrough year in 2024. To help you get there, I’ve created a free tool to assist you in setting and accomplishing powerful goals over the next 12 months. In my goal setting guide, Breakthrough Year, I walk you through the 7 most powerful questions to level up your life and business next year, and you can grab your copy now at www.jameswedmore.com/breakthrough!
In this episode you’ll hear:
Why I believe so strongly that “price is marketing”
What you should be asking yourself when setting your prices
The specific process that I use to price my products and services
What to do right now if you think that you are undercharging