Justifying Premium Prices for Your Premium Product (FS296)
What are the variables we need to think about when we decide on pricing? How much of an effect does pricing have on certain types of customers? Can pricing a premium product at a higher mark actually increase sales?
The price tag that you place on your product or service has an obvious effect on your income and revenue. It also has other less obvious effects and that’s what we’re talking about today. We want to give you a bunch of new ways to think about pricing smartly and what it can do for your business!
In this episode, we discuss what influences our perception of prices, value hierarchies, redefining what is actually being sold and the relationship between prices and prospective customers. We also get into some exercise and questions that might help you think about these concepts in new ways.
Today on the show we are joined by Aiden Fishbein and Joe Kerns who will be helping us unpack these problems. Both Aiden and Joe have some great perspectives and expertise in areas that can really push your strategy forward.
We also talk about knowing your value, clarifying your vision and a few actionable steps to get the process started.
For all this and more, be sure to tune in!
Key Points From This Episode:
• The strange relationship we can foster with price tags. [0:07:50.7]
• Introducing the topics of pricing, value and thresholds. [0:10:32.3]
• The different elements that go into pricing when you start out. [0:14:39.5]
• Hierarchies and ladders in the extraction of value. [0:18:01.6]
• The usefulness and benefits of aiming higher with clients. [0:21:30.4]
• Figuring out what clients are actually paying you for. [0:24:02.6]
• Reconciling the disparate meanings of value. [0:28:34.8]
• Starting with your own sense of value and selling to yourself. [0:32:30.5]
• The difference that charging for a service makes to a process. [0:37:10.3]
• Knowing your value and how this impacts your perspective on sales. [0:41:25.2]
• Clearing up your own vision and clarifying your ideal customer. [0:45:49.3]
• The transformation you are offering and the net that this casts. [0:50:15.6]
• Pricing tiers, premium products and testing out a number of options. [0:54:02.6]
• A journalling exercise around what money means to us. [0:59:20.0]
• How to take the next step in your own pricing decisions. [1:05:03.2]
• And much more!
Links Mentioned in Today’s Episode:
• Fizzle — https://fizzle.co/
• Discover.bot — https://discover.bot/fizzle/
• A beginner’s guide to bots — https://discover.bot/bot-talk/beginners-guide-bots/
• Gusto — https://gusto.com/fizzle
• Aiden Fishbein — https://www.linkedin.com/in/aiden-fishbein-05156830
• Joey Diaz — https://www.imdb.com/name/nm0224995/
• Joe Rogan — https://www.joerogan.com/
• Derek Halpern — https://socialtriggers.com/
• Robert Frost — https://www.poetryfoundation.org/poets/robert-frost
• Aubrey Marcus — https://www.aubreymarcus.com/
• Onnit — https://www.onnit.com/
• Donald Miller — http://storylineblog.com/
• StoryBrand — https://storybrand.com/
• Tony Robbins — https://www.tonyrobbins.com/
• Patriot Act with Hasan Minhaj — https://www.rottentomatoes.com/tv/patriot_act_with_hasan_minhaj/
• Chris Johnson — https://www.linkedin.com/in/genuinechris
• Simplifilm — https://simplifilm.com/
• Gary Vaynerchuk — https://www.garyvaynerchuk.com/
• Fizzle 80/20 Copywriting Guide — https://fizzle.co/sparkline/writing-copy-for-web
• Avatar — https://www.imdb.com/title/tt0499549/
• The Financial Wisdom of Ebenezer Scrooge — https://www.amazon.com/Financial-Wisdom-Ebenezer-Scrooge-Relationship/dp/0757307663
• Jim Rohn — https://www.jimrohn.com/
• Corbett Barr on Twitter — https://twitter.com/CorbettBarr
• Chase Reeves on Twitter — https://twitter.com/chase_reeves
• Fizzle Sparkline — https://fizzle.co/sparkline
• Fizzle Goals Course — https://fizzle.co/courses/goals
• Fizzle Journaling Course — https://fizzle.co/courses/journal
• Fizzle Try 5 — https://fizzle.co/try5
• Fizzle Essentials of Web Design Course — https://fizzle.co/library/essentials-of-website-design-for-business-builders
• Fizzle Website Tune Up Course — https://fizzle.co/courses/tuneup
• Fizzle Roadmap — https://fizzle.co/sparkline/small-business-roadmap-1-clarity
• Start A Blog That Matters Course — https://fizzle.co/start-a-blog-that-matters
• Fizzle Project Management for Entrepreneurs — https://fizzle.co/sparkline/project-management-for-entrepreneurs
• Fizzle Hosting — https://fizzle.co/hosting
I’ve taken a lot of courses and been involved in several paid communities since I started my business, but I’ve never ever felt like anyone CARED as much about seeing my reach my goals as the Fizzle Team. They show up for me as much as I show up for myself. Thank you SO much, you guys!
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