How to Test and Optimize Product Pricing

6Steps3Clip evidence2Anchor concepts4Taught in programs
How-ToFrom the source
How to Price Your Product Using Value Translation -- A systematic approach to pricing products that demonstrates 10x value to prospects

Steps

  1. Identify Unique Currency

    Determine your prospect's unique currency - the thing they're trying to accomplish that functions like money in their value system

  2. Calculate Hourly Value

    Use yearly income divided by half with three zeros removed. Start with aspirational income numbers prospects want to achieve

  3. Use Conservative Estimates

    Back off from maximum promises and show value in worst-case scenarios to build credibility

  4. Break Down Time Value

    Calculate daily, monthly, and yearly dollar values to make the math concrete and compelling

  5. Reference Live Training Prices

    Position digital products as bargains compared to what you'd charge for live training

  6. Offer Payment Plans

    Provide monthly payment options to remove financial objections and increase accessibility

Relevant Clips3

  • How-To

    How to test digital product pricing for maximum revenue -- A systematic approach to finding the optimal price point for your digital products

  • How-To

    How to Price Your Product Using Value Translation -- A systematic approach to pricing products that demonstrates 10x value to prospects

  • How-To

    How to Test Pricing for Maximum Revenue -- A systematic approach to discovering optimal pricing through controlled testing