A Powerful Lesson In Pricing

 

Pricing a new product is always an area where guesswork, guts and gnawing anxiety all play a part. Despite many formulas and guidelines about how to price a product or program, every infopreneur knows that in the end, it’s a judgment call – with a fair chance that you’ll get it wrong.

Why does this matter? Because if you price your offer too low, you’re leaving cash on the table – and if you over-price, you lose sales. Smart information marketers (or simply those with more experience) know there’s no way out of this dilemma except testing. So they start early and test price often.

For years, that’s what I did too. Until I listened to a round-table discussion between some of the sharpest minds in information marketing. I got the recordings as a bonus for purchasing a product from Yanik Silver. It was something called the Platinum Circle, and was chaired by a man I had only heard little about before then, called Dan Kennedy.

On one of the CDs, there was a session on pricing. It gave me a startling insight. And I realized why so many infopreneurs (myself included) hesitated so much about not pricing our products closer to their real value… as well as why we failed to sell as much as we could even when we did.

That lesson in pricing remained one of my most profitable in the 15 years I’ve been creating and selling infoproducts online. It distills down to this simple principle:

“Price lesser than value – and educate your buyer about the value.”

Sound simple? That’s because it is simple. Though not obvious or intuitive. And there were many nuances to making the concept work in practice, all of which were discussed threadbare on that recording by Dan Kennedy’s group.

At the time I learned this, my launch for a new program called “Smart Niche Minisites” was underway. It was being offered at $49.95. Based on what I learned, I made some changes – and raised the price to $147. Sales conversion INCREASED! The remaining 15 sets in the limited offer were sold out in record time.

When the dust had settled, I realized that this simple change in pricing had added almost $1,400 to my bottomline profit – without changing much about either the product or the offer itself. All I did was to increase the VALUE and then EDUCATE my prospect about it.

Learning that was a ‘game changer‘.

It altered the way I’ve viewed pricing in my infopreneur business since then. And it led to another valuable change. I started studying more material by Dan Kennedy. His “No B.S.” series of books, “Magnetic Marketing” and diverse other material. For a while, I even toyed with the idea of joining his private mastermind group – but the price scared me off! (It’s $15,000 a year, btw)

There were many such ‘game changers’ in what I learned. And they were all profitable in one way or another. That’s why I was interested to hear that Dan Kennedy is now launching a program called “Game Changer DNA” which is loaded with the best of his teaching over the years.

Maybe you’ll learn something helpful from it. There’s a set of free videos which are well worth watching. And maybe you, too, will find some ‘game changers’ you can put to work as an infopreneur from what you learn in them.

All success

p.s. If you haven't yet read my free "The Smilenaire Way" report, grab your copy here - and decide if you're ready to start smiling every day in your business. (When you are, click here)

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Tags: dan kennedy, game changer dna, pricing

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