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So who defines what your product is worth, anyway?
If you go back far enough, you’ll find all levels of trade and exchange, ranging from gold, animals, servitude, and more. In more modern times, we use paper, metal, and digital bits as currency to exchange for the things we want.
Business happens because at one point it was agreed between people that a thing had certain value and could be traded for other valuable things.
At its essence, you might say that the value of something is determined by what someone is willing to exchange for it. But is that all there is to it?
Knowing how to price your product can be very complex, so in today’s episode we’re going to talk about evaluating the value of your product and who actually determines what your product is worth.
Things You’ll Learn
- Who and what define the value of your product.
- When the value of a product is determined.
- How perceived value can change.
- How to position your product if you want to win.
- What you need to know about your target customers when creating and pricing your product.
- What to do if the marketplace rejects your product.
- Why you should be careful not to undervalue your product.
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