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You’ve come up with an idea, you’ve validated it with your audience, and you know the story you want to tell. Now you have to sell your product.
The process of determining a price for your products can be difficult. Making sure the price is fair but also wanting to make a profit can be an endless cycle, not to mention the costs of actually producing the product itself.
Objectively you need to sell your product, and if you want to sell it you’re going to need to figure out the final price.
In this final part of our four-part series on nice to haves, we’ll talk about things you need to consider before deciding a final price, how packaging plays a role, and what you have to think about between making a product and getting it to your customer.
Highlights, Takeaways, Quick Wins:
- Know the base cost of what it takes to produce your product.
- Think about all of the aspects of your product: production, handling, shipping, time, labor, administration, and so on. These all can factor into the final price.
- Telling a story shines a specific light on what the customer is getting and helps with your price point.
- Pricing a nice to have product requires you to know exactly who you want to buy it and doing your research into the market.
- Some customers will buy a product simply because they want people to know them as people who bought it.
- If you don’t market or sell your product, people won’t know about it and they won’t buy it.
- The people who are going to buy your product want to buy it—connect the dots between your product and their desires.