Justifying Your Products Pricing
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Watch the video above To Justify Your Products’ Pricing
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Lesson Summary:
You may have a great product or service but it’s going nowhere until you convinceyour prospects that they need it, want it and can afford it.
There is an industry standard price and your customer’s resistance ceiling price. Your price needs to fit somewhere between these two, closer to the ceiling price.
What you’ll learn in this Lesson:
- The importance of selling benefits and not features.
- How to raise your value and your price is never too high.
- Why you should not be industry standard.
- What special advantage do you offer for a higher price?
Downloads/Resources
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Video Transcript
Homework Assignment
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Is your business idea destined for success or failure?
Is your business idea destined for success or failure?
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What is the first step you should take before starting a business?
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Choose a business name
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Add RecommendationAdd TagsView All Assigned TagsConduct market research
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Add RecommendationAdd TagsView All Assigned TagsSeek venture capital funding
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Add RecommendationAdd TagsView All Assigned TagsCreate a website
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Which of the following factors is important for a successful business?
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Maintaining strong customer relationships
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Add RecommendationAdd TagsView All Assigned TagsHaving the lowest prices in the market
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Add RecommendationAdd TagsView All Assigned TagsHaving no competition in the market
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Add RecommendationAdd TagsView All Assigned TagsRelying solely on one customer for revenue
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Which of the following is a benefit of conducting market research?
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It minimizes the need for customer engagement
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Add RecommendationAdd TagsView All Assigned TagsIt guarantees instant profit generation
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Add RecommendationAdd TagsView All Assigned TagsIt provides insights into customer behavior and preferences
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Add RecommendationAdd TagsView All Assigned TagsIt speeds up decision-making without information
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Describe your business idea and why you think it will be successful.
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Your Result Type is Moderate Success
Your business idea shows promise but may require some additional validation and refinement. Consider conducting market research and seeking feedback from potential customers.
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Your Result Type is Conduct Market Research
By conducting market research, you gather valuable insights into your target audience, industry trends and competition. This knowledge guides the development of a well-informed business plan.
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Frequently Asked Questions
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Fran PiggottInstructor
How can I help you? I look forward to answering your questions.
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