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The Goal Digger Podcast

300: How to Hit Your Profit Goals Through Price Setting

The Goal Digger Podcast

Jenna Kutcher | Entrepreneurship, Business Strategy & Marketing

Business, Marketing

4.812.3K Ratings

🗓️ 9 October 2019

⏱️ 37 minutes

🧾️ Download transcript

Summary

How much do you cost?

One of the most challenging parts of running a business, especially in the beginning, is putting a price value that's fair, smart, not to mention profitable on the products and services we offer.

I invite you to hit play on this episode if you’re wondering if your price is right -- Bob Barker style -- that it's not too high and pushing potential customers away, or too low and practically giving away your resources for a steal.

Should your price reflect the late nights? Hours of dreaming? Time, effort, and passion you put into creating this THING and pushing it out into the universe?

Pricing isn’t a one-size-fits-all structure, but let’s talk about it. This episode is a chat about crunching your numbers, drilling into them to find a realistic dollar amount to charge, how to create a unique experience to back up your rates, plus my personal philosophy about how to approach discounts.

The price to press play is $0.00, by the way.

GOAL DIGGER FB COMMUNITY: https://www.facebook.com/groups/goaldiggerpodcast/

GOAL DIGGER INSTAGRAM: https://www.instagram.com/goaldiggerpodcast/

GOAL DIGGER SHOWNOTES: https://jennakutcherblog.com/properpricing/

Transcript

Click on a timestamp to play from that location

0:00.0

You're listening to the Gold Digger Podcast episode number 300 300 that's crazy

0:09.0

You want to know a question that makes my hair stand on end?

0:12.7

How much do you cost?

0:14.7

One of the most challenging parts of running a business especially in the beginning is putting a price value that's fair smart

0:21.4

Not to mention profitable on the products and services we offer. It's like how do you even begin to come up with a number that

0:28.9

encompasses the time, effort, passion and strategy you've poured into your business

0:33.8

Not to mention your price should always somewhat reflect the late nights difficult decisions and hours of dreaming that it took to get to a place

0:41.7

Where we even have stuff to offer on the marketplace, am I right?

0:46.0

So chances are if you hit play today on episode number 300

0:51.1

You're wondering how you know your price is right Bob Barker style

0:56.2

That is not too high and pushing potential customers away or too low and practically giving away your resources for a steal

1:03.7

It's not easy is it?

1:05.4

Now I found that there isn't a one-size-fits-all structure to figuring out pricing

1:10.3

What one person charges even if they're your direct competition might not and is likely not the right price for you

1:17.7

That's because even if you offer similar products as businesses

1:21.4

You likely have different profit goals and different ways of providing your product or service to your clients and customers

1:28.0

While it's helpful to look at others in your industry to get a very rough idea of where to start with numbers

1:33.6

It's more helpful to look at equations to help you reach your individual and business goals as an entrepreneur

1:39.8

And guys this can be so hard and such a mind game

1:44.2

Especially if you're new to business ownership or you've experienced a lot of change or growth recently

1:50.4

Emotions can sometimes take over where equations should be and it's hard to know what value is actually warranted for the thing that you're selling

1:58.8

Striking the balance between not swindling buyers and also not cheapening yourself is a super challenging

...

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