Episode 296: Justifying Premium Prices for Your Premium Product (FS296)

The Fizzle Show

fizzle.co

Entrepreneurship, Business, Careers, Freelancing, Marketing, Small Business

4.8 • 648 Ratings

🗓️ 4 December 2018

⏱️ 70 minutes

🔗️ Recording | iTunes | RSS

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Summary

Shownotes: http://fizzleshow.com/296

What are the variables we need to think about when we decide on pricing? How much of an effect does pricing have on certain types of customers? Can pricing a premium product at a higher mark actually increase sales?

The price tag that you place on your product or service has an obvious effect on your income and revenue. It also has other less obvious effects and that’s what we're talking about today. We want to give you a bunch of new ways to think about pricing smartly and what it can do for your business!

In this episode we discuss what influences our perception of prices, value hierarchies, redefining what is actually being sold and the relationship between prices and prospective customers. We also get into some exercise and questions that might help you think about these concepts in new ways.

Today on the show we are joined by Aiden Fishbein and Joe Kerns who will be helping us unpack these problems. Both Aiden and Joe have some great perspectives and expertise in areas that can really push your strategy forward.

We also talk about knowing your value, clarifying your vision and a few actionable steps to get the process started.

For all this and more, be sure to tune in!

Key Points From This Episode:

• The strange relationship we can foster with price tags. [0:07:50.7]
• Introducing the topics of pricing, value and thresholds. [0:10:32.3]
• The different elements that go into pricing when you start out. [0:14:39.5]
• Hierarchies and ladders in the extraction of value. [0:18:01.6]
• The usefulness and benefits of aiming higher with clients. [0:21:30.4]
• Figuring out what clients are actually paying you for. [0:24:02.6]
• Reconciling the disparate meanings of value. [0:28:34.8]
• Starting with your own sense of value and selling to yourself. [0:32:30.5]
• The difference that charging for a service makes to a process. [0:37:10.3]
• Knowing your value and how this impacts your perspective on sales. [0:41:25.2]
• Clearing up your own vision and clarifying your ideal customer. [0:45:49.3]
• The transformation you are offering and the net that this casts. [0:50:15.6]
• Pricing tiers, premium products and testing out a number of options. [0:54:02.6]
• A journalling exercise around what money means to us. [0:59:20.0]
• How to take the next step in your own pricing decisions. [1:05:03.2]
• And much more!

Links Mentioned in Today’s Episode:

Transcript

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0:00.0	Hello and welcome to the Fizzle Show.
0:08.6	What is up?
0:14.3	What is up, everybody?
0:16.2	It is the Fizzle show.
0:18.0	We're every week, we dive in and have conversations that you might not be having
0:23.8	about your businesses, but you should be, all right? You should be. What are you doing? Are you
0:29.3	trying to make a website kid? Are you trying to get people to come to your website to read your
0:34.1	blogs? What's going on? There's no money money in that how you're going to earn a living in
0:38.6	that kid oh what's that people are actually having a full on like supporting a family kind of
0:43.4	lifestyle from this sort of thing oh maybe you got to pay attention oh times of change we're a long
0:50.5	way from running the blocks you You know what I mean?
0:55.1	That's right.
0:57.5	I guess I'm doing my Joey Cocoa Diaz.
0:58.4	You ever seen him?
0:58.8	No.
1:01.7	Joe Rogan's like, he thinks he's the funniest guy in the world.
1:02.8	And he kind of is. He's just this Cuban dude from the Bronx.
1:05.3	Oh, Mr. Rogan, I got to tell you.
1:08.2	Oh, I got to tell you the way my mama used to run the numbers.
1:11.7	You ought to understand.
1:12.3	The Cubans.
1:13.3	The Cubans.
	...

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