MBA2276 Q&A Wednesday: How do I price my first product?

The $100 MBA Show

Omar Zenhom

Entrepreneurship, Business, Careers, Marketing

4.8 • 2.2K Ratings

🗓️ 29 March 2023

⏱️ 16 minutes

🔗️ Recording | iTunes | RSS

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Summary

Setting your first price for your first product can feel…scary. But most new entrepreneurs err on the wrong side of the equation, undervaluing their product or service in a way that can backfire — badly.

It’s Q&A Wednesday, and we’ve got a listener with a new software product. But what should it cost?

A common misconception is that the lowest price will attract the most customers. However, this strategy isn’t sustainable in the long run, because it limits the revenue you can invest in making your product even more awesome.

The question isn’t “What are consumers willing to part with?” It’s “How valuable are the benefits my product provides?” Put a number on that, and don’t sell yourself (or your company) short!

Ultimately, setting the right price requires some research and analysis of how much money, time, and effort you’re saving the customer. But just as importantly, it requires the right attitude. Don’t be afraid to charge what you’re worth!

Hear our advice, and consider it next time you look at your own price tags. Click Play!

Transcript

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0:00.0	Heyo!
0:10.4	Welcome to the $100 R.M.
0:11.4	Show, no fluff, just the good stuff every single day with our daily 10 minute business lessons for the real world
0:17.4	I'm your host your coach your teacher Omar Zen Home
0:20.4	I'm also the co-founder of Webinar Ninja an independent software company I started
0:24.4	my co-founder back in 2014 and today's episode is Q&A Wednesday on
0:29.0	Q&A Wednesdays I answer a question from one of you, one of our listeners.
0:32.9	If you got a question you want to ask,
0:34.4	go ahead and email me over at omar at 100 MBA.net.
0:38.4	And we're answer it right here on Q&A Wednesdays.
0:41.6	Today's question is from Brian and Brian asks,
0:43.8	Hey Omar, just started my startup about four months ago.
0:47.8	I'm about to put my first product on sale ever. It's a small software product
0:52.2	to make it easier for people to create content for social media.
0:56.5	I have no idea how much to charge and would love your advice when it comes to pricing my first product.
1:02.8	Would be amazing if you could just point me in the right direction.
1:05.2	Thanks so much for everything you do with the podcast.
1:07.6	Brian.
1:08.6	Brian, we all have to go through this decision, right?
1:12.3	Putting a price on our first product.
1:14.4	And many people go about this in different ways.
1:16.4	I'm going to share with you what I believe is the best way to price your first product
	...

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