A lot of people tell you to raise your prices and “go premium” – but is it possible to build a profitable business while still keeping your products affordable? The answer is a definite YES, and there are many examples of companies that have done so – including my own. In today’s episode, I describe five important principles to keep in mind if you’re committed to selling lower-priced products.
Highlights:
- Examples of businesses succeeding with cheap or free products (3:05)
- What you MUST be willing to do in order to build this type of business (6:22)
- A common fallacy about low-priced products (9:47)
- How to prevent yourself from working too hard for too little money (10:54)
- Why your customers might surprise you (13:45)
- How to deal with fans/followers who will never buy anything (18:22)
Links:
- Which is better: many customers at a low price, or few at a high price? (great debate in the comments, too)
- How to price your products (plus more good links/resources at the end)
- 4 signs your prices are too low (check this to make sure you aren’t going TOO cheap)
