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Pricing Strategies - How to price a product

1972 ratings | 109825 views
http://www.evancarmichael.com/support/ - SUPPORT ME :) Like this video? Please give it a thumbs up below and/or leave a comment - Thank you!!! Help me caption & translate this video! http://www.amara.org/en/profiles/videos/Evan%20Carmichael/ Eduardo Orellana: "Hi +Evan Carmichael I have a question for you, what happens if you've found a product or service that people need and it is extremelly valuable but are having a hard time deciding how much to charge people for it? "
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Text Comments (110)
This awesome! I absolutely have hard time with pricing so this was helpful! Thank you @Evan
Evan Carmichael (1 month ago)
Glad to hear that! :) #BTA1248 Luka
Domonique Duffus (4 months ago)
Thank you
Evan Carmichael (4 months ago)
:) #BTA1147 Luka
Monkey Man Banana (4 months ago)
I'm thinking launching a custom sneaker and i'm a startup, i want those designs to have a high market value but would it sell if I take it to a higher bracket pricing?
Evan Carmichael (4 months ago)
Best bet to reach out to Evan and ask him your question directly would be on one of his Instagram live streams. He goes live every work day @evancarmichael :) #BTA1152 Luka
MX XII (5 months ago)
Thank you, Evan! Very well said!
Evan Carmichael (5 months ago)
Thanks for the love :) #BTA1124 Luka
Sean Zhang (6 months ago)
Apple did a bad work on iPhone XS/XR’s price.
Evan Carmichael (6 months ago)
Thanks for sharing your thoughts, Sean. #BTA1116 Luka
Tanweer Ahmed (7 months ago)
Excellent video, but I think you missed very important point, demand of the product or service, if you are selling a product or service with high demand and low supplies ( or competition) it’s easir of sell but even if you add value to a product but no body want it , it’s harder to sell
Evan Carmichael (7 months ago)
Thank you for sharing with us, Tanweer. #BTA1073 Luka
Khamadi Panther (8 months ago)
good job. Question: Does the 'Value added"' formula apply to, say, supermarket food, in finding the correct price point?
Evan Carmichael (8 months ago)
Thank you for reaching out. Evan is doing the premieres on YouTube every night at 8pm EST so that's would be best way to reach out to him directly. Much love! #BelieveNation #BTA1052 Luka
Spindle Force Engraving (8 months ago)
Awesome video Brother. Great advice!
Evan Carmichael (8 months ago)
Thanks for the love :) #BTA1048 Luka
Andrew Reist (8 months ago)
Good vid, but whats with the weird camera work
Evan Carmichael (8 months ago)
Thanks for the feedback, Andrew! #BTA1038 Luka
Andrea Salgado (9 months ago)
How do I price if o buy to sale in a different country, like for example a makeup item that they can't find in their country and they want me to bring it to them?
Evan Carmichael (9 months ago)
Hey there, thank you for your question. The best way to reach Evan directly for Q&A is on one of his live streams. The next one is on next Thursday at 12:30pm EST, here is the link to it: https://www.youtube.com/user/ModelingTheMasters/videos?view=2&live_view=502&view_as=subscriber&shelf_id=13&sort=dd Much love! #BelieveNation #BTA1023 Luka
Debra Washington (10 months ago)
What is a good open source Pricing Optimization Software?
Evan Carmichael (10 months ago)
Hey Debra, thank you for your question. The best way to reach Evan directly for Q&A is on one of his live streams. The next one is on next Thursday at 12:30pm EST, here is the link to it: https://www.youtube.com/user/ModelingTheMasters/videos?view=2&live_view=502&view_as=subscriber&shelf_id=13&sort=dd Much love! #BelieveNation #BTA974 Luka
Leigh Cowan (11 months ago)
The most dangerous thing in the world is generalisations (yes this is the exception to the rule)! Beware of any advice that assumes that customers are cookie-cutter copies of each other. Evan's advice is generally good but not universally applicable.
Evan Carmichael (11 months ago)
Thanks for sharing your thoughts. #BTA959 Luka
Imperiala Gomez (1 year ago)
Great! Thanks so much. New subbie here starting a Fashion Jewelry business! Yay! Thanks for your great tips♥️
Evan Carmichael (11 months ago)
Welcome aboard! I'm glad that you like our content. Thank you for watching! :) #BelieveNation #BTA935 Luka
Think and Grow Rich (1 year ago)
Anyone got PDF's on this topic? M~
Leigh Cowan (11 months ago)
Try http://www.launchengineering.com/Pricing-Strategy.htm
Evan Carmichael (11 months ago)
Thanks for sharing and thank you for watching :) #BTA935 Luka
Dre Monti (1 year ago)
GREAT ADVICE
Evan Carmichael (1 year ago)
Thanks for watching :) #BTA907 Luka
J Gomes (1 year ago)
Thank u for the video!!!
Evan Carmichael (1 year ago)
Thanks for watching :) #BTA846 Luka
manuel francisco (1 year ago)
Hey Evan, just wanna ask. I'm starting a small food business at a school. It's a private school and my target market are Senior Highschool students. Now my question is, most of my product range about 40 pesos how much percentage should I give as a markup on the products. Thanks
Evan Carmichael (1 year ago)
Evan is focused on making a bigger impact through creating videos so more people can learn but if you have any question, you could catch Evan via YouTube live streaming and ask him question via live chat - the next "Entrepreneur AMA - Ask Evan Anything" - Thursday at 11:00am EST: https://www.youtube.com/user/ModelingTheMasters/videos?view=2&live_view=502&view_as=subscriber&shelf_id=13&sort=dd Thank you very much for the love and support. Much love. #Believe :) #BTA844 Luka
Manisha Bagwe (1 year ago)
I am getting what is business; but i don't know what paperwork is required for business??
Evan Carmichael (1 year ago)
Evan is focused on making a bigger impact through creating videos so more people can learn but if you have any question, you could catch Evan via YouTube live streaming and ask him question via live chat - the next "Entrepreneur AMA - Ask Evan Anything" - Thursday at 11:00am EST: https://www.youtube.com/user/ModelingTheMasters/videos?view=2&live_view=502&view_as=subscriber&shelf_id=13&sort=dd Thank you very much for the love and support. Much love. #Believe :) #BTA834 Luka
Elite Gamer (1 year ago)
Really helpful
Evan Carmichael (1 year ago)
Glad to hear that :) #BTA819 Luka
SevenDeMagnus (1 year ago)
Hi. Thanks. Pricing, it's one of the hardest. God bless, Proverbs 31
priyanka Choudhary (11 months ago)
hello
Evan Carmichael (1 year ago)
Thanks for watching :) #BTA817 Luka
Evian Mason (1 year ago)
Thanks u are Right charge for my value
Evan Carmichael (1 year ago)
Thanks for watching :) #BTA782 Luka
Evian Mason (1 year ago)
Great Advice thanks evan
Evan Carmichael (1 year ago)
Thanks for watching :) #BTA782 Luka
Manendar Verma (1 year ago)
I am starting a new clothing business we have been in business for a short while, we are struggling on selling Indian dresses, we don't want to lose money on the product and we don't want to rip off the customer. We are having our product shipped from India. So my question is can we add in shipping to our price as well. For example say we got this product for $25 and our shipping cost is maybe $5 can we turn around and sell it for $65 or $70? Other people are selling product that is not as nice for well over $100.
Imperial Fabrics (6 months ago)
Charging less than competitors is a bad bad idea it'll hurt you in the long run. And yes customers like to hear the word 'free' so always add the shipping cost in your price. From my personal experience, add in some complimentary ' gift hamper' which would cost say 5$ it'll help you attract customers even at a higher price tag.
Imperiala Gomez (1 year ago)
Manendar Verma I'm not all extremely experienced. However I have sold on small sites and apps like eBay poshmark and Mercari and you can definitely add in the shipping cost to your product. It's easier and simple especially for customers. I myself love when I receive free shipping on items.
Julena Molina (1 year ago)
Can you help those who are on the bakery side of the business? I am seeking information on describing price structure. kind of stuck in my business plan section 5. Thanks
Richard Elkhouri (7 months ago)
Base your price on a mix of how much you're spending on creating your product and the prices of the competition around you. 1. How much does it cost for you to make the product 2. How much is the competition around you selling a similar product for? 3. Can you afford to undercut the competition? If not refer to next step 3(a). Determine a way to add value to your product by making it different in some way or better than your competitions.
Evan Carmichael (1 year ago)
Thank you very much for posting your question/suggestion, however, it would be great if you could post your request under this video: https://youtu.be/sXgcP79xrNQ so Evan might be able to answer it doing a #7Ways video for it or in another video, especially if more people will vote or like your question/suggestion. Much love. :) #BelieveNation #BTA739 Luka
Firass Chamas (1 year ago)
Please start to make more precise videos - you dont help me with your general statements. We need more precise advice and calculations! You cant help someone with pricing without even doing one calculation about pricing - general advice doesnt help the individual. You need to put more meat to the bean in your videos - most of the advice are too general so they end up without meaning.
twinkle maraam (1 year ago)
Thanks alot
Evan Carmichael (1 year ago)
Thank you very much for watching twinkle. :) #BelieveNation #BTA653 Shine
excellent idea
Evan Carmichael (1 year ago)
I'm glad that you like it! Thank you for watching. :) #BelieveNation #BTA647 Luka
Deniesha Stokes (1 year ago)
Great video to start off my day !!!
Evan Carmichael (1 year ago)
Glad to know that Deniesha. Thank you very much for making our videos part of your morning. :) #BelieveNation #BTA646 Shine
building03 (1 year ago)
Hi Evan thanks for the Video! Glad as you make things so simpler for us. Off lately there is too much buzz about Unit Economics as a business model. Would appreciate if you can share something with examples! Thanks
Evan Carmichael (1 year ago)
Thank you very much for posting your question/suggestion, however, it would be great if you could post your request under this video: https://youtu.be/sXgcP79xrNQ so Evan might be able to answer it doing a #7Ways video for it or in another video, especially if more people will vote or like your question/suggestion. Much love. :) #BelieveNation #BTA598 Luka
patrick evaristo (1 year ago)
Nice video sir. Learned alot from it 💪👍
Evan Carmichael (1 year ago)
Glad you liked it and learned a lot from it patrick. :) Thanks for watching! #BelieveNation #BTA589 Shine
STS Tech (1 year ago)
Your advice is spotty for me at best. If your continually changing your pricing that's a mistake. That can turn people off very fast. I myself have made that mistake. I wouldn't start too low though. I would actually have a little above average to start to really make people stand up and take notice and attract the right clientele. Then when you need to raise it you can do a small bump up that way people don't get sticker shock.
Bwabwa Oten (2 years ago)
thank yo . that was very helpful. By the way What is the best software to calculate profit and prices for your product
Evan Carmichael (2 years ago)
Glad to know it is helpful to you. Thank you very much for your question and it would be great if you could post it under the comments of this video #7 Ways - What Topic Should I Cover Next? https://youtu.be/sXgcP79xrNQ so Evan might be able to answer it doing a #7Ways video for it or in another video especially if more people will vote or like your question. Much love. #Believe :) #BTA569 Shine
Apentogo (2 years ago)
sigh ....cant i just make good stuff and because its good price it for as much as its worth sell it to the audience its intendet for and have them buy it because im the only one selling it and make a fair profit to keep going? why do i have to ugh...all this...and it cost money to get a patent and to get it approved and maintain it and if you dont, people gon steal ya idea and patent it themselves and then you cant sell it and they sue you for your own ideas and holy fucking hell im going way the fuck down the rabbit hole with all this......and i dont even have the money and AAAHHH cmon man! im just a guy....this is hard....
MattySecond (2 years ago)
Thanks a lot for the upload! Liked and Subbed!
Evan Carmichael (2 years ago)
Glad you liked it MattySecond. Thank you very much for subscribing. :) Welcome to the channel and to #BelieveNation. I hope you'll find more videos here that will be helpful to you. #Believe #BTA496 Shine
heerak singh (2 years ago)
I make gates and burglar guards what's the value there besides security
Marilyn (2 years ago)
heerak singh 😀😀😀
Evan Carmichael (2 years ago)
Thank you very much for your question and it would be great if you could post it under the comments of this video #7 Ways - What Topic Should I Cover Next? https://youtu.be/sXgcP79xrNQ so Evan might be able to answer it doing a #7Ways video for it or in another video especially if more people will vote or like your question. Much love. #Believe :) #BTA492 Shine
Aulya Azhar (2 years ago)
it is really really interesting.!!!!!!!!!!! i hope the step helps me a lot!. thankyou. this is my first comment on educational video. bacause i do really2 understand n is it easy to understand. you come out with example that related to your lifestyle. yeah, thanks again. Thumbs up! -malaysian
Evan Carmichael (2 years ago)
Aww, glad to know it is helpful to you and you understood it Aulya. Thank you very much for the appreciation and for watching! :) #BelieveNation #BTA450 Shine
Duop Chuol (2 years ago)
You are excellent! Honestly. You're very well articulated and project the right type of energy in your videos. I couldn't help but like and subscribe. All the best and keep up the great work.
Evan Carmichael (2 years ago)
Thank you for the kind words! Glad to hear that you enjoy our content, it means a lot. Welcome aboard and thanks for the support! :) #BelieveNation #BTA436 Luka
Mabuhay Pilipinas (2 years ago)
Thank you sir evan for this wonderful video.
Evan Carmichael (2 years ago)
Glad you liked it jecar. :) #Believe #BTA436 Shine
Gowri Naresh (2 years ago)
what should saas products plan pricing around in a new geographic entry for their product? Approx estimation of pricing for products in saas market...i need some feedback on this...
Evan Carmichael (2 years ago)
There is no one price. It's adjusting to the market. #BTA434
Thono Yeptho (2 years ago)
Smart Video and Smart information as always.
gala clouds (2 years ago)
thanks a lot
Evan Carmichael (2 years ago)
Thank you very much for watching gala clouds. :) #BelieveNation #BTA391 Shine
Mario Bonocan (2 years ago)
My teacher used this video to teach us about pricing strategies. Great ideas and clear delivery of information. greetings from the Philippines
Evan Carmichael (2 years ago)
Cool to know that Mario. Thanks for sharing and for watching. :) #BelieveNation #BTA376 Shine
abdul shahid (2 years ago)
Hey! Thanks! I am a new start up business. i stared, four months ago. You are so right! I have not made a sale yet, I believe it's risky, for people to buy, from new startup, business. But I will stay, the course because I had a business before.
Evan Carmichael (2 years ago)
All the best to you abdul! :) Thanks for the comment and for watching. #BelieveNation #BTA369 Shine
Vinod Karmenghe (2 years ago)
Really Solved my BIG PROBLEM....Thanks Evan....
Vinod Karmenghe (2 years ago)
You are awesome Evan... Really started thinking and doing like an Entrepreneur... :D
Evan Carmichael (2 years ago)
That's so awesome to know Vinod. :) Always glad to be of service. All the best to you! #BelieveNation #BTA315 Shine
Alvin Neil (2 years ago)
what differentiates your video above from this video: https://www.youtube.com/watch?v=rRaoCT4ZJwU? you shared the same story, concept etc... it's like two videos for the info of one. and why it's like you're scolding your viewers? is there a way to better improve your videos? like more diagrams, moving pictures, etc...not just your face 99% of the time?
iva mae pareja (2 years ago)
like it
Evan Carmichael (2 years ago)
Glad you liked it iva. :) Thanks for watching. #BTA251 Shine
Abubakr Othman (2 years ago)
good, well done
Evan Carmichael (2 years ago)
Thanks for watching Abubkr. :) #BTA250 Shine
CARLA BLAIR (2 years ago)
Great advice great
Evan Carmichael (2 years ago)
Thanks for the appreciation and for watching Carla. :) #BTA242 Shine
Thinkism (3 years ago)
Thanks for uploading such a great video. Viewers should watch this video too. https://www.youtube.com/watch?v=wZQ5YphlsUk
Thinkism (3 years ago)
Thanks for reply Evan, if we can collaborate we can give much more details to our views. please watch my other videos. and tell me if we can work togather.
Evan Carmichael (3 years ago)
+Thinkism Thank you for watching, and thanks for sharing. #BTA118 Luka
Alana Weaver (3 years ago)
I'm trying to price a product that has variants
Katie Jones (4 years ago)
I have been in the art business a little over 4 years now. Marketing yourself is quite a struggle for artists because we want to be noticed not only by the larger companies but also the publishers and indie companies. I think the hardest part is rejection. If we can accept rejection, then we can go anywhere. It happens all the time to me, but in order to get to where you need to be you have to keep pushing forward and make yourself believable for the company. Reality is a hard wake up call for a lot of artists out there and being able to market ourselves in how you suggested is exactly what we need!
JayoJay (1 year ago)
Hi, I'm an artist also and I know what you mean! My manager always says "You will get 5 no's for every yes" You have to believe in yourself and keep resilient even when nobody else does.
AbleAbeStudios (4 years ago)
Great video, love the points, very helpful   ...GO!!!
Ed (5 years ago)
Thank you for the video reply @Evan Carmichael !!!
Rick Rivera (5 years ago)
What if your friends & family want your services but don't expect to pay for it?
Leigh Cowan (11 months ago)
Develop a Friends & Family discount and stick to it. Make sure it is NOT less than break-even (inclusive of fixed costs)
Angie M (1 year ago)
Rick, make it clear to them that the service you are providing is a skill and knowledge you possess and have spent time and resources honing it. Even your time providing the said service alone is valuable! Start with the official basic wage per hour or so for your area. How much you are willing to be paid for each hour you work. Family and friends can be tricky. Don't bank on them. I haven't started anything yet but I'm also researching as people are interested in my home baking and garment sewing. Still decide which route to take. I know I'm late, but good luck!
Ed (5 years ago)
Yes ! Having a similar issue!
IamGretar (5 years ago)
$2500 for a blog post, you know what you're doing Evan, Good job and keep it up!!!

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