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The 3 Most Common Mistakes When Pricing Your Product

105 ratings | 5827 views
It is very important to know how to price your product properly. Too many entrepreneurs set themselves up for failure, the moment they add a price tag to their product or service. Knowing just a few key things will help you avoid this fate. In this video we're talking about 3 common mistakes that you need to avoid when pricing your product: - Mistake #1 is trying to compete on price - It occurs when you don't know how much your product is worth... So you just take a look at your competitors and think "I'm going to price my products lower than they do, so their customers will choose me instead". - Mistake #2 is setting the price based on your type of product. So, you're thinking "Hmm, I guess this should cost THIS much...?". - And finally, mistake #3 is not giving people to oportunity to give you more money (even when they want to). Watch the video to find detailed answers for these questions, along with simple examples why you shouldn't price your product based on these factors. Also, check out the full blog post + 2 bonus tips here: https://thrivethemes.com/pricing-mistakes/
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Text Comments (21)
JOHN BLACKWELL (23 days ago)
Where did you buy your shirt mate? It is top! Please let me know the Brand?Place
Good info. Thanks.
Tasha B. Millin (3 months ago)
Thank you for creating this video. I learned exactly what I needed to know to move forward with pricing my handcrafted product for my website. This is a very good tutorial.
Thrive Themes (2 months ago)
Thank you, Tasha!
Jason Stallworth (1 year ago)
For eBooks, such as workout or meal plan eBooks, do you recommend having the sales and checkout process through our own site, or should we go through something like ClickBank? Are there pros and cons to ether?
Jason Stallworth (1 year ago)
Thrive Themes Thank you!
Thrive Themes (1 year ago)
There are pros and cons to either, yes. In short, "self hosting" the payment and checkout gives you more control and lets you do things like A/B test your checkout page. It usually also costs less in fees. But using a 3rd party tool is usually easier to set up and you don't have to bother with SSL, technical stuff and VAT regulations.
Fluid Frame (1 year ago)
Need more of this instead of your stupid thrive themes how to's! J/K - thrive agency subscriber here! Seriously though, I found this vid from the URL in the highest converting long form sales page template, make a playlist of your business advice content! This was great!
Nicolas P. (2 years ago)
Hey guys, do you shoot / edit your videos with camtasia or another software ?
Christian (2 years ago)
You are a communication genius. It's always awesome to watch your videos! Thank you!
Thrive Themes (2 years ago)
Thank you very much!
Hullio GQ (2 years ago)
Thank you for these tips! I made a lot of those mistakes when I was starting out. I can't forget the one where the customer uses the "I promise I will send a lot of referrals your way" in order to get a huge discount.
Hullio GQ (2 years ago)
I think I'll use that next time.. :D
Thrive Themes (2 years ago)
Haha, yeah. That one is precious. Best way to handle it: you can reverse the promise by offering them cashback once they've sent all those referrals.
László Várkonyi (2 years ago)
@thrivethemes Any info when the content builder 2.0 comes out?
GR P (9 months ago)
László Várkonyi this would be now💫
László Várkonyi (2 years ago)
When will that be? This year?
In Thrive We Trust :D
Thrive Themes (2 years ago)
When it's ready.
Andi Yanto (2 years ago)
I am the first fan who will vote this video as the great tutorial. thanks Sane. :)
Thrive Themes (2 years ago)
Thank you, Andi!

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