Brilliant Business Moms with Beth Anne Schwamberger

Pricing Your Products can be one of the most difficult task any mom entrepreneur faces.  We may often undervalue our work and our time.  Whether you are an etsy shop owner, photographer, legal consultant, or solopreneur, you must determine how to price your products.  Beth Anne Schwamberger, with resources such as Quicksprout, Influence, and Kissmetrics gives 5 Tips to change your mindset around pricing and increase sales and revenue.  Beth Anne covers tips such as focusing on Time in your sales pitch instead of money because it invokes more positive feelings about a product.  Make your appeal personal because customers respond and connect much more to individuals, artisans, and bloggers than they do to brands.  Context matters for your pricing.  Increasing the price leads to a perceived increase in value of the product.  In addition, you can use a higher-priced anchor to make a lesser-priced product seem like a better deal.  The fourth pricing tip is that you should choose to add value rather than reduce your price.  Think about what you as a photographer, artist, designer, etsy seller, or blogger could offer that is unique for your customer.  How can you provide them with incredible service and an experience that they will be talking about with all of their friends?  Do not discount yourself.  The last tip is to avoid option overload or the analysis paralysis phenomenon.  Try to package your products into three to five groups or packages.  This example is seen most clearly with photographers, but the same principle can apply to products offered in an etsy shop, graphic design prints grouped by category, or information products.  Overall the advice is to use psychology to stop undervaluing and underselling.  Instead sell more, make more money and in turn provide even better products and services to your customers. 

Direct download: Episode2020_mixdown20final.mp3
Category:general -- posted at: 3:30am EDT

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