The Price Is Right

Good evening. This is Anderson Cooper, or rather the artificial intelligence model based on him here with a special announcement. On the podcasting front today, there’s an episode of the list building lifestyle show that you won’t want to miss. Hosted by Igor Kheifets, who’s no stranger to delivering practical insights and innovative methods. This episode promises to tackle a fundamental, yet complex issue that many entrepreneurs grapple with pricing your products appropriately. This is a challenge that all businesses, especially beginners often encounter, set your price tag too steep, and you risk sending your customers fleeing pitch at too low, and your profits might just evaporate. And down that just right pricing sweet spot is indeed a complex jigsaw puzzle to solve. So, in today’s report, Igor will be navigating this topic, providing practical tips and sharing insightful real-life examples, his mission to empower you with a clearer understanding of how to effectively price your products. So, whether you’re a beginner looking for guidance, and established business, aiming to refine its strategies, or just interested in understanding the complexities of product pricing, this episode is sure to be a valuable resource. Stay tuned.

01:19

I’m Igor Kheifets. And this is the list building lifestyle. The podcast for anyone who wants to build a wildly profitable email list working from home. If you’d like to make six figures travel the world and help people improve their lives in the process. This podcast is for you. I also invite you to claim a free copy of my bestselling book, the list building lifestyle Confessions of an email millionaire at www.igorsbook.com. Get the free book plus $3,000 bonus package that includes my best capture page templates, email, swipe files, and traffic blueprints, visit www.igorsbook.com for details. And now it’s time to claim your list building lifestyle.

02:05

I couldn’t determine like, what would be a fair price, and what would be the price the market would be willing to pay because you kind of want to be in that range where you feel like you’re not overcharging but you also don’t want to be under charging either. Because that never does any good to anybody. That’s actually bad for you, because you need the profits to run the business. But it’s also bad for the person who buys it because they don’t value it as much, and therefore they will use it. So, if you’ve got your own offer, I think the best thing you can do is go and funnel and hack five, maybe three competitors, which you think are your direct competitors, people who are closest, have something that’s closest to what you have. And not in term, not only in terms of the niche topic, but also in terms of formats. So, if you’ve created a five-day challenge, you go funnel hack that the people who sell challenges. If you’ve created a webinar training program or a six-week live training, you go and you figure out what similar programs charge, right. And so that would be the best way for you to gauge what the market is currently paying for it. And once you know that number, you can start testing. Because you never know. Because the thing about price, it’s very subjective. To who’s buying and what format they’re buying in, for example, whatever. So elite affiliate Pro is a 997 program. But if I were to sell the same thing, from a stage at a physical seminar, like where people are in the room together, I would sell it for $10. Grant. Why? Because everybody’s physically in a room. But if it was sold through a long form sales letter, probably going to drop that price in half. So, it depends. It depends on the format. It depends on the target audience, like I. So, can’t I still can’t believe there’s a person like that. But apparently there is. There’s a lady out there who’s teaching CEOs how to sit in a chair. She charges that as she charges $50,000 to sit in a chair like she’ll coach you how to hold your neck and stuff. Yeah, the first time I read the article, I was like, the kind of dumb s you have to be to pay 50 grand. I mean, just to put things in context. 50 grand is exactly what it cost for us to get our last car and it’s a portion. Okay. And this somebody’s paying to be taught how to sit in a chair. It’s dumb. And yet, they pay. Now here’s the deal. This whoever is the lady who does that, I don’t know could be called her name, but I specifically recall it was a woman. She’s brilliant. Brilliant. Here’s why. First off, she found an audience that is willing to pay that kind of money. Okay, so CEOs, specifically CEOs, therefore, they have a lot of money. And they put different values on things. And second thing she does brilliantly, she doesn’t actually sell it as I’ll calm and I’ll teach you how to sit in a chair. The positioning for the services is different, meaning it’s all about making that CEO more productive, and feeling better physically and mentally. Which would make that CEO earn a lot more than $50,000. That’s it. That’s the positioning. So, she was smart enough, she is smart enough to figure that out. So, there you go. There’s a pricing strategy right there. Because it really does like the whole price. The issue is it’s really subjective. So, I highly recommend you read a book called no BS price strategy by Dan Kennedy. He really does a great job of convincing you that you should just raise your prices and stop being a wuss, you know, like, that’s the whole message of the book. But so, you have to read the book to be convinced like, he actually gives you lots of great arguments, making you feel as if, like, you’d be stupid not to raise your prices in from a term from both in terms of profitability for your business growth for your business, as well as helping the customer. But he also gives you lots of examples of different markets and niches of how smart entrepreneurs are using great pricing strategies. For instance, he talks about a furniture store that sells $10,000 tables. And one table in particular, he shows example, is a table made of airplane parts. So, somebody went to the scrapyard, found, like, I guess, airplane parts and engine whatever, and made a table. So, you look at it, and you can tell it’s like it used to be an aero plane, or used to be a piece of an airplane. So, people are willing to pay for that hundreds of times more money than they would for a regular table. They’re just some examples of smart pricing. But I think the best thing for you to do is to start where you’re where your closest most capable competitors are. And you want to funnel hack them, find the ones who sell it in the same format, and then start with that and then start split testing higher prices. Thank you for listening to the list building lifestyle, get access to the previous episode’s transcript of today’s show, as well as other exclusive content at listbuildinglifestyleshow.com Also remember to claim your free copy of my bestselling book at www.igorsbook.com. It explains how we made millions with list building starting from scratch. Plus, I’ll give you $3,000 worth of free bonuses, including my best landing page templates, email, swipe files, and traffic blueprints. Go to www.igorsbook.com Now to claim your free package