Hey Young Entrepreneurs -Starting Your Own Online Business: Listen Up! Today's message is directed to teenpreneurs and kidpreneurs. If you are thinking of starting a business, have a start-up or are looking for ways to increase your profits - check out this video.
Teen Mentor and Teenpreneur Club Founder Brenda Mallett shares how to INCREASE the perceived value of your product and RAISE your prices and outsell your competition.
Two business owners are selling the exact same product at the exact same price. Let's use a $25 cookbook.
Seller 1: Creates an e-commerce store and becomes a vendor on Amazon. Sells the book in both places for $25. Value and cost of product A = $25.
Seller 2: Creates a landing page, digital and print products, thinks about what else the customer may need and creates checklists around that.
Seller 2: Offers the same cookbook for $50
⏩PLUS: a recipe sent to you (via text or preferred method) every day for a year (value $100)
⏩PLUS: a custom weekly grocery list for each of the recipes sent to you daily (value $100)
⏩PLUS: an ebook on kitchen and cooking hacks to save you time and money when prepping food ($50)
⏩PLUS: a knife sharpening video on how to safely and quickly keep your knives in excellent condition
⏩PLUS: a template sheet for recipe cards
Total perceived value from seller 2: at least $325. Cost of product $50.
And that is how you create value-based pricing instead of market-response pricing.
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