In this Lunch & Earn segment, Evan Carmichael and SKELLYCEO discuss practical pricing strategies for new products. SKELLYCEO emphasizes the importance of product differentiation, belief in the mission, and treating pricing as an execution element that should be tested with real feedback—starting with friends, putting prices online, and adjusting based on response. He warns against over‑worrying about price and instead focusing on the compelling need the product fulfills and how it stands apart from competitors. Evan adds that many entrepreneurs underprice themselves due to a lack of self‑worth, urging them to recognize the value they provide, target higher‑paying, ideal clients, and gradually raise prices as they deliver more value. Together they frame pricing as a blend of market testing, value articulation, and confidence in the offering.
Adithya, Adithya, I hope I pronounced that okay. Uh, price, talk about pricing strategy. What is the pricing strategy for a new product? How can you convince the clients that your price is right?
I think, well, a similar sort of question actually. You've got to have differentiating, you've got to have, at the end of the day, I think you have to believe in your product, you have to believe in your mission, and that's kind of what this blends at. We, we should probably do another one around some of these topics around brand pricing But without a doubt, again, pricing is part of execution. And obviously it's part of your pricing strategy. So with that sort of thing, test drive it. You know, test drive it. Even start talking to friends. What price would people feel comfortable with? Test it. Put it on the web. If you're not getting it right, you'll know how to change it. But I think a lot of businesses when they start worry too much about price. And it's not the right thing to worry about. The right thing to worry about is why would someone have a compelling need for this product or service? Why could I be very different from anyone else? And then honestly, price. I love it.
That's, that's good. It's a good punch to the stomach kind of realization moment. I would add that I think a lot of entrepreneurs underprice themselves. A lot of entrepreneurs just don't believe that they're worth more. And it's stepping up to realize that, hey, I'm adding value. And starting to go after more ideal clients, 'cause you get stuck in these like low-paying clients and low budgets, and that starts to affect your self-worth to feel like this is all you can do, where you could charge more. It's just about offering more value to the right clients. And so it's common, and when you start off a business, you're taking whoever, you're trying to figure it out, but as you grow, you wanna think about how can I provide more value to better clients so you can, increase your prices and, you know, chase your dreams, make the money that you want to make.
