711. Ask Jacq: How Pricing with Confidence Can Triple Your Sales | Q&A

Hi, I'm Jacqueline Snyder and this is the Product Boss podcast. I've helped launch and grow thousands of product based businesses, even one of my own. And over the last 20 years, I've seen behind the scenes of businesses just like yours. Whether they are makers, manufacturers, artists, or food and beverage businesses. I have spent so many hours studying it all. I've discovered what makes them successful, what mistakes they could have avoided, how did they turn their ideas into successful business, and what are the strategies that they have used to make more sales and be discovered by more customers. And this is what this show is all about. Whether you're just starting out or you're looking to become a million dollar product boss, I'm here to give you the permission to chase your dreams, no matter how big or small. All you need is the right mindset, a little courage, strategy and support, and you too can be the next million dollar product boss. Let's do this. Oh my goodness. Friends, if you are anything like me, you probably spend more time running errands than running your business. Am I right? Like, everything needs something, we gotta run around. And I knew that this was like a major issue for me back in the day, which is why I decided to get help where I could. And I decided to let Instacart handle all of my grocery shopping. So I no longer had to worry about running all the errands and having to run out and get more almond mil for my lattes. Rather, I was like, you know what? We're just gonna let Instacart handle that. So I want you to imagine skipping the store and getting back to designing packaging, orders, making, or maybe actually taking a break, even a nap. Remember those? Okay, so with Instacart, you can get groceries and essentials delivered in as fast as an hour, so you can focus on growing your business without sacrificing a meal. Plus, less stress and more focus. And here's a tip. I've actually used Instacart before to order gifts from my daughter's friend's birthday parties because I haven't had time to run out and get presents. And I've been able to get the packaging, like the gift bag and the g, like hello, Sephora, delivered to my house while I was in the middle of coaching sessions so that I could have the present right. It's like having a personal assistant without having a personal assistant. So if you want to do what I do and get the help where you can, you can try it now if you head to the Product boss. Com Instacart hey, hey, product bosses. Okay, really, really quick. Are you spending more time making all your products or maybe packaging your boxes and actually growing your business? I know. Okay, so if you've ever wished that someone would just tell you exactly what works when it comes to scaling your product brand into real money, right, like good profit and making sales and growing this business that I know you've dreamed of, then I have something really special for you. I pulled together a special bundle of our top podcast episodes that every product based business needs to hear. So think of this as your shortcut straight to the strategies that help you grow your sales, build a brand that lasts and avoid that burnout that no one is actually talking about. Enough. So we're talking mindset shifts and marketing strategies and those behind the scenes lessons. And yes, you're going to have some quick action plans and strategies that we're going to share in here as well. So it is my top episodes playlist and it's totally free. We just wanted to gather it up so you didn't have to scroll through hundreds of episodes and think, what do I want to listen to? Right? Let's make it easy. So all you have to do is head to www.theproductboss.com top or click the link in the show notes, pop in your email. I'll send over those exact episodes that have helped thousands of product based business owners like you move from the hustle to sold out. Right. I want you to go from where you are to getting you seen and sold and that's all going to happen with this compilation of episodes for you. I just want to make it super easy. So let's start building your business with clarity, strategy, ease and freedom. Hey, hey product boss. And welcome back to another Ask Jacqueline. Q and A. Right? And this has been something new that we've introduced to the podcast and we've talked about this, but I have coached thousands of product based business owners over the years inside of my programs and they ask really good questions and we go really deep in coaching. And so what I'm bringing to you and we're going to try it out for the summer and see where we go is, is these bite sized coaching sessions pull directly from real conversations with my students and these students are inside my programs like the Product Boss, Sales Accelerator and Standout Society. Right? So in these quick episodes you're going to get actionable takeaways from real business owners just like you and you're gonna hear the coaching that I provide them inside of these programs and hopefully there is A big aha moment or takeaway. So let's dive in. Suzanne was a student, her life lifed and she changed up what she was doing. But she is a baker that was really known for wedding cakes. And then she started figuring out her cookies and she did this exact same thing with all of you. Do you want to tell them about your experience, my friend?

I would love to. So I found Jacqueline through one of these challenges as well, way back when. And what really worked on one was my pricing. That was really my mindset problem. I started selling cookies after 2020 happened right after I opened my storefront. And so I really had to pivot because big events weren't happening anymore. So I was like, well, I need to have like a signature cookie. So I came up with a signature cookie and I was selling them for $1 each, and I could not wrap my head around increasing my prices. So we worked really hard on the mindset shift of yes, if I'm going to sell right here, maybe that price is comparable to Walmart, but I'm not Walmart and I'm not selling at Walmart. So I'm selling a luxury item. I needed to raise my pricing and then how to get my cookies in front of people all over the nation because again, 2020, we shut down. And then I was like, what do I do? So I started shipping all over. And so, yeah, that was really. I was a student of Jacqueline's for a long time and we worked really hard on mindset stuff because it's scary starting to make money. But yeah, I ended up.

How did you do? How much did we. We raised your cookie prices to $3, which was horrifying to you. You were like sweating.

It was so scary. In fact, we were on a call like this with a bunch of people watching, and I was like, everyone go buy a bunch of stuff because I'm about to raise the prices. So if you want it at $1.

And I remember 18 sales or something, you're like, you were like crying cause you're like, oh my God, they're buying. And I was like, buy now because she's raising her prices. But did your business like shut down and stop working because you raised your prices?

No, I ended up hitting that hundred thousand dollar mark in that first year in 2020, and then it just kept growing from there. And yeah, it's crazy, but it does work. It does work.

And you didn't have to sell a hundred thousand cookies.

That's the key is the lower the price, the more you have to sell to make your revenue goals.

Yeah, and I remember so much. So you were like, no, but like where I live in this town, like, people aren't gonna. There's no way they're gonna spend more than a dollar. I was like, first, we're not Walmart. 2. Like, if you become known for something. So she became known for these smash cookies, which were sugar cookies with frosting smashed in the middle. And so she had variations of these cookies. At some point you started selling wholesale in an alternative way. So she added a different sales engine on. So, so then would you mind just telling them really quick what that deal was that you like how you started selling wholesale, even locally?

Yeah. So what I ended up doing was I went to like the really bougie car dealerships, like the ones that sell the super fancy cars. I even went to the one that sells like Range Rover and Jaguar, that kind of dealership. So their service departments were like, we love to treat our customers. And so I was like, they're buying these random wholesale cookies. I think you may have even had them, the Cheryl's cookies. And I was like, you know, this is a great opportunity for you to sell local. They're super fresh. They're made down the street. They're not made in some factory across the nation. They're right here. And so I started selling to their service departments wholesale and they would give them out to their customers. And then that in turn brought those customers to me because they saw my branding, they saw the company, and then those people then became my customers as well.

I love that you're a coach now here too, because, like, I love going back to this and then seeing your evolution of your business because there's a picture, I think she's on day three. You guys are going to see it where she had her kids strapped to her back.

Little baby on my back. And now our daughters are so big.

Yeah. Thanks for sharing that.

Absolutely. Happy to be here.

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How do I get that confidence to raise that price and find those right customers who will be willing to buy it?

Where? Where are the customers that you're getting in front of that are questioning your price? Where you mean, is it in person?

My friends and family, extended people I know.

Do you know if they're your ideal customer or you're just asking people you know?

Yeah, probably they are not my ideal customer, but they are like my target audience are the moms of the little girls. So they definitely are the moms of little girls. They have little girls. But every time saying me that, oh my God, I'll never buy this range of dress for my daughter, I'll never buy. Most of the people are saying that to me.

So while they are the mothers of daughters, then the next step is where do they shop? Because if your price point, for example, I just talked about it in the pajamas, I don't know how many of us here are buying $800 pajamas. If you are, I love you and you're like, I love that for you. Right. And some of us are like, I buy Target pajamas and they wear out and there's everyone in between. There's people who just wear old T shirts. Yeah, right. Like everybody's different. So they may check the boxes of mom, yes. Little girl, yes. Then we have to check the box of socioeconomics. Right. Like where do they live? Are they willing to spend that? Do they believe enough in the brand is the brand presented in a way that equals the value of what you're pricing it at. So the question you're asking is a good question. There's just. I have so many more questions about it that you should have those same questions. And that's really the work to dig into. Because if we just show up and be like, I think this shirt is a madewell shirt, which I don't normally shop there, but I wanted something cute and bright or whatever, and it was like, it's not something I normally buy. And I think it was like 120 bucks or something like that. And it's like, the value to me, the reason I bought it was if I can show you it's not just like a normal shirt. The. It's kind of cropped. It has these, like, really, as a fashion person, has these, like, really interesting sleeves. So if this was just a red and white shirt at Gap, which they have a striped shirt right now at Gap, I maybe wouldn't. And we all buy a Gap when it goes on sale. I maybe would have never bought it for 120. But I went into this store and I was like, oh, it's cute. It's cropped. Like, the sleeve design is cool. Cause I'm a fashion designer, so there's like, I can find something cool about a product. I buy it. And so, like, I was willing to spend more on this because it wasn't just a striped shirt and it was presented in a different way. So that's going to be your work, right? That's going to be the challenge of what you're doing. And I think right now, if they like the value you can get is if they like it and they think it's cool or pretty. What I want you to ask is not is the price, right? I want you to ask, does this meet the need? Right? Would your little girl wear this? You know, can she try it on? Is it scratchy? Like, when you put it in front of the little girls, are they running up to it and being like, oh, my God, Mommy, I really, really want that? Yeah. Those are the questions you need to ask before the price to check the product is a good product or a product that's ready for market, and then we connect who the ideal customer is for it. Did you love this episode? I mean, there are more Ask Jack coaching moments in your feed right now, so make sure that you are hitting follow on the show and go binge a few. You never know which answer is going to unlock your next move. I can't wait to keep supporting supporting you product boss. And I will see you in the next one.