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How to Find Your Price

Name: How to Find Your Price
Uploaded: 2024-09-03T21:00:21+00:00
Duration: 46 s
Channel: Shanli Liu, CPA, CTP
Description: In this concise monologue, the speaker outlines a pragmatic approach to determining the optimal price for a product or service. The core method is…

3 Sept 2024 · 1 min

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0:46

In this concise monologue, the speaker outlines a pragmatic approach to determining the optimal price for a product or service. The core method is iterative testing: repeatedly adjust the price upward, monitor conversion rates, and continue until a noticeable drop in sales occurs. The speaker emphasizes psychological pricing bands, noting that small differences (e.g., $27 vs. $29) often have minimal impact, while larger jumps (e.g., moving from $59 to $70) can shift buyer perception into a new price range. If a price increase leads to a sharp decline in conversions, the advice is to roll back the change by a minimal amount to find the sweet spot. The overall message encourages data‑driven experimentation rather than relying on gut feeling.

Chapters

What should I price my thing at? Let me tell you how you solve this. You test, you test, you try it, you see what happens. There's no like, oh, hold on, feels like $17. What I will say is that from a psychology perspective, there's these bands of pricing that exist that you've probably noticed, right? Like, is $27 very different from $29? Not really. Does that same buyer buy at $29 and say no at $31? I don't know. But all the people say yes at $50 probably say yes at $55, $59, Sometimes even 65. Once you get into 70, it's like, ooh, that feels like another range. Right? And if you ever do fall off a cliff in terms of like, oh shoot, no one's converting. And this, I just, I went too far. You can always walk it back by just removing one tiny thing. I always go until I go too far. Cause how are you going to know? If I keep making more money, I keep going up.