Forget luxury labels. What matters is supply and demand. A $500 digital product sits unsold with one prospect a week, but attract more interested buyers and you can raise prices gradually. Generate demand first, then pricing follows.
Got a quick question for you guys. What's better, being a luxury brand or a non-luxury brand? I don't really care and it doesn't really matter, but if you want to raise your prices on whatever you're doing, the only thing that you need to do is decrease supply and increase demand. Supply and demand is a real thing and it totally shapes the way that we interact with products and services in a free market. If you want to increase your services, you guys got to get more demand to it. For example, you've got a digital product that you're trying to sell for $500 and only one person a week is coming into it. You're going to be pretty desperate to get that person to spend $500 for it. Whereas if you can get a lot more people that are interested in your product and slowly start to increase and test what that price point is going to be and what you can charge for it, it's gonna be a lot easier for you to actually increase your prices over time. So don't think about your product or service necessarily as a luxury or non-luxury, but just try to think about how you can price it and increase it over time. The more people you have interested in your product, the more you can sell it for. It's kind of just as simple as that.
