Should You Lower Your Prices?

Should you drop the price of your product to match or even go lower than your competitors, or even go lower than or match Amazon prices so that you can sell more? That was one of the questions I got from my students. I think some of you are actually having the same question.

Maybe you've looked at products that you want to sell and you're like “I'm not going to be able to make any money if I price match that. And so I just don't want to sell it because I'm not about to work for free,” and I'm with you right there. I don’t want you to be a volunteer in your own business. You should be making money. That's what businesses do.

Maybe you have that feeling that you have to continually drop prices in your online store to beat out the competition or you won't make any sales.

Well, I get that feeling. I actually get that feeling way too much. But if you look at the big picture on the way of this thinking, it's like a rat race to the bottom where someone will be willing to beat you out on the price.

And I say: “Let them - they can work for pennies. You are worth way more than that.” Stay tuned as I show you in this episode that the race to the bottom is never the solution to online sales success - It all comes down to delivering what I call the concert experience.

Key Takeaways:

When you feel you have to continually drop prices in your online store… (6:41)They can work for pennies. You are worth way more than that (7:43)Odds are you're willing to pay more to shop in the online store you love (9:28)Your online boutique or store can deliver an entire concert experience (11:31)How to win while you keep the prices where they need to be (13:12)By adding more value to the product, you can stand out (14:32)You can copy public domain content sans permission or paying fees (14:54)Fiverr, Etsy, Canva, and Pinterest can help deliver the concert experience (15:16)How great would it be to have a concert brought to your house? (17:05)About returning a product, and free shipping… (18:06)You could offer a chatbox on your website (19:05)With every package I ship out, I add a piece of Laffy Taffy candy (19:20)Your product packaging can also make for that concert experience (20:15)Delivering that wow-worthy experience in a simple yet effective way (20:27)Fostering a customer base that is loyal to you and your brand (21:45)

--

Additional Resources:

Download your free personal bundle at https://alisonjprince.com/bundleFree ebooks to download: https://www.gutenberg.org

--

Connect with Alison:

FacebookInstagramLinkedIn

>>> Join the $1-100k System