Have you ever wondered if there's a way to never run out of sales?
If you're starting a business with one product to offer, you can still multiply sales based on this strategy: pricing your product differently. Creating different pricing offers is a creative solution to help you expand your offerings to customers.
When I got my first job as a student tutor, my salary was around $11 per hour. I worked eight hours a week for $88 total, and that was the limit that I could earn. When I graduated from college, I still tutored other people, but this time, I had different offers for different college-level courses. I still tutored part-time for eight hours a week, but I would charge $29, $49, and $59 for different types of level courses.
Charging people at different prices for your products/services has been practiced by movie theaters, airlines, coaches, and consultants.
If you learn how to create different price offers for your services, you will always have customers to serve and a business to run.
Price your product at premium prices
You should create a premium offer for your customers from the start.
Starting with a low-cost mindset can set you up for fierce competition, and, ultimately, failure. Why offer the lowest-priced service when you can do better? Instead, focus on providing the best possible service and value to your customers.
By offering a premium service, you show your customers that you're committed to providing them with the best.
Starting with a low-cost mindset can set you up for fierce competition, and, ultimately, failure
This is how you differentiate yourself from the competition and generate specificity in your service.
Price isn’t the sole factor that pushes customers away. Your ability to solve their problem is. If you can solve a customer's problem with speed and efficiency, you will always have a business. Many entrepreneurs create more problems with their pricing than by offering a quality service.
Price your product at regular prices
Sometimes, you will have customers who cannot afford to pay for your premium service.
Offer those at a regular price. For instance, if students cannot pay $59 for an hour-long essay, I can charge $49 for a meeting with them, help them come up with an essay outline, and assist them in solidifying the introduction.
Don't mistake a regular price for a regular service.
You must always provide the best service to every customer you deal with. That means if they pay a premium price, you should provide 2x premium service. If they pay a regular price, you should provide a premium service. Never let price influence the quality of your work for people.
You must always provide the best service to every customer you deal with
A regular price service is a medium to build trust with people so that they can do premium service with you in the future.
Price your product at low prices
A low-priced product is a strategy to generate interest from new customers.
Low-priced products are most effective when sold on high-traffic platforms, such as e-commerce sites (Amazon, Spotify, App Stores, etc.). However, you should not rely solely on an e-commerce platform to build a full business. These platforms are useful for generating leads, but you need to learn to build your own empire on top of them. This means building your own platform where you can offer a variety of products and pricing options.
A low-priced product is a strategy to generate interest from new customers.
Great companies never offer you only low-price products.
For example, consider how much you spent on your first Apple product compared to your most recent purchase. Personally, I first bought an iPhone 5 for $500, but I have since bought several other Apple products at higher prices. What about Walmart? They say they have low-cost products, but sometimes we end up spending more than we need to.
Remember, e-commerce platforms are for generating leads. To build a successful business, you must learn to build upon these platforms and create higher offers for customers.
Price your product for free
A free product is another way to build interest from people.
Similar to a low-priced product, you may get more interest from people if done correctly. When you offer a free product, you can also ask for an exchange of people's email. This exchange allows you to start sending out more offers in the future to nurture your business with people.
There is no such thing as a free meal!
Get creative with your price
A startup may lack the resources to build a product line with different categories, but they never lack creativity.
Get creative with your pricing offers so that you can provide more value to different customers. This is how you generate larger interest without diluting your focus.
Ultimately, creativity is the engine for your success, even if you only have one product to offer.