But the customer buys it only because it is worth more to him than he pays for it, and that’s his profit. No one can long make a profit producing anything unless the customer makes a profit using it.
--Samuel Pettengill, U.S. Congressman 1930’s
On the Internet, time waits for no company. Your customer has access to tons of information through the Web. Your competitor is a mere mouse click away. You have to get the price right... the first time. In the digital market scene, there are very few second chances.
Pricing is risky. What price is too high? What price is too low? Will a certain price work three months from now? Do you know? Do you know for sure?Pricing is one of the most important marketing decisions you will make. So much hinges upon it…
If you are selling a commodity, you already know that your profit margins have to be razor-thin. You are forced to compete on price. It’s sometimes the only thing that sets you apart from the field. And your business has to be seamless in its operation. Gaps are too costly.
If you have a proprietary product, its uniqueness and benefits have to be recognized as such by the market. You have to know if your product has enough original features to warrant a higher price than the cookie-cutters around it.
Perhaps you are considering a new product concept? Not sure if it will fly? Imagine if you could know how much exactly people would pay for it. You’d know if this new idea would be worth pursuing... or not (just think of the dollars and time saved).
Launching a new product? How will you price it? How do you know the absolutely perfect price -- the price that will maximize your income and your "customer's profit," right from the outset?
What about existing products that you sell? Market conditions change rapidly -is your pricing up-to-date? Smart pricing maximizes returns, at launch and all the way through the product maturation cycle.
And what do you know about your customers’ Net buying habits? How many buy this kind of product on the Net? How much do they usually spend? All of this is critical information to have before you begin to set a price. But here’s the rub…
For the small business owner, pricing guidance and pricing solutions are limited on the Net -- unless you have deep pockets and can afford expensive consultants or software packages.
Until now, that is…Make Your Price Sell!, The Masters Course is your pricing “beacon of light.” It provides you with the pricing theory and strategies you need to know in order to determine the best price for your product – the “perfect price” that maximizes profit for you… and for your customer.
Sam Pettengill clearly understood the importance of this win-win situation… The successful producer of an article sells it for more than it cost him to make, and that’s his profit.But the customer buys it only because it is worth more to him than he pays for it, and that’s his profit. No one can long make a profit producing anything unless the customer makes a profit using it.
In other words, if you put your need to make money before the needs of your customers, you’re doomed. Customer satisfaction can make or break you.
The power of customer satisfaction, however, goes beyond the realm of pricing. So before we continue with the course, let’s zoom out and get a “big picture” view of your future…
Customer satisfaction is an essential part of your overall online success equation…Great Product + Perfect Price + Right Process = Satisfied Customer + Success Achieve the first three, and the other two automatically fall into place!
It’s easy to understand why Great Product is part of the equation. No explanation is needed! And Sam has nicely helped us to understand how Perfect Price fits into the picture (of course, after you complete Make Your Price Sell!, The Masters Course, your understanding will be even clearer!).
So this brings us to the Right Process…Most online businesses (about 98% or so), die quiet deaths of desperation due to the wrong process. Many still believe in the offline mantra... “Build it and they will come.”
And that works offline because of...
“Location, location, location.”
Put up a nice store in a mall or on the main street in your town... and the traffic comes flowing in.
Not on the Net… cyber life is much different.
People on the Net are not looking for you – if they knew you existed, they would already be customers. People search for information, content, solutions about an infinite variety of niches.
Most small businesses fail on the Net because they prepare to sell and collect money, before they have provided what their visitors are searching for... information. These small business owners build a Web site to sell and somehow figure that traffic will just show up and be willing to buy or hire immediately.
Wrong process… no customer satisfaction… no success.If you don’t attract free, targeted visitors via the Search Engines, if you don’t convert them into warm, willing-to-buy customers, if you don’t build that into your site from Day 1, you are going to end up working for your site, rather than the other way around! You will have to pay for advertising to build traffic, more than you can afford probably.
To succeed online, you have to own your traffic – because if you don’t own your traffic, you don’t own your business. The most time-and-cost efficient way to build lots of targeted traffic (from the ground up) is by building a ThemeBased Content Site.
This type of site attracts and satisfies humans and Search Engines alike and grows a stable, diversified, profitable business. The “Right Process” boils down to these essential steps…
1) Develop a valuable product (your own creation or someone else’s) and determine the perfect price for it.2) Develop your own site in the niche that you know and love.
3) Fill that site with high-value content.
4) Use that content to attract your own niche-targeted traffic.
5) Build trust and credibility with your visitors.
6) Use content to PREsell (i.e., warm up) your targeted visitors. And...
7) Convert that PREsold, warm, willing-to-buy traffic into sales.
8) Diversify your revenue plan to include other monetization options (ex., Google’s AdSense, affiliate income, services, etc), all related to your site’s theme-based content.
The Right Process is simple, straightforward and easy, once you shift your thinking away from “location, location, location” to…“Information, Information, Information.”
Site Build It! (SBI!) starts with the same from-the-ground-up, Theme-Based Content Site point of view. Its comprehensive integrated set of tools (along with a clearly written Action Guide and guru-in-your-ear online help) helps you execute each step of the “Right Process” smoothly and effectively.
No matter what type of online business you have (or are developing), or your level of experience on the Net, Site Build It! starts and keeps you on the road to success not failure. SBI! produces results…
http://results.sitesell.com/Learn how SBI! can help you grow a traffic-generating, income-producing online business. Find your business category and SBI! information here…
http://find.sitesell.com/
With this “big picture” of your future firmly planted in your mind, it’s time to zero in on the Perfect Price component of the success equation.And it all starts with a solid understanding of pricing basics. Let’s do it…
