Exercise: Look for Market Support
And that's, why our final step here is we're going to look for market support. So how do you know if a product is feasible in the marketplace, which may not be your current market place? Right? So that's, the other thing I think about here is it might not be feasible in your card marketplace, but doesn't mean it's not feasible in the marketplace. So I want to send you guys out to look for cops. Cops are comparable products. I watch a lot of shows on hd tv, so I just use the real estate term now. Micah, go look for comes things that are similar or higher to your minimum profitable price your m v p I can't see that knows the npp us on what I'm talking about now they're similar to your m v p and support you bringing the product to market so you could find those comes by once again going shopping. And if you had gone shopping in real life, you could look on line two, talk to your friends to shop a lot. You go see a theme here and then pay attention what people are already spending. So some...
times you're making a big leap, in which case your customer data isn't going to really tell you, but sometimes you might. See what people are spending on other things and go you know what there's seventy dollars of me I could probably do something else or maybe desert is seeing you know what they're buying multiple orders. So even though my average price point four two, five dollars people are very comfortable spending twenty to thirty dollars in my online shop so that gives me support for a twenty to thirty dollars product so the exercise that I want you to do here is one of my favorite pricing exercises you guys some of you have seen me do this before but it's super important I want you to find the high end of the pricing spectrum do not waste your time looking at prices at the low end of your category because they're not going to support your business I don't care what target sell statement necklaces for I don't care what damon necklaces cell for on etc the high end shows you what possible so you want to see what is the highest thing that can support nothing that you have to be there but you want to see what supports it? This is my favorite example there it is our nineteen hundred dollars lan von plastic rafia flower choker necklace did that make you feel better about the price point you showed just like gosh those are all never never gets old? Does this number not make you feel better yelling yeah twelve hundred dollars a solid gold and rare gemstone necklace that hammond ranch sheena wright so someone is willing to buy this now this is a perfect example of its positioned in the right place so you have to go out and find the markets that will support that but if someone's going to pay that for that there is no reason that they wouldn't pay for what you've got so I have a question yes on dh this is sort of weighing on me a little bit now that I am looking at this higher price point for pieces I'm not opposed to transitioning some of my best sellers and making everything all of solid gold and having on ly a solid gold line because now I feel like this twenty five dollars to twelve hundred dollars price point makes no sense together and is there gold filled your cheapest in your is your gold film cheaper than your silver? No so wait sugar thank you stills fairly right? Yeah that your question? Yeah, my question is doesn't make sense when people go to my website to see this gold filled to see this twenty five dollars price point and then see this twelve hundred dollars price point I don't think it's a twenty five dollars price point is that confusing because I think it's fine to have strange but I kind of having gold filled and goal and cycle that confusing because they're going to want to know why they can't get the solid gold piece in. And I think all of your things that sell really well in the gold filled, you're using thin enough gauges that I don't think your material costs are going to be so extravagant that it makes those crazy no, I already sell them in solid gold, and my and I sell well in solid gold to and actually that is the biggest thing for people. They're like what's called phil. How come solid gold one fifty gold fills fifty yeah, on dh. So I do think people still purchase struggled, and I might not introduce that initially on some of my that's selling science or maybe some my wholesale accounts. I might still offer right the whole thing, but I think maybe going forward on my website, I might try yes, justin, entirely solid and silver, you know, have silver and developing my lower right, and I think that is absolutely the right decision.
Bonus Materials with Purchase
Expand Your Product Offering Class Workbook
MALSWYM Private Facebook Group Invite