How to Know EXACTLY What to Charge for Your Products

After all, if you price low youll make more sales. Price high and youll make fewer sales, but each sale will be worth more.
You could look at your competitors for ideas. Thats how most marketers do it.
You might ask your consumers.
You might ask your peers.
You could draw random numbers out of a hat …
… do you see where Im choosing this?
NONE of those responses is the right one.
The only method to understand for a FACT which rate point will make you the most money is to TEST.
Really few online marketers do this.
And when you check a price, keep in mind to think about the number of refunds, too.
If its a subscription site, track the length of time members remain at each rate point.
Heres a fast example of why this matters a lot:
You evaluate two different cost points on your subscription website:
$ 47 a month and $17 a month.
At $47 each month, you get 2% of prospects to sign up, and typically they stay for 2 months.
At $17 per month, you get 4% of potential customers to register, and on average they stay for 6 months.
Out of hundred potential customers, the very first month youll make $94 at $47 apiece, or $68 at $17 apiece. So it appears like $47 is the winner.
When you take into account how long each member stays, its a totally various story – – $188 versus $408.
Always always test your costs. You may be shocked to discover youve been leaving a heck of a lot of money on the table.
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Wouldnt it be great if there was some way to understand exactly what to charge for your items, so you could make the most money?

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