Success IQ Podcast Interview - Geoff Nicholson

If you are here it is because you heard Geoff Nicholson and me talking on the Success IQ podcast. I hope you had as much fun listening to us as I did talking to Geoff. He is a wonderful host who is passionate about introducing you to the people and ideas that can improve your life.

Robin Waite is a husband and father to two young girls, with a passion to help business owners set fearless goals and achieve great success.

Robin is a business coach, regular speaker at various business events and bestselling author of two books, including the recent popular release Take Your Shot. He puts his decade of business leadership experience to work, coaching clients to reach their goals.

To access bonus content and so much more you can get that by visiting my website.

More ways to get involved

If you have found anything useful in this episode, then please leave a comment and rate the show.  If you would like to ask Geoff a question or suggest a topic to cover on the show, please email him at podcast@geoffnicholson.co.uk

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What we Discussed on the Show

Pricing is something that is hard for many people in business. Pricing requires a lot of thought, and it can be difficult to know where to start. In this episode of the Success IQ Podcast, we have someone who has been a guest on our show talking about pricing. We hope you enjoy it!

Pricing is something that is hard for many people in business.

Pricing is something that is hard for many people in business. Pricing is not just about the product and it's not just about the customer; it's a reflection of your business.

If you're having trouble with pricing, here are five things to consider:

• You need time to think through your pricing strategy before launching your product or service. Pricing is a process, not an event! Don't rush it--take all the time you need and don't be afraid to experiment with different options until you find something that works well for both parties involved (you and your customers).
• Price according to value received by the customer rather than cost incurred by yourself/your company/etc., because ultimately this will help ensure long-term success by creating loyal customers who appreciate what they get from working with you/your company/etc., which leads us into our next point...

How do you know what your product is worth?

You can get a good idea of what your product is worth by asking your customers. Start by asking them what they think the value of their own products or services are, then follow up with why they feel this way.

If you're not comfortable asking people directly how much they would pay for something, try asking friends and family members. They may be more honest than strangers who don't know you very well! If all else fails, look at similar products in the market (or even competitors' products) and see how much they cost compared to yours--this will give you an idea of where your price should fall within that range.

How do you know how much to charge for your goods and services?

You might be asking yourself, "How do I know how much to charge for my goods and services?" The answer depends on a number of factors:

• Price is a function of value. If you believe that your offering provides value to the customer, then they will be willing to pay more for it than they would otherwise. The higher the perceived value, the higher your price can be!
• Price is a function of cost. If it costs you $5 in resources (time or money) to produce an item and sell it at $10 dollars per unit, then you're making $5 profit per sale over your costs - which means this might not be such a good idea after all! You want as little overhead as possible so that all profits go straight back into growing your business - not paying off debtors or keeping lights on in an empty office space because no one wants what you're selling right now anyways...

Pricing by Empathy

Pricing by empathy is the process of understanding your customers and their needs, then creating a price that makes sense for them.

This is important because most companies don't think about pricing from this perspective. Instead, they focus on how much money they can make from each customer or what their competitors charge for similar products and services. But if you understand why someone will buy from you instead of your competitor--and if that reason isn't just because they're more expensive--you have an advantage over everyone else in the market!

Finding Your Guest Price Point

The next step is to figure out what your guest price point should be.

There are several ways you can do this:

• Ask your customers what they would pay for your product (or similar products). This will give you an idea of how much they think it's worth, which could be more or less than what you think.
• Ask them how much they would pay for the product and then tell them that there's no right answer here--it doesn't matter if their answer is higher or lower than yours; all that matters is whether or not they feel like they're getting value out of it at that price point, whatever that happens to be! This will help ensure people don't feel pressured into paying more than necessary just because someone else did so first (or vice versa). It also gives guests who might otherwise have been uncomfortable sharing such personal details with strangers something concrete on which base their decision making process - after all, nothing helps clarify thinking better than having hard numbers in front of us when making decisions about our own finances!

Customer-Driven Pricing

Customer-driven pricing is a way of setting your prices that's based on the needs and preferences of your customers. It involves asking them what they're willing to pay and then setting your price accordingly.

There are two main benefits to this approach: first, it allows you to charge more than you would have otherwise because it gives customers a sense of value; second, it helps you avoid underpricing yourself on certain items or services that may actually be worth more than their competitors' offerings (which can lead to losing money). On the other hand, there are some drawbacks too--if you don't get enough feedback from customers about their willingness-to-pay level (or if they're not truthful), then it could result in charging too much or too little for certain items/services which will hurt sales overall!

You can figure out the price for your products with some simple exercises!

You can figure out the price for your products with some simple exercises!

• Look at your competitors. What are they charging? How does that compare to what you're offering? What would you pay for this service/product if it were offered by someone else, and why?
• Look at the price of similar products and services. Are they more or less than yours? If so, why do you think that is (is it because they're better or worse)? If not, what makes them different from yours--and how might those differences affect people's willingness to pay for them over yours (if at all)?
• Look at what people pay for experiences in their lives--like going out on dates or going on vacation trips--and try thinking about how much time goes into creating an experience like yours versus simply buying something outright (like a pair of shoes). Is there any way that could translate into higher costs for creating experiences rather than just buying things outright?

Conclusion

Pricing is something that is hard for many people in business. It can be a tricky thing to figure out, but it doesn't have to be! There are a lot of simple exercises you can do to help yourself figure out what your product is worth and how much to charge for it.