Nice video I'm in love with the concept pricing high and decreasing as time goes by if people are not buying the product also I like how u said "if you start low everything above that price look expensive" great video.
Pricing isn't about product quality, utility, or cost ... As consumers we are purchased out in terms of basic needs and wants. We purchase for emotional and psychological reasons: vanity, mate value, self-confidence, acceptance, status, entertainment, etc. Pricing is a barrier for insatiable wants - not needs. Great post!!
totally agree with you. In a small town here in India, my housemaid who barely makes 100 USD a month went out to buy a fancy honda scooter, just for social prestige. we still use a second hand scooter (not so fancy) as a utility. it's the poorest who buy the most expensive
@@fwefhwe4232 It could also be that your housemaid saw the new Honda scooter as being a safer investment than the second-hand scooter. If she buys the scooter second-hand there is no guarantee as to the quality of the scooter; the seller may cheat her and the scooter may end up breaking down repeatedly and need constant repairs. In the end, buying second-hand can end up being pricier. You may be right, she may have bought the new scooter for status and validation, but its hard to tell.
Hi Spencer! I have just started digging into your course (the one I bought ages ago but was too wrapped up in a spiral of keeping up to watch the videos) and I'm loving it. Thank you so much for being so thorough with everything. It's helping a lot. I've revised my wedding website and pricing guide so it establishes a value right off the bat. I'm also redesigning my workshop website as we speak (it's new, but I don't like the current template so I have a new one on a testing server). Tonight I found myself completely trashing everything I'd done so far and starting from scratch using your communication principals. I used your Ground Glass website as inspiration for my new design and I can't wait to re-launch the site. Everything has been so helpful! Thank you again!
Thank you very much. We are just beginning to organize our on line course in Social/Life Skills that we have been doing to groups personally for a 8 years. Your clear tips have made the transition seem much easier than anticipated.
I really like the way you explained everything by facts and logic, usually people just say stuff but the way they say it isn't really convincing! I'm definitely subscribing to your newsletter!
Hi Sensor you have provided clarity how to merchandise products and manage right pricing. Thanks for highlighting the importance of setting expectations.
Hi man. I have a CBD AND HEMP start up in Perú. So i learned that I need to explain my costumers about the cost of my product and they need to feel it. I was also afraid to uprise my price, so this video helps me a lot. Thnks!
This one made me think beyond what you are talking... It was a good catalyst to thinking. Here's what I came up with: "ONLY after I have set the VISION and VALUE, I have earned the right to discuss the PRODUCT and PRICE."
Thankyou soo much Sir for these tips!! I'm saving this video so that i can watch it over and over to get these points deep in my memory. I've always been anchoring low and hence upselling beyond that point was impossible for me Thank God i came across this video
Awesome thank you so much. We own a small butchery in a low socio economic area that's on the cusp of getting better. We took meat packs off the menu because people weren't buying them. Now I know why. There was too many options so they didn't seem valuable or a good deal. You just told me why they failed. Right before Christmas, this couldn't be better timing!
Can you HELP me? I’m pricing stuff on eBay but don’t get how to pic correct price? Say I had a range of 30.99-31.99-32.99-33.99-34.99-35.99-36.99-37.99-38.99-39.99. What should I pick? 29.99 is too low for my profit I’d like. Also how should I pick profit? I normally make 10-20 profit. So say I have to list it at 30.99 to make my minimum of 15 profit what do I pick? Or should I only make £5 profit or take it down a few to 29.99 ? Thing is if I price it higher I need less sales to make my goal income but lower margin means more sales, but then if itS prices lower I will make more sales? But if I don’t make more sales then its better to list higher and hope to get that higher profit sale. IDK WHAT TO PICK ?
I came to this video because I've been trying to start a conversation based around the entire red for Ed movement. And I see repeated on the backs of cars in on Twitter post ad nauseam "educators deserve more". How can one bring that almost completely undefined concept to the ground? I feel like nobody gives the complexity of the issue proper weight, especially since it's even less of a direct cost/benefit relationship since a lot of educators are publicly funded. I tried to look at a more open market with private educators, but they tend to get paid less than public educators, the opposite I expected to find if educators are generally underpaid. I figured if I looked at the private market were prices may or may not be so fixed by legislation that the issue would be more visible. I found the opposite. It almost seems like education as a an institution is dying and the prices are a sign of that. I am in my 30s and growing up I still found more crappy teachers than halfway decent ones. Choose that can't even schedule/organize themselves properly.. I can count on one hand how many good teachers I've had. I'm sure that's a big part of it too.
Thank you for this video!! I'm currently starting up an ecommerce business and your advice has made me rethink the items i'll be adding to my websites home page :)
This is great. I often talk with clients on the phone and via e-mail and the first question I get is 'how much does it cost'. I find it quite difficult to take away form the pricing subject towards the value of our work subject. It is also very hard to sense people when I'm talking with them via e-mail or phone; if I see them, I'm able to sense cues to sell something at a different price that would be off the book.
Thanks. Advanced happy Easter. How do you determine value objectively. If say, you have a slight innovation or your product tastes better, how much premium in percent do you add from your nearest competition? Thank you. God bless, Proverbs 31
So articulated & logical that it got me into click like & subscribe instantly. However, what happens when I’m introducing a niche product in a very competitive price conscious market where the customer weights the value in low-price only & not in any other way around? It’s becomes really a challenging task to translate the intrinsic value into customer’s mind that product brings along.
Spencer, i wish i saw this vid a year ago, anyway what i wish to ask is how would or can you make people see your 'value' if the overall quality of photography in your area is not impressive and has let clients expecting a fitting 'low' price for your better work, worse, and when the country is not exactly a wealthy country with a small middle class group leaving very poor low class and very rich high class? hope to hear from you or anyone
What pricing strategy would you recommend for the donated second hand industry? I am at odds with management and my gut tells me 'lower prices equal greater revenues'. I also feel that high end brand names matter less in used retail. Your thoughts?
Good one ! i converted, but couldn't catch your url; heard it as crown, perhaps u should include a text link along with the aural. I googled your name & got the url, finally - many may just skip altogether. my 2 cents worth of gyan.
Hello Spencer. Thank you for your post. I find it very comforting to hear your ideas about pricing. I am about to launch a luxury fashion brand, and we are proposing more value for lower prices. My partner the creator and designer wants to charge higher then me, I am the business person. Even thought it is a start-up, my partner has 20 years of experience in high end luxury brands and creates wonderful garments. However I am not sure if we should price ourselves immediately high or wait until we get some clients and later rise the prices... Thank you for your answer.
@@davidflorez1196 The guy has 20 years of experience in high end luxury brands but she still wants to get her own way 🤦🏽♂️ I bet her business flopped, she’s too hardheaded
your good at what you do. Thanks for the knowledge spencer. 1) my problem is that customers see my work on social media and assume it isnt affordable so they turn away. 2) when my business is moving slow and nothing is going on, I start another, i wanted to know if that is bad? Thank you
I really lied your coin and the following advise of anchoring. how can I use it for selling cakes from home and also selling products in network marketing
Everyone should have a licensed real estate agent that is local and knows the neighborhood to ensure that you get top dollar for your home. When you price it right in this market they will come and they will bid!
Nice video I'm in love with the concept pricing high and decreasing as time goes by if people are not buying the product also I like how u said "if you start low everything above that price look expensive" great video.
Pricing isn't about product quality, utility, or cost ... As consumers we are purchased out in terms of basic needs and wants. We purchase for emotional and psychological reasons: vanity, mate value, self-confidence, acceptance, status,
entertainment, etc. Pricing is a barrier for insatiable wants - not needs. Great post!!
totally agree with you.
In a small town here in India, my housemaid who barely makes 100 USD a month went out to buy a fancy honda scooter, just for social prestige.
we still use a second hand scooter (not so fancy) as a utility.
it's the poorest who buy the most expensive
ByxVY
@@fwefhwe4232 It could also be that your housemaid saw the new Honda scooter as being a safer investment than the second-hand scooter. If she buys the scooter second-hand there is no guarantee as to the quality of the scooter; the seller may cheat her and the scooter may end up breaking down repeatedly and need constant repairs. In the end, buying second-hand can end up being pricier.
You may be right, she may have bought the new scooter for status and validation, but its hard to tell.
Hi Spencer! I have just started digging into your course (the one I bought ages ago but was too wrapped up in a spiral of keeping up to watch the videos) and I'm loving it. Thank you so much for being so thorough with everything. It's helping a lot. I've revised my wedding website and pricing guide so it establishes a value right off the bat. I'm also redesigning my workshop website as we speak (it's new, but I don't like the current template so I have a new one on a testing server). Tonight I found myself completely trashing everything I'd done so far and starting from scratch using your communication principals. I used your Ground Glass website as inspiration for my new design and I can't wait to re-launch the site. Everything has been so helpful! Thank you again!
Thank you very much. We are just beginning to organize our on line course in Social/Life Skills that we have been doing to groups personally for a 8 years. Your clear tips have made the transition seem much easier than anticipated.
I really like the way you explained everything by facts and logic, usually people just say stuff but the way they say it isn't really convincing!
I'm definitely subscribing to your newsletter!
What a great magic trick, that you convert to a context. Bravo!
Hi Sensor you have provided clarity how to merchandise products and manage right pricing. Thanks for highlighting the importance of setting expectations.
This is pretty much the best video I've ever seen. Also, this guy is a fantastic speaker! Thumbs up and subbed!
Thank you. This strategy really created a lot of clarity for me.
Thank you for some great coaching! You have changed my thought process and revealed a few things that did not realize!
Hi man.
I have a CBD AND HEMP start up in Perú.
So i learned that I need to explain my costumers about the cost of my product and they need to feel it.
I was also afraid to uprise my price, so this video helps me a lot.
Thnks!
Great video, clear, crisp and straight to the point. Do you recommend any books, articles etc. on the subject? Thank you.
I found this extremely helpful. Thanks
This one made me think beyond what you are talking... It was a good catalyst to thinking. Here's what I came up with:
"ONLY after I have set the VISION and VALUE, I have earned the right to discuss the PRODUCT and PRICE."
Thankyou soo much Sir for these tips!! I'm saving this video so that i can watch it over and over to get these points deep in my memory.
I've always been anchoring low and hence upselling beyond that point was impossible for me
Thank God i came across this video
Awesome thank you so much. We own a small butchery in a low socio economic area that's on the cusp of getting better. We took meat packs off the menu because people weren't buying them. Now I know why. There was too many options so they didn't seem valuable or a good deal. You just told me why they failed. Right before Christmas, this couldn't be better timing!
Can you HELP me? I’m pricing stuff on eBay but don’t get how to pic correct price? Say I had a range of 30.99-31.99-32.99-33.99-34.99-35.99-36.99-37.99-38.99-39.99. What should I pick? 29.99 is too low for my profit I’d like.
Also how should I pick profit? I normally make 10-20 profit. So say I have to list it at 30.99 to make my minimum of 15 profit what do I pick? Or should I only make £5 profit or take it down a few to 29.99 ? Thing is if I price it higher I need less sales to make my goal income but lower margin means more sales, but then if itS prices lower I will make more sales? But if I don’t make more sales then its better to list higher and hope to get that higher profit sale.
IDK WHAT TO PICK ?
Thanks. Very useful and well presented.
Great info. Thanks! I particularly like the idea of good names for the service offerings.
Glad I stumbled upon this little video. Had a couple of aha moments and I'm not exactly a newbie. So ... thanks.
very inspirational as a person who is just starting out i can say this is very good advice thank you Spencer
Great information and presentation! thanks
Spencer I am so glad I found this presentation.
Great talk. Concise and on point. Thanks for posting.
Great video! How do you naturally place that higher number in conversation or on a website?
This is a great video! I learned so much. Thank you.
waooo thanks a lot been having issues with my price setting but you just solved that and as well ignited a brilliant new idea for my business
great advice Spencer, there are a few things I can take from this and use in my own business. Thanks very much.
Thank you. Clear, concise and complete explanation.
I came to this video because I've been trying to start a conversation based around the entire red for Ed movement. And I see repeated on the backs of cars in on Twitter post ad nauseam "educators deserve more".
How can one bring that almost completely undefined concept to the ground?
I feel like nobody gives the complexity of the issue proper weight, especially since it's even less of a direct cost/benefit relationship since a lot of educators are publicly funded.
I tried to look at a more open market with private educators, but they tend to get paid less than public educators, the opposite I expected to find if educators are generally underpaid. I figured if I looked at the private market were prices may or may not be so fixed by legislation that the issue would be more visible. I found the opposite.
It almost seems like education as a an institution is dying and the prices are a sign of that. I am in my 30s and growing up I still found more crappy teachers than halfway decent ones. Choose that can't even schedule/organize themselves properly.. I can count on one hand how many good teachers I've had. I'm sure that's a big part of it too.
Thank you for this video!!
I'm currently starting up an ecommerce business and your advice has made me rethink the items i'll be adding to my websites home page :)
This is great. I often talk with clients on the phone and via e-mail and the first question I get is 'how much does it cost'. I find it quite difficult to take away form the pricing subject towards the value of our work subject. It is also very hard to sense people when I'm talking with them via e-mail or phone; if I see them, I'm able to sense cues to sell something at a different price that would be off the book.
Thanks. Advanced happy Easter. How do you determine value objectively. If say, you have a slight innovation or your product tastes better, how much premium in percent do you add from your nearest competition? Thank you. God bless, Proverbs 31
So articulated & logical that it got me into click like & subscribe instantly.
However, what happens when I’m introducing a niche product in a very competitive price conscious market where the customer weights the value in low-price only & not in any other way around? It’s becomes really a challenging task to translate the intrinsic value into customer’s mind that product brings along.
Great video Spencer. I'll now be trying to find ways to say million dollars within the first minute of my next appointments.
Awesome info
Informative. Thank you.
Very good info. Valuable stuff.
Loved your video, very useful x
I took awesome notes! Thank You!
Spencer, i wish i saw this vid a year ago, anyway what i wish to ask is how would or can you make people see your 'value' if the overall quality of photography in your area is not impressive and has let clients expecting a fitting 'low' price for your better work, worse, and when the country is not exactly a wealthy country with a small middle class group leaving very poor low class and very rich high class? hope to hear from you or anyone
Really great. Loved it and learned alot. Thanks!
So nice, so beneficial.
What pricing strategy would you recommend for the donated second hand industry? I am at odds with management and my gut tells me 'lower prices equal greater revenues'. I also feel that high end brand names matter less in used retail. Your thoughts?
Now I know what I didn't know, thanks for the video.
Good one ! i converted, but couldn't catch your url; heard it as crown, perhaps u should include a text link along with the aural. I googled your name & got the url, finally - many may just skip altogether. my 2 cents worth of gyan.
great, thanks for the tips!
Hello Spencer. Thank you for your post. I find it very comforting to hear your ideas about pricing. I am about to launch a luxury fashion brand, and we are proposing more value for lower prices. My partner the creator and designer wants to charge higher then me, I am the business person. Even thought it is a start-up, my partner has 20 years of experience in high end luxury brands and creates wonderful garments. However I am not sure if we should price ourselves immediately high or wait until we get some clients and later rise the prices... Thank you for your answer.
Andrea what did u do I wish to know?
@@davidflorez1196 The guy has 20 years of experience in high end luxury brands but she still wants to get her own way 🤦🏽♂️ I bet her business flopped, she’s too hardheaded
am definitely subscribing to your news letter who wouldnt want more of this cheers
Very Well explained!!!!
Great! I think I have to watch it again...
Hi Spencer,
Can you please explain on the how to overcome the demands of the distributors' and retailer's share and make a good deal with them?
Really wise stuff here!
wherez the link to ques and signals tha u mentioned
Good info, Great presentation!
Thank you this is helpful 👍🏻
your good at what you do. Thanks for the knowledge spencer. 1) my problem is that customers see my work on social media and assume it isnt affordable so they turn away. 2) when my business is moving slow and nothing is going on, I start another, i wanted to know if that is bad? Thank you
Paintings Galore You could try to sell/Market to a different crowd.
Great presentation.
Thank you so much for the insight it was more than what I thought I needed
Very good advice and worthwhile watching, but I would argue that these are Pricing TACTICS, not a Strategy. Regardless, useful information!
Very valuable - thanks for sharing!
wow!!! you are so amazing S.Lum
Great advice. Loved it!!
Thank you! I found this very informative.
This was helpful. Thanks for the valuable input!
Yes it was really good
Nice. Reminds me of what Sal Cincotta says.
Very helpful.
Sometimes when I’m learning strategies I wonder what strategies are being used by the person making the video.
I really lied your coin and the following advise of anchoring. how can I use it for selling cakes from home and also selling products in network marketing
Great
Thanks. Good stuff!
🔥🔥
awesome vid
Watching as a magician, love the French drop coin trick!
Everyone should have a licensed real estate agent that is local and knows the neighborhood to ensure that you get top dollar for your home. When you price it right in this market they will come and they will bid!
Very good
thanks for sharing!
i learned so much now see what magic i do
Thank You for the presentation.
thanks a lot!
Awesome
Thanks
kool video
Dang that's smart
what do u know, marketing is basically the storyteller of the business group. im a comic artist and a marketer Kindered lol
Deception much? haha jk