Fungible Products & Pricing

Fungible products sell cheap. (Fungible products have little difference from competitors, e.g. two brands of nails or of flour). To escape this classification (which buyers are applying to more and more products), consider bundling your product with another. Examples: A tea pot with an assortment of teas, a book with a short video course forContinue reading “Fungible Products & Pricing”

New product pricing mistakes

When launching a new product, always test a price much higher than you think the market will bear. An axiom: You always OVER estimate how many buyers you can get, but always UNDER estimate how much each will pay. (Source: The Tao of Pricing) #PricingPsychology #pricing #entrepreneurs