Marketing Tips: How to Price a Brand New Product

How do you come up with a price for a product that’s never existed before? In his latest episode of Help! My Business Sucks! Andrew Lock shows you how to find a price the market will bear, plus more marketing tips to help you “get more done and have more fun.”

I came across a great line of tea products with the brand “The Republic of Tea.” Each product has the name “Get _____,” which is brilliant marketing because the name in the blank directly relate to a benefit in each case. I’ll show you some examples of this in the episode.

Have you ever launched a product that’s genuinely new to the marketplace? The big dilemma is knowing what to charge, because there’s nothing to compare it with. That’s the challenge posed in this week’s “Ask Andrew” question. My answer revolves around focus groups, or more simply, asking as many people in the target demographic for their opinion and feedback. It works.

It’s good to start each day with an uplifting, positive, encouraging quotation, and the free service that I use for that is from GiveMore.com. I recommend that you sign up for their service.

The big marketing lesson this week is from XM satellite radio. I bought a new car recently, and it came with a three-month trial of the XM service. The company sent me a letter inviting me to signup for the service, so they did things right (to a reasonable extent) with their marketing, but they fell at the first hurdle so that I didn’t even consider the offer — I dismissed it out of hand. Wanna know why? Watch the episode to find out and see if you agree with me.

Let me know your opinion about the topics covered in the show this week — leave your comment below, it’s really easy to do.