From the course: Pricing Strategy Explained

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Common mistakes in pricing

Common mistakes in pricing

From the course: Pricing Strategy Explained

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Common mistakes in pricing

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- So when you're setting price, I want to give you a couple of tips that I've learned over the years. First, test, test, test, and then test again. The best thing that you can do, and the best piece of advice I can give you, is test your pricing to really make sure that you can get it optimized for the right level. Right? So, as you're testing pricing I want you to look at two things. One is either setting a slightly higher price or setting a slightly lower price, and there's a cause-and-effect relationship that goes on here. If you set a higher price, you actually might have less sales and the first thing you think is, "No, no, I don't want less sales." But it might be worth it to sacrifice some sales, some small incremental level of sales, to actually get more money overall and more profits overall. And you need to do that math equation. Or, the other scenario that could happen is that you lower price a…

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