The four key elements for success in internet marketing, particularly those of us using the internet to work from home, are: Product, Price, Place, Promotion.
Having discussed Product earlier, it's time to consider Price.
There are two price considerations: competition, and price point.
Assessing competition is much easier with the internet; just do what your customers will be doing, run a search on the keywords which best describe your product (don't forget to use Google AdWords for research to find other popular search terms you might be missing).
When evaluating the competition, be objective.
Don't fall in love with your product, don't assume it will command some intangible premium for quality or reputation unless you can support that by market share research.
Also, remember your customers don't care what your costs are, or how much profit you feel is reasonable.
If you want to be in the hunt for your customers dollars, make sure your offering price is in very close range of your competition, and that you can make up the difference by a unique selling proposition which sets you apart (free shipping, money back guarantee, free customer support, and the like).
The other price consideration, which is often neglected, is price point.
If your primary product is priced over $40 consider this -- for American consumers, trust is a key element in purchasing.
Particularly with internet marketing and virtual storefronts, you might want to consider a two-staged program to develop the trust you'll need to convert new potential customers to clients.
If your primary, high profit product has a correspondingly high price point, consider finding or developing a high value, lead-in product, priced $40 or below for your initial sale.
The objective for this sale is to gain the prospect's confidence that you provide high quality products which meet his or her needs.
This lead-in should relate directly to your primary product, and ideally will provide your prospect a sample of the benefits to be derived from investment in the higher-ticket item.
A good, low-risk, first experience will dramatically increase your conversion of traffic to sales.
For success in your internet work from home, remember to consider price in terms of both your competition and the level of trust your prospects will need to be comfortable making high-priced purchases.
Sometimes it's best to start low (in price) before aiming high.
Having discussed Product earlier, it's time to consider Price.
There are two price considerations: competition, and price point.
Assessing competition is much easier with the internet; just do what your customers will be doing, run a search on the keywords which best describe your product (don't forget to use Google AdWords for research to find other popular search terms you might be missing).
When evaluating the competition, be objective.
Don't fall in love with your product, don't assume it will command some intangible premium for quality or reputation unless you can support that by market share research.
Also, remember your customers don't care what your costs are, or how much profit you feel is reasonable.
If you want to be in the hunt for your customers dollars, make sure your offering price is in very close range of your competition, and that you can make up the difference by a unique selling proposition which sets you apart (free shipping, money back guarantee, free customer support, and the like).
The other price consideration, which is often neglected, is price point.
If your primary product is priced over $40 consider this -- for American consumers, trust is a key element in purchasing.
Particularly with internet marketing and virtual storefronts, you might want to consider a two-staged program to develop the trust you'll need to convert new potential customers to clients.
If your primary, high profit product has a correspondingly high price point, consider finding or developing a high value, lead-in product, priced $40 or below for your initial sale.
The objective for this sale is to gain the prospect's confidence that you provide high quality products which meet his or her needs.
This lead-in should relate directly to your primary product, and ideally will provide your prospect a sample of the benefits to be derived from investment in the higher-ticket item.
A good, low-risk, first experience will dramatically increase your conversion of traffic to sales.
For success in your internet work from home, remember to consider price in terms of both your competition and the level of trust your prospects will need to be comfortable making high-priced purchases.
Sometimes it's best to start low (in price) before aiming high.