I know few things about pricing. You definitely control and define your positioning with pricing and unless you are Walmart, it is usually a bad idea to compete with low pricing.
If you want to position yourself as the #1 on the market and you have result to back it up (I think you do), then yes can set a high price tag on your product.
but there are few things to consider:
1. You need think about some sort of ascension funnel for newcomers. Someone new stumbling on IML website for the very first time will most likely not buying a 1K+ product. That would be a too big leap of faith for most. You need to offer few low-entry products as a No BS test and slowly win their trust so that they get prepared for a bigger investment. For me, the No BS test product has been DMSI.
2. You need to respect the capacity of paying of your fanbase. If the ultra wealthy is your targeted audience, then no problem because money is no objection. they simply just want the best that money can buy. However, even if I would like to have a Lamborghini because it is the best exotic car that exist, I wont get one because I don't have the capacity to purchase it. You need account for that reality and I think that car manufacturers can inspire you few ideas how to do it. Selling a multi-stage program 1 stage at time or offering financing are probably 2 good options.
There is a sweet spot in pricing. Yes you can position yourself with high prices but above a certain threshold point, there will be less sales because many people cannot afford the price. If you go too high, sales can dry out. It is an art to set prices.
Another good strategy is flashsales...
You may want to check 'No BS price strategy' from Dan Kennedy for some good ideas on the topic.
If you want to position yourself as the #1 on the market and you have result to back it up (I think you do), then yes can set a high price tag on your product.
but there are few things to consider:
1. You need think about some sort of ascension funnel for newcomers. Someone new stumbling on IML website for the very first time will most likely not buying a 1K+ product. That would be a too big leap of faith for most. You need to offer few low-entry products as a No BS test and slowly win their trust so that they get prepared for a bigger investment. For me, the No BS test product has been DMSI.
2. You need to respect the capacity of paying of your fanbase. If the ultra wealthy is your targeted audience, then no problem because money is no objection. they simply just want the best that money can buy. However, even if I would like to have a Lamborghini because it is the best exotic car that exist, I wont get one because I don't have the capacity to purchase it. You need account for that reality and I think that car manufacturers can inspire you few ideas how to do it. Selling a multi-stage program 1 stage at time or offering financing are probably 2 good options.
There is a sweet spot in pricing. Yes you can position yourself with high prices but above a certain threshold point, there will be less sales because many people cannot afford the price. If you go too high, sales can dry out. It is an art to set prices.
Another good strategy is flashsales...
You may want to check 'No BS price strategy' from Dan Kennedy for some good ideas on the topic.
