08 Apr 'Say Yes!' Pricing
People frequently ask for guidance in how to price niche products. Typically, we can only give vague responses – blame former Ohio Senator John Sherman and President Benjamin Harrison, who respectively sponsored and signed the Sherman Anti-Trust Act of 1890. The Feds frown on anything that smacks of price fixing!
That said, there are three best practices we can offer when it comes to pricing:
- Get buy-in from your sales team. Before Andrew Walker at the Elkhart Truth launched our print and online bridal platform in January, he involved his entire sales team in the decision. The result was a 126 percent increase in revenue in one month.
- Don’t be afraid to charge a premium price for premium products. Niche buyers are motivated buyers, and therefore, they’re more valuable to your advertisers.
- Still, be careful to not over-price. Look for the “say yes” price, the price your sales team agrees customers almost have to say yes to.
You know your market better than we. We gladly will share how others price our products, but at the end of the day, your “say yes” price is yours alone.