How to Price Your Product: 5 AWESOME TIPS!

Product price is more than material costs, labor costs, and profit margin. What if the cost to manufacture is above what customers are willing to pay? We'll cover 5 plus 3 bonus tips to help manufacturing entrepreneurs determine product viability and price them appropriately!

00:00 Intro: A Mistake That Almost Cost Everything
01:04 Retail Value VS. Cost of Goods
02:15 Product Viability: Can You Make Profit?
03:20 Oprah Effect VS. Low Sales
04:04 Profit Margin for Distributors & Resellers
05:18 Product Availability & Proper Pricing
05:53 Bonus Tip #1: Promotions and Discounts
06:12 Bonus Tip #2: $70 Steak & Customer Emotions
06:28 Bonus Tip #3: Listen to Customers, NOT Family
07:00 Learning From Competitors & Final Thoughts

5 Reasons to Use a Fixture Plate on Your CNC Machine: https://bit.ly/3sNA4uH
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Links for this video

When to Quit Your Day Job
https://youtu.be/2gutFy0_5jg

Oprah Effect Article
https://www.entrepreneur.com/article/200954

Psychology of Discounts Article
https://www.namogoo.com/blog/consumer-behavior-psychology/psychology-of-discounts/

Xometry
https://www.xometry.com/

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Online Fusion 360 Training: http://bit.ly/LearnFusion360

SMW Products: https://saundersmachineworks.com/

CNC Resources: https://www.nyccnc.com

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