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 ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Links for this video When to Quit Your Day Job    • When to Quit Your Day Job for CNC Machinis...   Oprah Effect Article https://www.entrepreneur.com/article/... Psychology of Discounts Article https://www.namogoo.com/blog/consumer... Xometry https://www.xometry.com/ ~~~~~~~~~~~~~~~~~~~~~~~~~~~~ Reach us / CNC Info: Speeds & Feeds: https://provencut.com Fusion 360 (Purchase, Support, Training): http://dsi.fyi/3yu7Mt0 Online Fusion 360 Training: http://bit.ly/LearnFusion360 SMW Products: https://saundersmachineworks.com/ CNC Resources: https://www.nyccnc.com