Quick question on muse pricing

[dethsith8655]

Mr. Ferriss had mentioned that a muse should cost around $50-$250, then mentioned that information products have a much higher profit margin.

Should a information based product fall into that price range?

[Musetester]

It all depends on what you are selling and the value or perceived value that your product creates. Remember, set your price high and upsell to quality. Discounting is the path to ruin.

[Monkiii]

Also avoid the trap of thinking that a product has some fixed, absolute "value". It's *perceived* value that counts. If you can help someone understand more of the value of your product so that they're happy to pay more... and they're happy when they get the product... then it *is* worth more.

Put more succinctly:
Truthful marketing legitimately raises value.

The only real "correct" price point is what the market is willing to pay, when told the truth. How you position it though will determine what the market is willing to pay. After all, most people hide most of their products benefits because they're either a) Thinking only of them selves ("buy my product because... I want you to!") b) Embarrassed to share legitimate benefits ("Oh, I'd feel like I was a shifty sales person if I actually told them about that...") or c) They're just lazy ("Hey, I put in a few bullet points. What more do they need?")

[dethsith8655]

Thanks guys, that was some intense ideology that I am not used to seeing in marketing.

I know product will be extremely useful and honest. My issue is I am starting with very little. The information in my muse will be useful, but the production value will be low as I've never filmed my own how to video.

[Monkiii]

This is the age of high quality information with low production values. Once there was only Hollywood. Now we have You Tube. Heck, we even see Skype video calls on major neywork news. People are used to low production values now as long as it's interesting.

Provide value.
Make it interesting.
Let people know all the benefits of what you've got.

You'll be fine. :)

[dethsith8655]

Great advice Monkiii, you're my new best friend!

[jackson]

I don't know how to price my CD. And don't really know how to test it either.
I think it should be $67 but could be $20. I have no idea what to think other than it should end in 7.:(
It's about 5 or 6 hours running time for people who don't worry about money and are always buying high end equipment.