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007: We Overestimate How Many People Will Buy & We Underestimate How Much People Will Pay

When I was working on my first book ten years ago I kept a plastic box on my desk. That box contained all the notecards outlining the book’s content and structure.

On the outside of the box I had written “$250,000” with a big black marker, because in my mind that is what I was convinced I’d make in book sales.

The idea of the book was perfect, the exercises in the book were excellent, and I knew lots of people who needed it. Failure was inconceivable!

In hindsight I recognize I was how misinformed I was.

At the time I obviously had no clue about conversion rates, what a realistic marketing plan looked like, or what it would actually take to sell over 13,000 copies of a $19 book.

Today I have much clearer idea of how to make intelligent pricing decisions. These ideas are based on business fundamental number #7.

Fundamental #7: It is easy to overestimate how many people will buy and underestimate how much people will pay.

In this week’s podcast I talk about how to approach pricing (as well as what you should sell) to ensure that you are not missing opportunities.

http://traffic.libsyn.com/hibmp/HIBMP007SalesPrice.mp3
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Filed Under: podcast Tagged With: 11 Business Fundamentals July 9, 2015 By Gene Monterastelli

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