Sprint 6: How much will your customers pay?

Read additional material for this sprint on: www.theentrepreneurs.ioIf you’re looking for more personal support, guidance and accountability, join our membership.In this episode, Ben and Derek explain the last missing piece in the “capturing happy customer” puzzle is figuring how much they would be willing to pay. You can ask a potential customer, but their answer may not be a good choice for you.You want to set a price that gives you a fair profit by capturing its full value—whether tangible (like savings) or intangible (like a super fun experience). You need to set a price that takes into account other alternatives a potential customer in achieving a similar state of happiness.Naive pricing can set prices too low and destroy your ability to be profitable or too high and turn away potential customers, threatening your ability to stay in business.