I recently paid a few  hundred dollars for a used Nintendo Switch, a dock to connect it to a TV, Mario Kart, and  the latest version of SuperSmash Bros.

I’m not a gamer–these were gifts for my little sister.

She didn’t like the gift.

Yet I still insisted that she play it-even if for a little bit.

The secret to my irrational behavior has to do with pricing psychology.

You see, people value what they pay for. The more premium the price, the more perceived value they give the product.

That’s why I refused to leave my sister alone until she played with the Switch at least once.

So this is how consumers engage with pricing.

For business leaders like yourself?

Nothing is more frustrating than underpricing your product or service,

I know a lot of entrepreneurs who are terrified to leave money on the table because they  have undercharged or mischarged. You might be one of them.

It is stressful to get pricing right.  There’s a lot of confusing advice online.

I can’t give you a checklist on pricing that will guarantee you Nintendo-levels of success. I respect you too much to give you BS information.

 But I can give you some important principles for you to come up with a winning pricing strategy.

Here’s the main principle about pricing–you will figure it out over time.

Your first batch of  customers are mostly about  learning about what your customers value. Pricing is part of that learning journey.

With that said, here’s another pricing principle I can share: Don’t let personal esteem issues dictate how much-or little- you charge .

Even successful entrepreneurs often under prices themselves. These businesspeople mistakenly believe that that by being timid about price, they won’t miss out on opportunities.

If you think like this, you will lose money.

Instead, create a good product, give your customers a great experience throughout all your marketing, sales, and customer services processes, and experiment.

P.S. Get the free book that shows you how to come up with the “big idea” that delivers big bucks to your bottom line:  https∶//powerpersuasion.net/