Hey Reader,

So you've been building a list and growing your audience, and now you've put together your first product to sell to them.

You're at the point that stops most people in their tracks....figuring out how much to charge!

It's a decision that seems to get every one of us in our heads, questioning everything. We have seen it make talented people who have created super valuable products, flat-out panic because they get so stuck trying to figure out the price.

So, how do we avoid this panic and get to the right price?

Put simply: Ask your audience.

However, if you just ask "what do you want to pay for this?" you're more than likely going to get a much lower number than what they would actually be willing to pay.

So instead, I suggest using a version of the Van Westendorp's Price Sensitivity Meter.

This is a model introduced in 1976 by Dutch economist Peter van Westendorp that companies have used for decades to figure out what prices their target customers will be comfortable paying.

Now, the actual strategy is a lot more detailed than what I am going to layout here, and the graphs you'll find if you check Google are much more in-depth than the hand-drawn one I'm going to share below.

In-depth or not, super detailed or not, the foundational concept is the same.

1. Ask your audience these 4 questions on pricing.
2. Graph out the answers you get.
3. Find your "sweet spot."
4. Price your product.

Start by asking your audience these 4 questions:

• At what price would this be so cheap that you would begin to question the quality? (Too Cheap)
• At what price would you consider this a bargain? (Cheap/Good Value)
• At what price would this be getting on the expensive side for you, but wouldn't be out of the question? (Expensive/High Side)
• At what price would this be too expensive that it would be prohibitive for you? (Too Expensive)

NOTE: You can adjust the language of the questions as needed to ensure your audience understands what you're asking of them.

Using the answers you receive, you can either plot all the data into a graph like the one I'm sharing below, or just review all the numbers and do some doodling or organizing - whatever works for you.

The goal here is to find the point where the answers from all 4 questions intersect. This is the "sweet spot" of your audience's sensitivity to pricing - Giving you the price you should price your product to give you the best chance to convert sales.

Here's my terrible graph drawing - Hopefully you see what I'm trying to say here.

​

Somewhere in that sweet spot is the perfect price point for your new product. Depending on how precise the feedback you get is (you can help this by providing price ranges as options versus leaving the questions open-ended) your sweet spot might be a wider range of price options, but it will at least get you in the vicinity.

Need help working through this? Hit 'reply' and let me know.
​

I hope this helps
- Jeff & The Teach Better Team

🎧 What we're listening to:

• ​The Feel Good Social Podcast - Creating Content in Alignment with Your Human Design with Caitlan Siegenthaler​

⚡️Things to Check Out

💡 YouTube wants you to brainstorm video ideas with Gemini.

• YouTube is testing an integration with Google Gemini to help creators brainstorm video ideas, titles and thumbnails.
• The Google-owned company announced the launch of the new Brainstorm with Gemini feature in a video posted to its Creator Insider channel.
• The new tool could give YouTube an edge over other social media video platforms frequently used by creators, as it offers them something that’s not available on these competing platforms. In addition, it makes sense for Google to incorporate its AI into its video platform in order to encourage creators to use its AI tools instead of other popular platforms like OpenAI’s ChatGPT.
• 👉 Read the full article here.​

📈 Threads Launches Insights on Desktop

• You can now access insights into various elements, including overall “Views” “Interactions” by followers and non-followers, and follower growth and make-up.
• It’s a good, logical addition for Threads, which is gradually building momentum, and luring a broader audience across.
• We'll see if it can help Threads continue to hang around and grow.
• 👉 Read the full article here.​

💬 TikTok comes for messaging apps with the addition of group chats

• TikTok looks to be taking on popular messaging services like Meta’s WhatsApp and Apple’s Messages, as the company announced that it’s adding group chats to its platform.
• You can now create group chats with up to 32 people to chat and share content together.
• Users can only be added to chats by a mutual follower and teen users can only join groups with at least one mutual friend.
• 👉 Read the full article here.​

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💡CONTENT CREATION IDEA

CREATE SOCIAL MEDIA POSTS FROM BLOG POSTS

I know there are a lot of tools that will do this automatically or you, etc, but you can also use ChatGPT to do this for you. It's a super-simple prompt.

Feel free to adjust the below prompt for a different number of posts and/or characters. I keep mine at 250 max, so these can be used for Tweets....or X's...or whatever they're called now.

Once you send Chat that prompt, it will reply with something along the lines of "Please paste the blog post you'd like me to review, and I'll create the social media posts for you."

You then literally just copy and paste your blog posts URL, and chat will deliver you text to be used in social media posts.

TIP: Train your chat to provide responses how you like them. When I first started using this prompt, it put each post inside quotes. After a couple of those, I said "When you do these lists for me, please do not include the quotation marks. Can you repeat exactly what you just provided, but with no quotation marks, please?"

It returned the exact same response, but with note quotation marks.

Even cooler, since then, it does not include quotations, but I don't have to remind it....it just learned what I like.

EXAMPLE: I'm including the exact prompt I use below, and the response I got. From there, I created this thread on X. So you can see the full process from prompt to post.

PROMPT TEMPLATE

I'm going to paste a blog post here for you to read. I want you to create 5-10 posts for social media that highlight the key points shared in the blog post. These social media posts should be no more than 250 characters in length.

MY PROMPT

I'm going to paste a blog post here for you to read. I want you to create 5-10 posts for social media that highlight the key points shared in the blog post. These social media posts should be no more than 250 characters in length.

RESPONSE

Sure, go ahead and paste the blog post, and I'll create the social media posts for you.

MY 2nd PROMPT

https://teachbetter.com/blog/preparing-for-the-school-year-7-essential-tips-for-teachers/

2nd RESPONSE

Here are 10 social media posts highlighting key points from the blog post:

1. "Introduce yourself to parents and students early for a positive start. Consider using SchoolStatus for easy communication! #TeachingTips #BackToSchool"
2. "Home visits can improve attendance and student success. Build positive relationships from the get-go! #StudentSuccess #TeacherLife"
3. "Create temporary seating charts to manage your classroom efficiently from day one. #ClassroomManagement #TeacherHack"
4. "Prepare freezer meals to save time during the hectic first weeks of school. #TeacherLife #MealPrep"
5. "Establish classroom routines in the first two weeks to create a structured learning environment. #ClassroomManagement #TeachingTips"
6. "Build positive relationships with your students early on for a supportive classroom atmosphere. #StudentEngagement #TeacherTips"
7. "Plan for 'Me Time' to avoid burnout. Schedule moments for relaxation and self-care. #TeacherWellness #SelfCare"
8. "Sending a friendly postcard to parents and students can make a great first impression. #TeachingTips #BackToSchool"
9. "Use icebreakers and group projects to help students feel more comfortable and engaged. #ClassroomEngagement #TeacherLife"
10. "Transition smoothly from summer to the school year with proper preparation and self-care. #TeachingTips #BackToSchool"

These posts highlight the essential tips from the blog, making them perfect for sharing on social media platforms.

MY "TRAINING" RESPONSE

When you do these lists for me, please do not include the quotation marks. Can you repeat exactly what you just provided, but with no quotation marks, please?

RESPONSE

Here are 10 social media posts highlighting key points from the blog post:

1. Introduce yourself to parents and students early for a positive start. Consider using SchoolStatus for easy communication! #TeachingTips #BackToSchool
2. Home visits can improve attendance and student success. Build positive relationships from the get-go! #StudentSuccess #TeacherLife
3. Create temporary seating charts to manage your classroom efficiently from day one. #ClassroomManagement #TeacherHack
4. Prepare freezer meals to save time during the hectic first weeks of school. #TeacherLife #MealPrep
5. Establish classroom routines in the first two weeks to create a structured learning environment. #ClassroomManagement #TeachingTips
6. Build positive relationships with your students early on for a supportive classroom atmosphere. #StudentEngagement #TeacherTips
7. Plan for 'Me Time' to avoid burnout. Schedule moments for relaxation and self-care. #TeacherWellness #SelfCare
8. Sending a friendly postcard to parents and students can make a great first impression. #TeachingTips #BackToSchool
9. Use icebreakers and group projects to help students feel more comfortable and engaged. #ClassroomEngagement #TeacherLife
10. Transition smoothly from summer to the school year with proper preparation and self-care. #TeachingTips #BackToSchool

These posts highlight the essential tips from the blog, making them perfect for sharing on social media platforms.

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