7 Psychological Pricing Hacks to Double Sales

7 Psychological Pricing Hacks to Double Sales

Did you know the price of your product can be your best salesman? Soon you’ll discover 7 research-backed psychological hacks to optimally price your product, so you can double your sales. At the end of the post, I’ll also share a pricing mistake that most people make and that you should absolutely avoid. Let’s rock.

1. IMPLICIT > EXPLICIT

Explicitly comparing your product pricing with your competitors can backfire in a major way – be very cautious when you’re tempted to say to your customers: “look, we’re cheaper!”

Itamar Simonson, Sebastian S. Kresge Professor of Marketing at Stanford, conducted a series of experiments and discovered that while implicit comparison leads to great sales, explicit comparison does not.… Continue Reading...

5 Actionable Ways to Generate Product Ideas

5 Actionable Ways to Generate Product Ideas

Stuck? You won’t be for much longer. Here are 5 incredibly actionable tactics you can use right now to generate ideas for your next hardware (physical product, eCommerce, widget) business. The best part is, all 5 steps can be completed within the next 43 minutes. Let’s go.

1) WHAT’S UP?

Say “what’s up?” to your customers and start a conversation. Why do the hard work yourself, when your customers already know exactly what your next business or product should be? Ask questions and see what they are happy or unhappy about with your current hardware. Don’t have customers yet? Talk to your friends.… Continue Reading...

The Definitive Guide to Product Return Policy

the definitive guide to return policy

Admit it, you’re jealous. As hardware (physical product, widget, eCommerce) entrepreneurs, we envy software and publishing businesses when it comes to return and refund policies. Their cost of return is zero. But you, unfortunately, do not have that luxury. Fear not! This is the Definitive Guide to help you craft a customer-friendly return policy, while maintaining your bottom line.

YOUR OWN SALES CHANNELS

These channels include your own eCommerce website, your online market place at Amazon or Etsy, and your own retail store. You have absolute control over the return process and can dictate the customer experience.

RETURN POLICY IS MANDATORY

You need to have a refund policy in place.… Continue Reading...

Are You Missing the Hardware Startup Golden Age?

the golden age

Have you noticed? We are in the golden age of physical product (hardware) startups, and it has never been easier to prototype, produce, and sell your dream widget. Take full advantage of this opportunity before the golden age passes you by.

“Until recently, the ability to manufacture was reserved for those who owned factories….What’s happened over the last five years is that we’ve brought the Web’s democratizing power to manufacturing. Today, you can manufacture with the push of a button.”- Chris Anderson, author of Makers: The New Industrial Revolution

Right now, you have maximum advantage when launching a hardware startup – but it won’t last forever as you’ll see in a moment.… Continue Reading...

3 Reasons Why Purggo Failed to Raise $100,000

Purggo is a new brand I co-founded in early 2014.

It’s mission is to help people breathe healthy and live happy, by creating natural, safe, and effective air purifiers using bamboo charcoal.

Our recent successful Kickstarter campaign raised over $40,000, which is more than enough for us to get the business off the ground. Our team is super excited and committed to be bringing this product to market.

However, the campaign did not reach my personal target of $100,000, despite months of planning.

Here’s why.

AUDIENCE MISMATCH

This seems so clear in hindsight, yet amidst the pre-launch excitement, wishful thinking, and mental masturbation, my mind seemed to have conveniently shelved away this critical factor.… Continue Reading...