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Before we show you how to find your Perfect Price™, though, let’s get
5,000,000 years worth of pricing perspective...
2.1. 5 Million Years of Pricing
Your new product will fail if you adopt the wrong price. Set it too high and no
one buys. Set it too low and you won’t make a profit -- and despite dotcommania,
it’s not OK to lose money forever. If you choose the right price, of course,
you still have to do a lot of other stuff right. But that’s not our job here!
Let’s do a quick historical review of pricing. We’ll end up at the Net. Don’t
groan -- we said “quick.”
In the bad old days of hunting and gathering...
... people bartered. They negotiated goods or
services for the goods and services of others. Bartering is still seen in
developing countries and in the “black market” of developed countries.
As the Agricultural Revolution took hold, market places evolved. Now that
people were growing zucchini and potatoes, they needed someplace to sell
them! People negotiated a cash price on a one-to-one basis. It’s called
haggling. People still do it -- just visit any farmers’ market on a bustling
Saturday morning.
Pricing varied according to supply (good year for growing?), demand (did
buyers have much money?), and competition (merchants simply peeked into
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Make Your Price Sell!
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the next vendors’ stall to see what they were charging), which all factored into
the one-on-one haggling. In other words, pricing was dynamic, fluctuating
constantly.
Then came the Industrial Revolution and mass production. Could retail
stores and the fixed price be far behind? A fixed price is where the seller
decides upon a price -- the prospective customer either buys it or does not. No