I made something but no one wants to buy at the price I need to charge
I am a great product, but it is so hard to make a profit and it is so hard to let people know that I have made it for them. But then, the competitors and copycats are already coming. Why?
People don't need to buy a lot of things to stay alive. In the COVID_19 lockdown season, we don't shop and don't buy a lot of things and everyone was OK. A lot of things we made have been "over produced". If you make something and it costs you 200 dollars to make it, if it can help someone save 200 dollars, the buyer would only want to pay 20 dollars for it. It is psychology of animals, not by logic projection. It also means that you need to make the quality of your item so high that the person feels it is a 2000 dollar thing, for him to pay you 200 dollars. For example, we pay 30 dollars for a phone plan each money without negotiation, but that is because without the phone service we would be back to primitive times and would lose our jobs and friends and networks, and lose countless multiples of 30 dollars. That is why we pay 30 dollars.
If someone is not buying your item at the price it costed you to make it, it is because (1) the value is not over the roof yet and (2) your business has not scaled yet.
Question asked by
May 8, 2020, 7:42:58 PM