I'm looking for advice about a new product my small company made. It was a custom order for a family friend, but we've been getting a lot of inquiry since we posted the image of the product to our social media and online store.
As the product was for a family friend and was the first time we had created something like this, I did it at cost price, because to be honest i knew it would get a lot attention and inquiry, which we are thankful to have gotten. Now comes the tricky part, converting that inquiry into sales!
My business partner and I, i am the creative one who does the designing and sourcing, and he is more the sales, numbers etc. It works 99% of the time, until we get into a situation like this.
The cost is 130USD, but my business partner wants to sell at nearly 600USD. The product, as wonderful as it is, is not worth that. I know value is different to every person, but i do think if i paid 600USD i would be disappointed or angry that i was charged that much. With this product, i want to go for volume. His nature is to always give a high sell price, and hope once in a blue moon someone pays, where as i favor smaller margins but volume.
And of course, i didn't create this product to only be available to higher income earners, i want it to be available to more people. My suggested sell is 280USD.
Regardless of the specifics of numbers, does anyone have any advice on how to actually talk my business partner round to my way of thinking? He can be quite reactionary when challenged over pricing, but as i said, i don't want this to just be yet another item on our website that is too expensive to be bought and we have low sales for it.
As he can be quite reactionary when challenged, i'm hoping for some new ways of approaching this i'd never thought of!
Thanks in advance!