Something's value is determined by:
- The pain of not having it
- The amount of people who can solve the problem
For example if you need your windows cleaned, pretty much anyone can do that. But if you need your high rise building's windows cleaned, you need someone who is both a good cleaner and isn't afraid of heights.
As you said, there are very few competitors in your space -- which can be seen as both a good thing and a bad thing. The first question you need to ask is why? Competition is great. That means there's a need for the problem to be solved and there's a big market waiting to buy.
However, if there's no competition because there's no market, you're obviously going to struggle. You then need to determine if there's no market because there's no need, or because people don't know they need it, in which case you'll first have to educate the market which is both expensive and time consuming.
If there's low competition because there's a shortage of people who can actually teach the material, you're in a much better spot and your price can automatically go up. Then you have to factor in the need on top of that, is there both a shortage of people who can teach and a low need for the product? Or is there no teachers and a burning need for it? (Obviously, the best spot to be in)
The other factors you need to think about are:
- What you're actually offering: Things like your personal time (coaching, calls, group coaching, reviews etc) automatically add value as opposed to an online course or PDFs
- Your positioning: How is your copy? How are you selling it? How are you positioning yourself, your expertise, the need in the market? Are you solving a problem or giving them an opportunity?
- Your bonuses, guarantee & other factors: How are customers perceiving your offer? Do they feel like it's a no brainer deal or do they think it's a little thin for what they're paying? Is your price justified?
The secret is that if you tap into the right 'stuff', people will pay almost anything to solve their problems. You've got the 'low end' which is <$200, the mid tier ~$200-$500, the top tier $1000-2000+ , and the premium tier which is generally those massive done for you/done with you packages that cost 5-fig+. It's better to consider all those factors as opposed to following a chart of what you're 'supposed' to charge, or better still, test the price point! You'll never really know for sure until you've got the numbers.