How do you decide pricing on your product?
Andrija Raičević
18 replies
Share some resources, comments, knowledge for when it comes to pricing a product.
Replies
Julien Zmiro@zmiro
Intercom
Top Product
It's super hard but I think the main thing is to a) talk about pricing early with your customers or leads and b) keep talking about it over time and iterate if necessary.
There's a great book called "Monetizing Innovation" that I can't recommend enough. I basically explains how to have conversations about the "willingness to pay" effectively. We took huge inspiration from this book when building the best practices of our user interview AI on AskMore.ai.
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Look at competitor, if you are product similar then charge similar price. if you are product is better then more. If you have new proudct then compare it their alternative solution.
I mean they must have using something else before your product, right?
At the end, it is all about testing. You can't figure out right price in one shot
Market research.
I usually look at my competitors.
Pricing's a mix of understanding the market, competitor analysis, and knowing the value to the customer.
Our team researched the market and looked for the best price for users.
@iren_ivashchinenko What other parameters did you take into consideration?
Found a Reforge artifact on pricing: https://artifacts.reforge.com/ar...
aiforme.wiki
Pricing decisions for me involve a mix of strategic considerations.
Target Audience
Psychological Pricing
Experimentation
Long-Term Vision
@akanksha_hunts Any resources on any of these?
Lakera
Good question - think you've gotta just start somewhere and then be willing to adapt to user and customer feedback!
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Experimentation