How do you think about pricing your product?
Frank Sondors
11 replies
Pricing your product is a break or make for your business.
How do you think about pricing your product?
Replies
Hanna Barzakouskaya@anna_panchenko
Healsens
Good question. It always seems to me that it's not quite ready for people to pay, and we still need to do this and that.
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RuffRestยฎ Ultimate Dog Bed
Several factors - innovation, materials, comps, intellectual property, brand -- all go into the value of the product.
I don't think there is really a right answer to it. You will need to balance the cost incurred to you and the value its adding into someone's life. You will need to find a market fit somewhere there!
AppManager by CompanyDNA AI
Increase your price until your customer complains but still pays :) The product should bring real value attached to your pricing. I think the best way to do that is to talk directly to users and understand if your pricing is very high or low.
Who Wants to Be a Unicorn (Unicorn Game)
Target Market. Marketers are willing to spend a decent amount and I based my pricing off that.
I think an anchored price would be helpful for customers to gauge if the product aligns with their budget expectations. It may serve as an initial icebreaker, enticing them to reach out to the sales team.
No matter, how I choose, one thing is constant - the second thoughts about it๐
Trademarkability
Pricing a product is a constant challenge for marketers. It's a concept we learn early on MARK101, but it can still be a complex topic even in PHD studies. Pricing strategies have evolved from fixed prices to one-time payments, and nowadays, subscription models are popular.
To keep it short, the right pricing strategy depends on the market, the product, and its stage in the lifecycle. One approach gaining traction is subscription pricing with flexible feature charges. This allows you to adjust prices based on demand, supply, and added product features.