What's your approach to pricing your products or services?

Lot of fake and AI responses here…. Customer surveys, interviews and competitor pricing

I only look at the best estimate of what the market will pay. Then figure out if I can sustainably deliver value for them at a cost I am comfortable. If the answer is no, I will not be profitable, then we know it's a bad bet.

I look at similar products and price around them. If I feel like I am better than them and trying to be the premium version, I'll price higher but if I'm lesser or trying to be a cheaper alternative, then obviously I'll price myself lower.

The Pricing approach is based on thorough market research, cost analysis, and value-based pricing. Mainly, closely study competitors, gather customer feedback, and may experiment with pricing models. Transparency, long-term vision, and adaptability are key principles guiding our pricing strategy.

I analyse it from the prospect perspective and my business perspective Background: Expense is a function of 2 things 1. Affordability 2. ROI Competition Analysis on 1. Competition pricing 2. Market competition serves 3. How long they have been in the market (you might use wayback to research) Expansion analysis 1. Whether your product or service can land and expand 2. Is your unit economics makes sense Cost analysis 1. Whether you can see CAC coming down in the near future 2. Doe the cost of reach is low Above will give you fair idea of how to price

I seriously try to be simple. I do a competitor research, set a price then according to customer acquisition cost, I increase it :D

We sell digital products, so all are one-time purchases. In terms of pricing, we keep increasing the price of a product after each milestone. Starting with lowest pricing during pre-orders ($20-$30), a launch price ($40-$50), and then price hikes for every 50-100 sales (> $100) We make sure those who support early get the best discount, So they become our loyal customers in the future. And they are eager to buy our new launches.

Two words. Market Research.

Pricing is a blend of art and science for me. I believe in understanding the value my product or service brings to customers while also considering market trends, competitors, and the cost of delivering that value. It's crucial to strike a balance between being competitive and ensuring the sustainability of the business. I often conduct thorough research, listen to customer feedback, and iterate to find a pricing strategy that aligns with the perceived value and meets the needs of both the customers and the business.

The best way is to test what your customers are willing to pay for it by asking them :) Sounds obvious, but theory can only get you so far. When you put a real proposal in front of them you'll get a good sense if you are too high, too low, or just right :)

Pricing is a blend of art and science for me. I believe in understanding the value my product or service brings to customers while also considering market trends, competitors, and the cost of delivering that value. It's crucial to strike a balance between being competitive and ensuring the sustainability of the business. I often conduct thorough research, listen to customer feedback, and iterate to find a pricing strategy that aligns with the perceived value and meets the needs of both the customers and the business.

A strategic approach to pricing involves considering market demand, competition, costs, and perceived value to set prices that maximize profitability while meeting customer expectations. It requires a balance between pricing strategies such as cost-plus pricing, value-based pricing, and competitor-based pricing to achieve business objectives.

Pricing is an art. I aim for a sweet spot—value-based, competitive, and flexible. Customer feedback is gold; it helps fine-tune the balance. What's your pricing strategy? 🚀💸

my approach to pricing products or services is to conduct thorough market research to understand the value that my offering brings to customers. I take into consideration the production costs, competitive pricing, and most importantly, the perceived value by the customers. I aim to strike a balance between offering a fair price for the value provided and ensuring that it is competitive in the market. Additionally, I always keep an open mind to adjust pricing based on customer feedback and market dynamics to ensure that it remains attractive and valuable to my customers.

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When it comes to pricing my products or services, I take a strategic approach. I consider the value I'm providing to my customers, the market demand, and the competitive landscape. I aim to set a price that reflects the quality and uniqueness of what I offer while remaining competitive and appealing to my target audience. It's important for me to strike a balance between profitability and customer satisfaction. Additionally, I regularly review and adjust my pricing strategy to ensure it aligns with the evolving needs of my customers and the market. Ultimately, I want to ensure that my pricing reflects the value my products or services bring to those who use them.

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Generally price around your competitors and eventually you will land in a sweet spot. When considering high vs. low, lean towards a higher price initially as you can always add discount codes and incentives down the funnel - demos, newsletters etc. - as it's hard to raise prices once the floor's been set....

I'm trying to keep it simple: 1. Honesty is my principle. 2. No subscriptions required. 3. Avoid upfront registrations – most are scams and people are aware of it. 4. The free version is always fully functional – no surprises after purchase. For my selfie app, I include a small logo in the corner. Users can enjoy the app for free. If they like it, they can "buy me a cap of coffee", which removes the small watermark.