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How do you approach pricing and monetization strategies of your product?
Determining the right pricing and monetization approach is essential for the success of our products. I'm eager to learn about your methodologies.
💵 In terms of pricing, which model do you prefer: subscription-based, one-time payments, or freemium options?
💶 When determining the value and cost of your products, what factors do you consider?
Curious to see answers! 🙌
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Nikhil Kotcharlakota
Adding to what Roland already said, Subscription is when the customers get value on a on-going basis. If it is one-time purchase and the use is only once in a while, it does not make sense to go subscription route as the customers wouldn't pay that.
Freemium options are really not right for everyone either. Unless you can leverage a large community of free users to attract advertisers or enterprises, I suggest stay away from freemium. My suggestion has always been monetize your service and product and not give anything out for free.
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Model really depends on the product or service. Subscription if there are continuous expenses associated to their use. One time if once they buy it, my role is pretty much done.
As for how much to charge. First, look at competitors and see what they offer and charge, then go from there. Once you get started, adjust the pricing from there. Raise is until you get pushback.