5 strategies to price your product
Márcio A. E. M.
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Márcio A. E. M.
?? Revenue Growth & Pricing Strategy | SaaS, Monetization & Customer Experience (CX) | Market Intelligence & Global Expansion
- Do market research and understand your competitor pricing. With this data in-hand, either develop a product with lot more features and charge more, or develop the same quality product and price it lower
- High price can provide a sense of “high quality” since people have a deep rooted notion that higher the price, better the quality. If you price high, be prepared to deliver what your customer expects to get
- Similar to point #2, a lower price can indicate inferior quality. The best way is to charge higher prices by providing more value to your customer
- Price of a product is directly proportional to “perceived value”. If you can make you product seem superior to your competitor, you can charge a premium over your competitor
- Price is again proportional to perceived brand value. If you have a brand value attached to your product, people will more readily pay a higher price for your products or service