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Caro is thinking out loud

Pricing products is a difficult art

You need to find a price that lets your customers purchase your product and feel happy with the amount they paid, but a price that also makes all your hard work worth it.

Here are a few things to consider:

  • Research your competitors. How are they pricing their products? How are similar products priced?
  • Experiment with pricing. There isn’t one definitive guide that will tell you how much you should price your product at.
  • Don’t overcharge. How do you want your customers to feel after they purchased your product? You want your customers to walk away feeling like they got a deal and value for what they paid. Price can be the difference between a lifetime buyer and a disappointed buyer.
  • Avoid undercharging. Pricing too low might suggest to a buyer that your product isn’t of value, and also causes problems for others in the same space trying to make a living

You could use some strategies like these to help with raising prices:

  • Discount for pre-ordering, then regular price on launch day.
  • Discount for purchases within the first x days of your launch.
  • Discounted price for version 1. Price goes up when version 2 is released.

Further reading

Sources