Remember, getting your pricing strategy right is both an art and a science. The science is the research and due diligence of understanding your customers and competition inside-out. The art comes through experience and having a gut feeling of what works and what doesn’t. Using this combination when adopting a pricing model is crucial as one is no good without the other.
Pricing is not ‘set-in-stone’; it’s changeable and flexible. But it’s up to you to keep up with market trends and forecasts within your industry and geography and determine what works best for you.
Too often products are developed without a clear pricing strategy in mind only to be shunned by customers. Understanding the importance of forming a sound strategy is an important first step on the journey to delivering successful products.
Happy building, scaling and pricing!