Ideas For Pricing A Product
What do you find the most effective tactic is for pricing a product?
Assuming I have found out what my competitors charge (quite a wide range from $200 to $1500+) I know my product is better than the others in terms of information provided. It is in a niche that I am an expert in. The difference is the higher priced products have endorsements and big marketing budgets.
So do I try and undercut them all and hopefully shift some decent volume. Which would result in profits but ultimately be selling myself short a bit. (Plus there aren't am infinite amount of people to sell to)
Or, start high and see if it finds it's price point there and great if it does! And if it doesn't can start offering 'New Special Offer Price!!' which is a good sales strategy in itself.
I am also a believer in people associate price with quality. I don't have to know anything about cars to know a car that sells for 100k is better than one that sells for 10k and you buy into a product psychologically more if It costs more.
So I am leaning towards starting high.
However, I have a feeling the advice will be to start low
Thanks!
~ Zig Ziglar