The Agile Daily Standup - AgileDad
How To PERFECTLY Price Your Products or Services
Jun 17, 2024
Discover the best price point for your product/service, whether it's too expensive or cheap. Learn about pricing strategies, optimal pricing points, discounts, and understanding consumer behavior for competitive positioning.
09:37
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Quick takeaways
- Identifying the 'sweet spot' price where customers find value without feeling overcharged is crucial.
- Becoming a low-cost leader like Walmart can commoditize the product, reducing perceived value and trust.
Deep dives
Finding the Right Price Point
Determining the appropriate price for a product or service involves understanding the market's acceptable price range. This includes identifying the threshold where the price is considered too high for customers to purchase and when it becomes suspiciously low, impacting perceived quality. Achieving the 'sweet spot' in pricing entails where customers find the product valuable enough to purchase without feeling overcharged. Offering occasional discounts can enhance the perceived value without diminishing the product's quality.
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