OnDemand WTP Pricing Research

7 Ways to Determine Your Product’s Pricing Structure | All Business

When you first launch a new product or service, it’s important to decide on a pricing structure right off the bat. This will put you in a position to maximize your income while also setting up your business for future success.

Seven entrepreneurs from FounderSociety (FS) share how they determined the pricing of their product or service.

Q. How did you decide on the pricing structure (and actual price) for your product or service, and has it changed since you started out?

4. Look to Your Customers

When I initially set out, I looked at potential competitors and set the pricing structure based on their rates. But I quickly realized what was more important when making business decisions was customer input. So from that point out, it didn’t matter whether it was pricing, features, or products–we looked to insights from our users to understand demand. –Jessica Baker, Aligned Signs

5. Determine Cost Analysis and Supply/Demand

Courtney SpritzerFirst, you need to know what your costs are to produce your product or provide your service. What do your employees cost? What is your overhead? Once you figure out what your costs are, research what the rates of your competitors are. What value are you offering your customers? What is the demand for your product/service? The answers to these questions will help you decide how to price. –Courtney

Read complete article here:

7 Ways to Determine Your Product’s Pricing Structure.

Post a Comment

WP-SpamFree by Pole Position Marketing