Many of you probably think that product pricing is purely science, because it involves a lot of math, data, and pieces of information consolidated and analyzed to get optimal results. We are seasoned product designers and entrepreneurs here, yet pricing products is an ongoing struggle because it does not wholly rely on scientific data and mathematical formulas– identifying the perfect product price also relies heavily on human psychology, on ever-changing cultural, sociological, economic and political climates, and ultimately rides on how much you understand your target market’s behavior and what drives them. It requires making a thought-out plan with clear revenue goals based on your specific business model, on your product, and on proper timing, among other things to create a realistic profitable pricing strategy that will up your revenue. You can always schedule a call with us, or with one of our experts like Tim Bush so we can have a deep dive into feasible product pricing tailored to suit your specific needs.
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