Customer will always want most the of the features in the least possible price - for any product/service. Any research technique you recommend?
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I've read something on the internet and one day I stumbled upon this:
IMO, this article explains very well a lot of basic things and it's easy enough to understand.
I recommend this if you want a general idea of how setting a price tag works.
I'm not qualified in this so I can only share my experience with you.
Best of luck!
It's normally best to look at what others within your industry are charging for similar products.
Going too low can be seen negatively by both consumers as the product can look cheap and by other competitors as a way of devaluing the market.
Going too high can cause the opposite effect of going too low!
What I would suggest is take that on board and come up with a price you think is fair and matches the market but allows you to reap the benefits. Also, go out and ask potential customers what they are happy with and the price they would be happy to pay! (Don't necessarily ask what price they would pay as they will almost always say next to nothing! ha, but rather give them a price and see what their reactions are.)
Survey your target audience
Design a short survey where you will show and describe your product and ask users how much they are willing to pay for it and why.
Do it with your target audience and try to divide the responses on groups. For example, low/high income group, young/old, etc. and observe their patterns.
This way you will be able to adjust your pricing based on user type (if you are able to identify them before that), and thus increasing your conversion rate.
You can also look at running a conjoint analysis to understand what combination of factors and what price are the sweet spot.
It is similar conceptually to MVT testing but done as a prior research piece rather than live optimisation.