Five strategies to price your product
1.Do market research and understand your competitor pricing. With this data in hand, either develop a product with lot more features and charge more or produce the same quality product and price it lower.
2. High price can provide a sense of “high quality” since people have a deeply-rooted notion that higher the price, better the quality. If you price high, be prepared to deliver what your customer expects to get
3.Similar to point #2 a lower price can indicate inferior quality. The best way is to charge higher prices by providing more value to your customer
4. The price of a product is directly proportional to “perceived value”. If you can make you product seem superior to your competitor, you can charge a premium over your competitor
5. Price is again proportional to perceived brand value. If you have a brand value attached to your product, people will more readily pay a higher price for your products or service