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Lots of factors here, not sure I can provide a super short overview. Ultimately it comes down to what the consumer is willing to spend -haha.
Without knowing the product/industry/consumers, my first suggestion is market research:
- What are consumers already spending in the category
- What are competitors charging
- What are consumers spending in place of a potential solution/project
From there you have a rough starting point to run some some tests/models, etc.
If you’re looking for a more traditional pricing methodology, I’d recommend looking into the Van Westendorp Model / Price Sensitivity Meter.
Margin has entered the chat
Coach
"The price is whatever people are willing to pay"
-Leonardo Del Vecchio
Look at what we call the “richness of the benefit” in insurance/quality of the product in conjunction with prices of competitors if at all possible to get a better understanding of what consumers are willing to pay and why. Also the growth of each product within a given market YoY for 3-5 years.
$4.99
All depends on value proposition
Completely depends on the industry. For ex. CPG pricing is vastly different than Enterprise software