Pricing Strategy: What’s Your Best Bet?

[Nomad]

When you are trying to set a selling price for your product and services, how do you do it? Well before I tell how I do it, I will share an anecdote about how Steve Jobs priced iPad. While launching iPad, Steve Jobs started by saying iPad would be cost $1000? Then he took a pause and the surprised everyone saying, "Actually, the iPad starts at $499." Audience took a sigh of relief. Even though $499 was still a high price, it seemed a good deal compared to $1000 price point.

Now back the original question. I have a simple strategy. I try to set as low as possible so that I can sell in volume. Until I am able to build a brand so that I can start selling for premium price, I will continue to sell for a price that everyone can afford.

 

[Heatman]

When it comes to pricing of my business product and services, I try as much as possible to make sure that I minimize cost of production as low as possible. This is because that is the only way that I can be able to sell my product and services at a very affordable price which customers will find it very easy to purchase.