HOW TO PRICE YOUR PRODUCT: MISTAKES YOU CAN'T AFFORD TO MAKE

Summary from the TLDR Marketing newsletter

When pricing your product, focus on the value you offer rather than relying on formulas. Many companies guess their prices, with 85% lacking a strategic approach. Value-based pricing aligns your price with the economic benefits delivered, such as time savings or cost reductions. Avoid pricing too low, as it can hurt brand perception and profitability. Cost-plus or competitor-based pricing can work but may miss capturing your product's full value. Strategies like price tiers, skimming, and penetration pricing can attract different customer segments.