Tech.co tapped the YEC (Young Entrepreneur Council), which I’m proud to be a part of, to get the seven best tips for figuring out pricing strategies. I like to use bottom-up pricing, letting customers pay a lower price in order to have a constant flow of customers—for me, that’s better than pricing them out and having little to no traffic. Once you snag customers, you can slowly raise prices until you notice the amount of people signing up is slowing down too much.
However, another tip from an entrepreneur is to not under-sale yourself. If your price points are too low, that indicates a poor product and/or a business that isn’t confident. Another tip? Simply ask for the sale. You’ll be surprised at what asking can get you.
Connecting yourself to the right people is key for figuring out pricing strategies. You have a target audience, and that includes the right investors, outsourced resources, and customers. Make sure you’re all passionate and on the same page.