Title - Test different prices Tags - pricing
It’s imposisble to know what the market will pay for something without testing. So the best approach for setting prices is to write down a bunch of different prices, pick one, then test response. Increase it, test response. Increase it, test response.
Amazon does this. For some products, Amazon is in control of the price. They set the prices randomly, measure response, change, measure response - and on and on.
Of course, Amazon does this automatically using algorithms, but you can do it manually and systematically even in a very small business.
(2021): Dartboard Pricing: A Systematic Method To Increase Prices (Without Losing Clients), PsychoTactics Ltd.