6 Outstanding Pricing Strategies For New Products!!!

Okay you are here; because you are looking for some best pricing strategies for your newly developed product that you are about to launch in couple of days or weeks (or maybe in months, you just want to print a price on the product packaging), you want an easy, effective pricing approach for your newly developed product or maybe you are looking for some tips on pricing assignment you have been given by your dodgy professor at college! 😓

In either case, congrats, you got to the right page!

Well, in this really boring article, boring article because pricing is one of the toughest decisions faced by the managers (according to a research) (1) and that is exactly what makes it so boring! 😫

Okay in this boring article I am about to share with you guys some really kick-ass pricing strategies that you can utilize effectively, achieving desired results as soon as you launch your newly developed product.

So let’s get to it!

6 Kickass Pricing Strategies For New Products!

Number One: Low Price because You are alone yet ubiquitous!

Sounds weird right ?!!!

Let me explain, if you have launched a product that is already available in the market or is available in some way that makes your product more of a copy and less of a new product idea; and that is the only product you have (your brand have) launched and your product packaging, packing design etc is average, you are totally new to the market with no mind-share, brand awareness etc.

Then in that case you should launch it with low price, keeping your net profit at minimum and once your product gains traction, achieve positive mind-share, brand awareness, increase price to an optimum level, where you don’t leave money on the table and at the same time keeping your target buyer happy, happy to pay for it.

Number Two: High price because you are too shiny, plus having too many in the market!

Well if your packaging, product design etc is superb, too cool, too shiny, your business is known for superior quality, outstanding after sale services, crazy customer satisfaction etc and plus that you already have over a dozen products selling themselves successfully then its better if you launch your product with a high price, as you already have customer trust, market top position, positive mind-share! & vice versa!

Number Three: Usual category price VS your product!

If your product belongs to a category of products where people tend to pay less or more then you have to adjust your price according to people choice unless (in case of low price) you can make them believe via advertising that you don’t belong to that category because your product have so and so, such and such attributes, easier said than done!

Number Four: People are like... & so your price!

If your people (target market) are like super rich people who don’t care about price then you need to charge super big but if they are like very price conscious then you need to be extra, extra careful in setting price for your product.

Oh yeah!, I forgot to mention, if you are looking for usual price strategies for new products then read this post by Quick Book too!

Number Five: Dumb People makes you rich!

If you are dealing in a product category where people don’t know anything about it, aren’t sure what price really worth it, then that means you need to cash that dumbness as much as you can!

Number Six: Super awesome product!

Yeah, if you have invented some really super awesome product then you can charge anything you want for it like teleportation machine or converting matter into food or lucid dreaming machine or maybe some cool holographic tech without need for cameras, mirrors etc just making a screen appear in thin air.

Although making such products are near to impossible but if you want to make a product that gives you 20%-60% ROI in net profit then read this article Super Easy Home Based Manufacturing Idea!

That’s it, over to you guys, you know if you share this article on your social media accounts you would win an iPhone someday, 😉 yep, so why don’t you share it?!

And if you want to win a Buggati 😋 😜 somewhere someday then subscribe to this kick-ass website of mine to receive more practical, innovative, not so stupid ideas 😐 right into your inbox!

References:

1. Dolan, R.J. and Simon, D. (1996), Power Pricing: How Managing Price Transforms the Bottom Line, The Free Press, New York, NY.