Either way, it’s best if you can hit the ideal retail price as early as possible. If your product doesn’t sell well initially, it will be difficult to recover. However, if you start with a price too high then your early sales might be too low. In most cases you’re better off pricing your product on the high side since you have the flexibility to lower it if necessary. Decreasing the price is more easily accomplished. Once you set a price for your hardware product it becomes significantly difficult to increase it.
Unfortunately this isn’t really an option for physical products.
#202 THINGS TO MAKE AND SELL FOR BIG PROFITS PDF MERGE SOFTWARE#
Software and online products can use A/B testing to determine the most profitable sales price. If you set the price too high then your product won’t sell well. If you set the price too low then you won’t make enough profit. Ideally, pricing is something you should begin thinking about from day one while validating your product idea. In fact, there are entire books written on the subject of pricing. Pricing is a complex decision with many variables. If you mess this up it will be difficult to fix later. You need to get your pricing right as early as possible. Setting the price for your new hardware product is one of your most important decisions.
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