Understanding the business value your product provides is crucial for setting the right price.

Pricing and packaging your product effectively is crucial for attracting customers and ensuring they see value in what you offer.

Test your pricing to find out how much customers are willing to pay; as your product matures, your ideal customer profile may change, and you should adapt your pricing accordingly.

Pricing implies value; if your price is lower than competitors, customers may perceive your product as less valuable.

Don't undervalue your product; while it's okay to start with lower prices, avoid making it a habit as it can lead to long-term pricing issues.

If users won't pay more, it may indicate that you need to enhance your product's value or address a more significant problem.

You should price based on the perceived value of your product rather than on cost, as many founders mistakenly use cost-plus pricing, which ignores the full value customers see.

If you're charging significantly less than competitors, you might be attracting customers who only want the cheapest option, leading to misleading data about your product's demand. Successful products often charge a premium rather than being cheaper than competitors, as they solve significant problems for customers who are willing to pay more for effective solutions.

When pricing your product, focus on the value it delivers to the customer rather than just the cost of providing the service.