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Pricing Strategy & Product Launch

Once the Product is developed and ready to be launched into the market, the strategic importance of price depicts majorly 4 key factors include premium pricing, penetration pricing, economy pricing, skimming. Invimatic can brainstorm for you and derive the best framework based on three components: Value, Competition, Frequency.

Invimatic derives a road map of product launch for aligning the entire organization around what you will be delivering, when and why it matters.

The following are the thumb rules to build a great product and an ideal pricing:

  • Never give away the MVP for Frequency

  • Analyse the competition while setting pricesFrequency

  • Price your product what it will be than what it is todayFrequency

The company has to consider many factors in setting its pricing policy. Check the following 5 principles:

Decoy Effect

Introduce a third option with a better option

Center Stage

Pricing the better option in the center will automatically draw customer attention

Framing Strategy

Human psychology gives more attention towards preventing losses rather than thinking of profits

Bandwagon Effect

Showing who else is using this product especially if one can get leading influencers to endorse a product

Penetration Pricing

Give a very low price to determine the actual price. “Pay what you want” to empower the customers

Spend your energy towards selling your product, not just spilling your money. Generating brand awareness, justifying the budget, and establishing credibility are certain challenges one can face during the product launch. Forecasting and understanding these challenges will increase one’s chances of success. With lessons learned from previous product launches, you must have a well-devised strategy and plan for product launch. With a retrospective review of what worked and what didn’t, move forward with decisive steps to ensure product success and increased revenues.

Check the below 5 tips for any successful product launch

  • Preparation
  • Clarity
  • Goal Setting
  • Early Start
  • Follow Up

Business

Invimatic Solutions- A Top Web & Mobile Development Company in Pune, India: Read Our Tech Capabilities and Decide

Invimatic Solutions is a leading web and mobile development company from Pune, India. In our three year journey, we have developed custom…

  • By: Invimatic Editorial Team
  • 16 May, 2019

In Software Engineering, it is essential to put the best brains on visualizing the product on various critical factors – customers, users, competitors, market, quality and cost.
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