How should I approach pricing decisions when I'm unsure what to charge?

Go with your first thought and launch at the lower, least risky entry point. For example, if you think you want to sell something at $1,500 or $2,000, launch it at an introductory discount price for the first 10 buyers—maybe $750 or $1,000. This tests the market without hurting your ability to reach your target price later. Once you get feedback and understand the market response, start increasing prices by 15% increments until you reach a point where it’s not working anymore. That’s where you know you’ve reached your limit. But nobody can tell you the right price—you have to get to market and let the market show you.

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Asked by teaching point · Answered by Patrick Shanahan · art-marketing-podcast · 2020-06-22