Looking for a simple growth hack? Increase your price..

This is exactly what Nemo Chu is an Entrepreneur-In-Residence at 500 Startups suggests! I agree!

Most startup don't have a strategic pricing plan. It is a mix of 'gut' feeling and competitor market price fix.

Nemo suggests 5 ways to see if you are underpriced. (read the full article here)

1.Fish for budget when questioning your prospects

2. Do the math to make sure your price covers the cost of sales.

3. Ask yourself: “Do I know the maximum price my prospect can sign off on?” Remember, people in different positions have different powers to sign off on checks.

4. Ask yourself: “Am I ‘selling from zero’ or is my prospect anchored on ‘reference points’? Does my answer to this question influence how I set prices?” It should.

5. Secure low-risk opportunities to test prices.

Here’s a quote from Don’t Just Roll the Dice (a short & free eBook I recommend to many advisees who are thinking/rethinking their pricing strategy) that beautifully illustrates this concept:

“If the price your customers are willing to pay is lower than what it costs you to sell your software, then you haven’t got a business and your product will flop. You need to cut your cost of sales, or change your pricing mechanism so customers end up paying more over the lifetime of the product.” 




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