Tue, 22 August 2023
Good Better Best Pricing
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
In pricing your product consider the Good, Better, Best model
This model gives you three price points with which to cover the market.
The Good price is set to capture the low end of the market.
The key here is the core feature the customer wants and will pay for.
For a product with many features, this may be difficult to determine.
Choose the basic feature that the majority of customers want.
For the Better priced product, include additional features that let you capture more users but the price is somewhat higher.
For the Best priced product, include everything you have in the product to cover all users and use cases.
The Good priced product should come in at or below your competition.
The Best priced product should be priced high enough to signal it’s a premium buy.
The Better priced product should be priced between the Good and Best price at the two-thirds point above the Good price.
This pricing encourages users to move to the Best price as the price differential is small but the additional features are numerous.
The Good Better Best pricing is an easy-to-use model for pricing your product.
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