You have a good product, some customers, and then you start losing opportunities because they say you are too expensive.
You cut the prices (discounts, special offers, etc. fall into this same category). It’s a risky game, of course everybody else can follow you there.
You work on perceived value. And you can go about it like this.
- Express value – Many times features are disguised as value, often mere functional value, so you need to start digging what the customer really wants.
- Reframe value – It might be that the problem you are solving is not worth the price you are asking, so you need to figure out if there is a deeper feeling, ambition, desire that you can leverage.
- Work on brand – Your story, your tone, your appeal can make your product desirable and unlock a fear of being left out.
Cutting prices is short-term (and short-viewed), working on perceived value takes resources and time.
The sooner you start working on 1, 2, and 3, in parallel, the better positioned you will be to ask the price you want.