Cheaper vs Expensive

[woken]

I’m currently working on a project that I will reveal once it’s live.

It’s a clothing accessory that will save money & combat fast fashion. ( will make sense when I post about it)
I’m way past “not divulging my revolutionary idea” but I’m not done yet, therefore not much to show.


I will launch on kickstarter after a quick prelaunch period of gathering leads.

It will make a lot of sense for my product to be sold for £20.( still profitable).

My question is this:

In the startup stage( for kickstarter), should I charge £40-50 so I can actually buy the equipment needed or just continue with outsourcing?

At some point, if it does work, I will need to buy the necessary equipment.

Which one would you pick if it was you in this position?


I’m more inclined to charge more and specify that it is for buying equipment.

 

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[mdot]

If you are targeting people who are already against fast fashion, they may also be willing to spend more on an accessory to feel like they are doing a good thing to oppose it by buying your product. For example, some people feel good about buying metal straws for $5 each because they feel they are more environmentally conscious. On the other hand, some people could be just as environmentally conscious but choose paper or pasta straws for $0.05 each.

Personally I just finished making a landing page to validate an idea I'm building, and the price is a key variable I plan to split test once I improve upstream conversion. Perhaps something you could consider yourself?

 

[eramart]

I’m not much of a businessman, but you can always lower the price later, or give a discount, but you can’t raise the price easily. I’d say go as high as possible while still having some sales that will buy you equipment.

 

[woken]

If you are targeting people who are already against fast fashion, they may also be willing to spend more on an accessory to feel like they are doing a good thing to oppose it by buying your product. For example, some people feel good about buying metal straws for $5 each because they feel they are more environmentally conscious. On the other hand, some people could be just as environmentally conscious but choose paper or pasta straws for $0.05 each.

Personally I just finished making a landing page to validate an idea I'm building, and the price is a key variable I plan to split test once I improve upstream conversion. Perhaps something you could consider yourself?

Sure, I could always split test once I launch, but I’m planning on launching on kickstarter.

Thanks for the reply !

I’m not much of a businessman, but you can always lower the price later, or give a discount, but you can’t raise the price easily. I’d say go as high as possible while still having some sales that will buy you equipment.

Good point. Thanks for your insight.

 

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[mdot]

Sure, I could always split test once I launch, but I’m planning on launching on kickstarter.

I haven't launched yet either My landing page is a only smoke test pretending the product is ready and when they click the "Buy Now" CTA it tells them it's still in development and gives them a discount code for the eventual launch.

 

[woken]

I haven't launched yet either My landing page is a only smoke test pretending the product is ready and when they click the "Buy Now" CTA it tells them it's still in development and gives them a discount code for the eventual launch.

Send me a PM when you launch. Happy to help out.
I sense this is something I actually
need so I can order as well

 

[Johnny boy]

I’m currently working on a project that I will reveal once it’s live.

It’s a clothing accessory that will save money & combat fast fashion. ( will make sense when I post about it)
I’m way past “not divulging my revolutionary idea” but I’m not done yet, therefore not much to show.


I will launch on kickstarter after a quick prelaunch period of gathering leads.

It will make a lot of sense for my product to be sold for £20.( still profitable).

My question is this:

In the startup stage( for kickstarter), should I charge £40-50 so I can actually buy the equipment needed or just continue with outsourcing?

At some point, if it does work, I will need to buy the necessary equipment.

Which one would you pick if it was you in this position?


I’m more inclined to charge more and specify that it is for buying equipment.

Can't help. Idk what you're selling. Ambiguous information = ambiguous answers. Charge higher price and lower if needed. Nobody will care that it's for buying equipment though. Tell them it was handmade or something.

 

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[Kid]

Charge higher.
If they'll bite, you get the answer.
If they won't, relaunch with lower price.

 

[Tourmaline]

I’m currently working on a project that I will reveal once it’s live.

It’s a clothing accessory that will save money & combat fast fashion. ( will make sense when I post about it)
I’m way past “not divulging my revolutionary idea” but I’m not done yet, therefore not much to show.


I will launch on kickstarter after a quick prelaunch period of gathering leads.

It will make a lot of sense for my product to be sold for £20.( still profitable).

My question is this:

In the startup stage( for kickstarter), should I charge £40-50 so I can actually buy the equipment needed or just continue with outsourcing?

At some point, if it does work, I will need to buy the necessary equipment.

Which one would you pick if it was you in this position?


I’m more inclined to charge more and specify that it is for buying equipment.

It is easier to lower your price, than to raise it.

It is better to go for being the best, than the cheapest.

Nobody cares about the second cheapest option.