Did you consider trying a debt/capital backed growth strategy? Where you take on funding and use it to subsidize introductory pricing to gain market share ahead of raising prices? cf. Spotify's free 3 month trial, AWS free tier, food delivery app shenanigans.
I feel like this strategy is often just delaying and magnifying a failure, but if you really believe your product is better than similarly priced products, and the hurdle was getting customers to switch, then providing aggressive price incentives for switching, then ratcheting prices to parity would probably work pretty well.
We never wanted to go the funding route so this was never considered. While it might have worked, it would prolong the whole thing and make it much, much more stressful.
Comments
Did you consider trying a debt/capital backed growth strategy? Where you take on funding and use it to subsidize introductory pricing to gain market share ahead of raising prices? cf. Spotify's free 3 month trial, AWS free tier, food delivery app shenanigans.
I feel like this strategy is often just delaying and magnifying a failure, but if you really believe your product is better than similarly priced products, and the hurdle was getting customers to switch, then providing aggressive price incentives for switching, then ratcheting prices to parity would probably work pretty well.
We never wanted to go the funding route so this was never considered. While it might have worked, it would prolong the whole thing and make it much, much more stressful.