Finger in the air - comparable to competitor pricing or complimentary pricing. Get something in low enough. Then as you gain traction, start going upmarket. All the best Rucha! What are you building? Got a URL?
@manojranaweera Thanks for the insight. Yes the goal initially is to get more people to try out the product so we can improve it.
We are building 2 products at the moment - www.thursday.social (which we launched a couple months ago)
and a Zoom companion app to highlight and share important moments during a video call - launching it next month here.
I would highly highly recommend the team at Profitwell/pricing intelligently. They even have their own youtube channel that is dedicated to pricing. Have you already done your user personas and determined your potential customers WTP "Willingness to pay"? The team at Profitwell has a really great PDF that walks you through their techniques for creating user surveys that help you get to your MVP pricing and beyond.
The easiest way is to find a central temperature relative to competitors, either increase or decrease based on perceived value/features, and continually test / iterate as you grow (or don't grow), as well as introducing other monetization strategies based on customer feedback (upsell/downsell, access fee, timeline incentives, et cetera)