Is it good idea to lower the price of my product to gain market sh
Hello
Im inspired by Netflix low cost subscription so I want to lower my product price to gain market share 50% off.
I'll make it for 3 months just to see.
NOTE : even If 100K use/signup not extra costs.
Is it good idea ?
Depends on your business, can you share what it is? Also depends on the cost of the product compared to other similar products and whether the main differentiator between your product and others is the price.
If you have sufficient amount of paying customers, in thousands, then your best bet is to make a controlled test. Define a cohort of new landed users, give them “special discount” during sign up, and monitor their LTV/churn/other parameters compared to main big group. If you see price drop does drive then extend the group gradually. This approach takes guts feeling out of equation.
I answer only in term of my experience as customer/user...
I think it's a good strategy to attract new customers, anyway you could add new features, available only to customers who pay a "little extra".