Good discussion on product price. Distracted drivi
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Posted On: 04/12/2018 11:50:43 PM
Good discussion on product price. Distracted driving safety is a really new market, so the price point hasn't fully been established IMO. All 'safety' products benefit from a level of inelasticity. For example, if I shop for a smoke detector, I don't just look for the cheapest model, I look for the one with the best reviews, or that just looks like it's the better product. That said, it's not completely inelastic...like insulin or epipens. Price is going to play out with competition, and of course supply and demand.
I think the long range price point for this product is going to land in the $50 to $75 range...and I bet that's where QVC wanted it. I'd like to see Cogosense sell the beacon for that price range and build in value and cost to the app itself. If it were my product, I'd have a low monthly recurring fee for the bsafemobile admin panel....just like with fleetsafer.
I still believe that Steve is not worried about that long range price point, since he plans to establish early sales, good margin, and walk his baby down the aisle. All just IMO.
$ONCI
I think the long range price point for this product is going to land in the $50 to $75 range...and I bet that's where QVC wanted it. I'd like to see Cogosense sell the beacon for that price range and build in value and cost to the app itself. If it were my product, I'd have a low monthly recurring fee for the bsafemobile admin panel....just like with fleetsafer.
I still believe that Steve is not worried about that long range price point, since he plans to establish early sales, good margin, and walk his baby down the aisle. All just IMO.
$ONCI
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All posts are my opinion only.
Benjamin Franklin
All posts are my opinion only.
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