We are new to the industry and our competitors are charging 3x of our amount. So should we raise our pricing or continue with less pricing to accquire more customers?
I feel less is good, but feeling that are we loosing some amount where the customers are already ready to pay.
what is the reason behind your existing customer is using your product ? is it pricing or something else?
is your product equal or better than your competitor ? because when you close the price gap then customers will have one less factor to consider which is pricing between yours and their product.
Per my understanding Yes it is pricing. Our customers want more in less amount
then may be you can reasonably increase pricing if it’s required, or may be do A/B testing.
But since you seem to be in the startup phase, if I were in your place (even though I don’t know what your product is), I would focus on acquiring more lower-paying customers. You can always ask them to pay more at any time. Once my product has a reputation on par with my competitors and achieves feature parity with them, then I would think about increasing pricing.