The other day I was talking to a person that was debating whether or not he should pay a ton of money for a class as he was currently researching for one that has the best value. In one case the business was charging more than five times the average rate compared to everyone else but they justified it by saying their service was better. Unfortunately they didn’t really have any public feedback about it which makes you wonder where even if it is that much better on whether or not it’s better to build the customer feedbacks by having lower prices first.
I know for myself if I am paying money for a product that as a premium price user feedback is very influential as to whether or not I decide to purchase the item. By saying you are the best while charging way more than everyone else without public testimonies of sort seems like a bad business decisions in many ways. Almost like running a restaurant where even though something like truffles is great to many and is worth the price if no one has ever tries it to tell others most likely you would never dare to pay for it to try.
I feel that is important for whatever it is you may be selling as well. Especially if you are starting out. Unless you truly have the best invention in the world that people can relate to right away of course. But the more user positive feedback you can get the better in these cases to justify high prices.