The price you set for a product also influences its perceived value. That's why people assume that a $50 bottle of wine is better than a $10 one.

In that sense, price can serve as a proxy for quality.

Natera recently brought to market a non-invasive pre-natal test that can detect Down syndrome and other conditions in a mother's blood. Previously, testing for these conditions required a risky procedure that extracted tissue from the fetus. Other non-invasive tests aren't as comprehensive.

Because Natera's test is better than its competitors' products, the company charges more.

"Premium pricing communicates a premium product," says Matthew Rabinowitz, the company's CEO.

One way to expand your customer base is to offer multiple products at similar price points, catering to a range of tastes. This is known as horizontal assortment. The iPhone 5c, which comes in five colors, is a good example.

Another approach is vertical assortment, offering versions at multiple price points. While your most expensive model represents what your brand aspires to, customers will value features differently and some who don't see the value in that high-end version might be willing to pay less for a stripped-down model.

Charging different prices for iPhones with different amounts of storage increases the addressable market for the product with minimal additional cost. Software bundles that come with a maximum number of users or different tiers of customer service accomplish the same thing.

No matter how much research you do, you'll never know for sure what customers want. In addition to offering a variety of products levels, it's good to allow them to add features a la carte.

By letting customers create their own packages you get real-time feedback about price and product configurations.