How to research how much you ask for your service?

We are developing a sensor platform that can be controlled via smartphone. As we will be offering cloud services and data analytics, we are looking how to price it. We would like to sell the sensors at a discounted price and charge a monthly fee. Rather than selling the sensors outright, we think that this would allow us to get recurring income and more loyalty from customers. Imagine like a phone contract. Now: how should we decided how much to price it? Obviously there are development and production costs but also maintenance questions. We would like to offer a replacement service: if your sensor is defective, we send a new one right away rather than repair and let the customer waiting. Is there some ratio that you can use to determine he right price?

submitted by /u/frugalacademic
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