Thanks for the question Kelly (and great idea for a follow-on post)! I feel you— pricing a product (regardless of it being an API) can be extremely difficult and time consuming. The best advice I can give is this:
Getting someone to pay $1 is the hardest part. The rest is just an optimization problem.
I cringe at the amount of time I spent in my career discussing “how much could/should we convince someone to pay us?” when I should have been discussing, “how can we convince someone to pay us anything?”
I’ve found that when you start with the “$1 problem” it helps put a nice fence around a very open-ended/multi-dimension problem and makes the process seem less daunting.
With APIs sometimes the question can be slightly different: “how can I help someone else make $1? (and take a cut of that)”
That being said, I think it’d be great to compile a list of ideas and good reads on pricing for a future post, so stay tuned!