Pricing a product is a highly important yet deceptively tricky task. Highly important because it can determine how well your product performs on the market, thus laying the foundation for your business’s success. Deceptively tricky because while you might think you have enough experience as a consumer to come up with an appropriate number, the truth is that pricing a product requires a lot more than market comparisons and a hunch.
So what does it take to figure out your product’s worth? Let’s take a look.