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January 10, 2020

How to price a product correctly

How do you price your new product correctly? Check out our 3 step guide to help remove the guesswork.

Validation

On of the most important stages in starting any business is new product validation. Product Validation, or product-market fit ensures there is a demand or need by people for your new product. Understanding the market segment who wants to buy your new product is essential to predicting its success. Without the ability to generate sales, even the most brilliant product can lose you money.

While your product may be cost effective with a sustainable supply chain, if no one wants to buy it, you’re wasting your time.

While it can be hard to predict external factors such as industry trends and local economic drivers, there are ways to verify if your new product will succeed. Using online data, market research and free internet tools and resources can help you better understand whether or not your product is a commercially viable.

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