Martin Brassell, hub director at the SEEDA Enterprise Hub Network, offers advice on how to go about setting prices for a new product or service.
Pricing is often described as an art, not a science: and there's a lot of truth in that statement.
Certainly, for many "me-too" products and services, you can, and should, analyse your competition and determine where the current market price begins and ends. Then you can look at your costs and desired margin, and with a bit of luck, find a convenient point somewhere between floor and ceiling. Job done.
Or is it? Don't be too surprised if on launch day you still end up feeling like Indiana Jones towards the climax of The Last Crusade, where Harrison Ford has to make a 'leap of faith' by jumping onto a bridge he can't see.
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