WHAT IS STEP 16, SET YOUR PRICING FRAMEWORK?
Determine a framework to test pricing for your new product, and make a decision on what the initial price will be.
WHY DO WE DO THIS STEP, AND WHY DO WE DO IT NOW?
Small changes in pricing can have dramatic impact on your profitability, so there is great incentive to get this right. It should also be a price that is acceptable to you and your customer so that you have a sustainable business. You are able to do this step now because you have made your initial decision on business model, and the pricing framework flows from the decisions you made in your business model.
It is virtually impossible to know your optimal price for your new product until you are able to offer it at scale and see how customers actually respond, as opposed to what they tell you they would hypothetically do. However, pricing is extremely important as even small pricing changes ...