value. If it's a new product, we need to ensure that customers will buy it, at the price we need to charge, and that they'll switch from whatever they're using today. If

Customers are great at giving you feedback by buying or not buying your product, but they suck at telling you what they want. That’s really the only way to understand if something is working—have them pay for it.

First, you want to understand your customers' overall WTP for your product—the price range they would consider reasonable (if, in fact, they would pay anything at all). Then you have to ask yourself whether that price range would work for your company. It may not if you can't deliver a market-acceptable product at a price that makes you a profit. S