Before launching your latest invention into the marketplace, it’s important that you take some time to figure out how you will position your product, in terms of price.

This is a big decision, not only because it will have an immediate impact on your gross margins, but also because you are laying out the road map for your product brand and the price points for future launches.

How you price your product will also have huge implications for whether you have a viable business or not. Think of it this way – if it costs £10 to produce your product, but the nature of your target market means that you will only ever find someone willing to pay a maximum of £8, then you don’t have a viable business model.

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