How to price a completely new product or service

Setting your initial Price can be daunting. Price too high. Tumbleweeds! Price too low. You'll be leaving money on the table.

And no one likes leaving money on the table!

So how do you derive an optimum initial price?

Well, first off, just like kicking a game-winning field goal in the last second of the Superbowl–it's unlikely.

However, there is a strategy that will help you at least get to the playoffs.

With a mixture of economics, psychology, and a tiny bit of math, you can price a completely new product or service with cautious optimism.