How do I determine how much prospective customers value my product or service?

Question

How do I determine how much prospective customers value my product or service?

Answer 1

This is where market research is critical – the best way to determine how much prospective customers will value your product or service is to ask them. The tricky part is: asking someone directly how much they will pay for a product or service is not an effective way to predict actual consumer behavior. A customer might tell you, in theory, that he will pay $5 for your product, but, in reality, when he goes to the store, he will be comparing your product to many other similar products. Thus your market research – done in the form of surveys, focus groups, individual interviews, store visits (as appropriate) and/or secondary research – should involve asking customers about what and how much they value particular attributes of your product or service, how much they actually have paid for similar services/product, as well as looking at your competitors’ prices and products.

Answer 2

make a survey show them your product and all its brighter side, give them a chance to experience it. then ask them to give you the honest feedback.