The following worksheet can help you assess your product's perceived value and the accuracy of its price.

In field (1) write down the things that people will think about when they first encounter your product. Use the left side for things someone might use in place of your product and the right side for things they'd likely use along with it.

In field (2) write down the intuitive snap judgments someone will make about your product and what they'll conclude after a more rigorous analysis.

Field (3) visualizes your product's perceived value, which should be heavily influenced by substitutes and complements. If your product replaces something that costs $200 it's perceived value likely won't be any higher than that.

Field (4) will help you identify how broad of a market you are targeting.

As you proceed with your pricing strategy, routinely remind yourself that your customers are analytical, but prone to leaps of logic; that they want bargains, but often base them on arbitrary reference points. Above all, they don't want to feel like they're on the hook if they make the wrong choices.

If you can manage these desires while providing a product that customers are eager to pay for, you'll be on your way to building an enduring business.