Do you have any resources or advice to share that would help me plan how I test the price point of my product?
My product will be undercutting the market by using a new material that allows me to have a much lower production cost... however the value of my product to the end consumer will still be comparable. So I want to undercut the competition's price, but I don't want to go too low and leave money on the table.
What are some ideas on how I can market test various price points and settle in on the most profitable price point?
Do you research online. There is definitely a balance between an appealing price point and coming off too inexpensive so your consumer doesn't think there is something inferior about your product.
I think if you know your competitive landscape you should be good!
I would like to recommend utilising the Dexter: The Price Testing App where you can test A/B product pricing which will be beneficial for your current situation! It will definitely take a few tests before you can settle on the most profitable price point and decide on what is best for your business!