Business Idea #198 – A Price Elasticity Curve Tool for Products

by Byron on October 12, 2012

The Problem:

It is exceedingly difficult to determine how to price many products.  This is especially true of products with no competition and/or not yet understood utility.

The Business

A price elasticity curve tool.  You would need to crowdsource determining how much someone would pay for something.  You need to find a way to “make it real” even though it “can’t” be.

Doableness

The only way to get enough people to participate is to make it fun.  How much would you pay for this?” is the question that would keep getting asked over and over.  I think it’s possible to make a game of that.

My Thoughts

Despite me not having enough time to elaborate, this is a really good idea if it could be made to be engaging.  The data that could be gleaned about pricing would be enormously valuable.  It could also be used to promote new products.

This has similarities with the Price is Right.  Isidore Steinberg is a genius.  That show’s been on for over 50 years!

Yesterday, for the second time all year, there was no business idea at Estimated Future, even though it was a business day.  Last time, I made up for the lack of the idea with two the next day.  This time, I cannot do that.  The demands on my time are too substantial.  My business launches its first product on Sunday.  A dear friend is coming in from LA.  The Orioles are in a do or die game.  Perhaps at some point I will make up the idea.  Not today.  Perfection is the enemy of good.  So take today’s idea and run with it.

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