More importantly, in this technological era of immediate gratification, where patience level of customers is at all time low, cheaper product is not anymore the king, but the service delivery speed of your products or services.
How to do it first time? Map out your processes with those who do the job everyday. Then do a qualitative analysis on each step- in your customers' point of view, is this step a waste or a value adding step (customers are willing to pay for it)?
Move over "cheaper products", we have a new King.