How To SaaS
Do you stress over whether you’ve picked the right price point for your product?
Many entrepreneurs agonize over getting it right because they think of it as a one time decision.
Patrick Campbell from ProfitWell takes an alternative view – pricing is like any other ongoing process in your business. It’s never fixed in place.
In this interview on How To SaaS he explains the key to getting pricing that is right for you and your customer.
- Pricing is the single biggest growth lever. It’s worth spending time focused on price because the rewards are so high. Back in my corporate days, pricing was a huge fixation because small increments in pricing had huge impacts on the bottom line.
- First step in figuring out your pricing is to talk to customers. Do the qualitative research and feed into a framework to score willingness to pay, elasticity etc. Segment the hell out of the data.
- Use data to support pricing decisions. Opinions and assumptions not backed up by data aren’t helpful.