Ayon Bhattacharyya is the Founder of Biz Growth Spurt, a consulting firm based out of New Zealand. He has experienced pricing in half a dozen companies, and he's a passionate animal welfare advocate.
In this episode, Ayon talks about the ins and outs of monetization. He also tells us a bit about his company, Biz Growth Spurt, and why you might be in need of their services.
Why you have to check out today's podcast:
- Learn about the three pillars of monetization and why you can't only focus on one of them
- Know the difference between price metric and value metric and why it matters in getting more sales
- Understand why articulating value is essential in keeping and growing your customers
"Understand your customers intimately and take the time to quantify your buyer personas so that you understand the use case of the value proposition, the willingness to pay the lifetime value, and the customer acquisition costs; so that you can better position and package to them and ultimately capture a fair portion of the value delivered to them."
– Ayon Bhattacharyya
Topics Covered:
01:33 – How Ayon got into pricing
03:15 – How Ayon defines "monetization"
04:24 – What packaging means to Ayon, in relation to monetization
05:26 – What Ayon means by "feature differentiation"
06:30 – Why Ayon hates freemium
08:04 – Free trials vs. Freemium: why it is important which of the two fits your business more
11:07 – How to decide which features go to which packages
14:02 – Price metric vs Value metric
19:59 – Why positioning is an essential part of monetization
23:22 – Ayon's key to monetization: the combination of packaging, pricing, and positioning
25:25 – Biz Growth Spurt: What they do and who their ideal customers are
28:50 – The meaning of "monetization" according to Ayon vs the meaning of "monetization" according to ProfitWell
31:54 – Ayon's pricing advice
32:49 – Connect with Ayon Bhattacharyya
Key Takeaways:
"Once you have a deep understanding of your buyer personas, how they value your product, how they use your product, how your proposition aligns with their growth journey, then you can actually start putting your features into bundles. But you want to do that based on the level of importance of those features." – Ayon Bhattacharyya
"How you present the packages and the value messaging that you put on your website is so important. If they [the customers] understand that they're getting five times more value from the gold versus the silver, in their mind, it helps them to quantify that relative benefit of the upgrade and the potential ROI of an upgrade." – Ayon Bhattacharyya
"If the perceived value isn't there, if you aren't communicating it, if you don't have a strong brand presence, if your solution is so complex that customers don't understand the value that they get from it, then you know, you've just wasted all of this money on product development and marketing. – Ayon Bhattacharyya
"Ideally, you want the messaging that you have on your packages is around the problem that you're solving for the customer. That's the key. It's not about the features. Those are just more internal to you. And often the customers don't get them." – Ayon Bhattacharyya
People / Resources Mentioned:
Connect with Ayon Bhattacharyya:
Connect with Mark Stiving:
