The Marketing Millennials Go-to-Market Plays #12: How to Price Your Product
Jun 25, 2025
Tamara Griminski, an award-winning product marketer and founder of PNM Kim, shares her insights on effective pricing strategies. She argues against common practices like competitor-based pricing, advocating instead for the Van Westendorp Pricing Test. This framework emphasizes understanding customer perceptions and willingness to pay. Tamara also discusses the importance of real customer insights in pricing tests, focusing on data-driven decisions that meet market expectations and balance value with affordability.
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Avoid Guesswork in Pricing
- Avoid setting your product price based solely on competitors or guessing without validation.
- Pressure test pricing with customers to find a better price point that reflects value and willingness to pay.
Use Van Westendorp Pricing Test
- Use the Van Westendorp pricing test to find your product's acceptable price range without needing pricing expertise.
- Ask customers four questions about too expensive, expensive but acceptable, good deal, and too cheap prices to map perceptions.
How to Run Pricing Test
- Target your ideal customers for the pricing survey to get relevant data.
- Use simple tools like survey software and Google Sheets for plotting and analyzing results.