Invest Like the Best with Patrick O'Shaughnessy cover image

Invest Like the Best with Patrick O'Shaughnessy

Madhavan Ramanujam - How to Price Products - [Invest Like the Best, REPLAY]

Jan 23, 2024
56:05
Snipd AI
Madhavan Ramanujam, who wrote the book on pricing products, discusses common pricing mistakes and the importance of focusing on benefits instead of features. He also shares insights on picking the right monetization model and highlights the impact of CEO involvement in pricing. Additionally, he explores different pricing models, understanding customer willingness to pay, and the significance of personal support in business.
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Podcast summary created with Snipd AI

Quick takeaways

  • Pricing should be a priority in product development, not an afterthought.
  • Engaging in conversations with potential customers to understand their willingness to pay is essential.

Deep dives

Importance of Pricing and Monetization

The podcast discusses the importance of pricing and monetization in product development and entrepreneurship. It emphasizes that pricing should not be an afterthought, and that companies should focus on monetizing their innovations early in the process. The speaker highlights common mistakes companies make, such as building feature-heavy products or underpricing their offerings. They emphasize the need to think about pricing before building the product and to engage in conversations with potential customers to understand their willingness to pay. The speaker also mentions the concept of segmenting customers based on their needs, values, and willingness to pay, and building products specifically for those segments.

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