Subscription Stories: True Tales from the Trenches Subscription Pricing for Value with Mark Stiving
Aug 16, 2023
Mark Stiving, an educator and pricing expert, dives into the complexities of subscription pricing. He clarifies the difference between a ‘Will I’ decision and a ‘Which one’ decision. Discover why many prices end in nine and learn effective strategies for raising prices. Stiving emphasizes understanding value and consumer perception in crafting pricing strategies while exploring the psychological impacts on decision-making. His insights are a must for anyone navigating the subscription landscape!
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Mark's Childhood Pricing Curiosity
- Mark Stiving was curious about pricing from a young age, specifically why prices often end in .99.
- He tested this in a doctoral program, confirming that prices ending in nine really work due to how people mentally subtract numbers.
Price Early, Avoid Waste
- Price strategy should be early in your business strategy to avoid product failure.
- Decide how to charge and what your pricing metric will be before product development starts.
Research Pricing Before Building
- Conduct market research early to discover willingness to pay before building products.
- Segment your market to target those who truly value your product.
