4min snip

Invest Like the Best with Patrick O'Shaughnessy cover image

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

Invest Like the Best with Patrick O'Shaughnessy

NOTE

How to Productize to Segments

Companies often struggle with determining the right pricing strategy. Instead of asking customers directly, there are clever ways to get meaningful responses. For example, doubling the price until someone laughs can reveal a threshold. Additionally, asking customers to compare your product's value to a benchmark like Salesforce can provide insights. Another approach is to ask customers what they consider acceptable, expensive, and prohibitively expensive prices. Acceptable prices are usually loved by customers, while expensive prices reflect the value of the product. Prohibitively expensive prices are those that customers would laugh at. These techniques help identify psychological thresholds in the market.

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