Ask Teresa: How Can You Test a Customer’s Willingness to Pay? - Product Talk
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Ask Teresa: How Can You Test a Customer’s Willingness to Pay? - Product Talk
With few exceptions, companies do not examine which features are important to the customer, and which are only important to the inventor. They do not know whether the customer wants one flavor, or a choice of many. They do not know if the customer will pay, wants to pay once, or will subscribe.
Georg Tacke • Monetizing Innovation: How Smart Companies Design the Product Around the Price
“What would I have been willing to pay for that? What would I pay more for?” Other examples: • Would you pay more for Netflix? Netflix faces competition from Amazon, HBO, and other challengers, along with many international first-movers.
Tom Gardner • The Motley Fool Investment Guide: Third Edition: How the Fools Beat Wall Street's Wise Men and How You Can Too
Draft your business case using customer willingness-to-pay data, and establish links between price, value, volume, and cost. Without this, your business case will tell you only what you want to hear, which may be far afield from market realities.
Georg Tacke • Monetizing Innovation: How Smart Companies Design the Product Around the Price
ask for a $100 pre-order payment. You’ll likely get a resounding “no.”
Alistair Croll • Lean Analytics: Use Data to Build a Better Startup Faster (Lean (O'Reilly))
ask if they’d be willing to pay for what you’re selling.