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How can you use user feedback to set product prices?

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How can you use user feedback to set product prices? Pricing is one of the most important decisions you can make as a product developer, but it can also be one of the most challenging. You want to charge enough to cover your costs and make a profit, but not so much that you scare away potential customers. How can you find the optimal price point that maximizes your revenue and customer satisfaction? One way is to use user feedback to test and validate your pricing assumptions and strategies. In this article, we will show you how to use user feedback to set product prices in four steps.

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Shanil Mall

SVP - Digital Head- Growth ( Business Banking ) @ IndusInd | LinkedIn Top Voice | Growth & Digital Transformations | Ex…

1 Identify your target market

Before you can ask for user feedback, you need to know who your target market is. Who are the people who need your product, value its benefits, and are willing to pay for it? You can use various methods to segment your market, such as demographics, psychographics, behavior, or needs. You can also use tools like personas, customer journeys, or value propositions to understand your customers better. Once you have a clear idea of who your target market is, you can select a representative sample of users to get feedback from.

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Shanil Mall

SVP - Digital Head- Growth ( Business Banking ) @ IndusInd | LinkedIn Top Voice | Growth & Digital Transformations | Ex Paytm, Vodafone, DishTV | Gold Medalist - MBA
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Pricing and product features go hand in hand. Plan multiple product range if you want to plan differential pricing. This will increase your reach. Clearly identify if your customer seeks value, features or snob appeal from the product you are selling. Pricing for value seeking customers should have no frills because these customers are price sensitive. They have less expectations from post sales service. Customers seeking features only will want your product to fulfil their needs quickly, they will want to pay a premium if you are able to solve a problem but they need adequate post sales service and education. Customers seeking your product for snob appeal can pay a high premium but they seek good service along with additional benefits.

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Vikram Verma

Category Manager| Business Strategy & Analytics | Market Expansion | Product Strategy | Revenue Optimization | Vendor Development |
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Using user feedback to set product prices can be a valuable strategy for businesses. By incorporating customer input, companies can align their pricing with the perceived value of their products or services. Here are a few ways to utilize user feedback for pricing decisions: 1. Understanding Perceived Value: 2. Pricing Experiments: 3. Identifying Price Sensitivity: 4. Communicating Value: Incorporating user feedback into pricing decisions can help businesses make more informed choices that resonate with their customer base. #PricingStrategy #UserFeedback #CustomerPerception #ValueBasedPricing

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2 Choose a pricing method

There are many ways to set product prices, such as cost-based, value-based, competition-based, or customer-based. Each method has its advantages and disadvantages, depending on your product, market, and goals. You can use user feedback to help you choose a pricing method that aligns with your customers' expectations and perceptions of value. For example, you can use surveys, interviews, or focus groups to ask users how much they would pay for your product, how they compare it to other products, or what features they value the most.

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Shanil Mall

SVP - Digital Head- Growth ( Business Banking ) @ IndusInd | LinkedIn Top Voice | Growth & Digital Transformations | Ex Paytm, Vodafone, DishTV | Gold Medalist - MBA
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Don't ever go with just 1 price model. Always have at least two to three options. The lowest price can be used as an anchor price. On the other hand giving too many pricing options confuses the customer. Focus on three price points and plan features accordingly

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3 Test your pricing options

Once you have a pricing method and a range of possible prices, you can test them with your users to see how they react. You can use different techniques to test your pricing options, such as A/B testing, conjoint analysis, or price sensitivity meter. These techniques allow you to measure how users respond to different prices, such as their purchase intention, satisfaction, or loyalty. You can also use qualitative feedback to understand the reasons behind their responses, such as their emotions, motivations, or objections.

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4 Evaluate and optimize your pricing strategy

After you have tested your pricing options, you can analyze the results and evaluate your pricing strategy. You can use metrics such as conversion rate, revenue, profit margin, or customer lifetime value to measure the performance of your pricing strategy. You can also use user feedback to identify any gaps, issues, or opportunities for improvement. You can then use this information to optimize your pricing strategy, such as by adjusting your prices, offering discounts, bundling products, or adding value. You can also repeat the testing and evaluation process to refine your pricing strategy over time.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Shanil Mall

SVP - Digital Head- Growth ( Business Banking ) @ IndusInd | LinkedIn Top Voice | Growth & Digital Transformations | Ex Paytm, Vodafone, DishTV | Gold Medalist - MBA
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Along with pricing, plan your profits and include all costs that can influence your pricing. The profits can be made from just one sale. If the pricing can be a hindrance then you should have a model where you price a product at subsidised rate and take money over a period of time like a subscription or plan cross sell or upsell to existing customers.

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How can you use user feedback to set product prices?

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5

1 Identify your target market

2 Choose a pricing method

3 Test your pricing options

4 Evaluate and optimize your pricing strategy

5 Here’s what else to consider

Product Development

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How can you use user feedback to set product prices?

1

2

3

4

5

1 Identify your target market

2 Choose a pricing method

3 Test your pricing options

4 Evaluate and optimize your pricing strategy

5 Here’s what else to consider

Product Development

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