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Transcript

1. What's in a Price? How to price your products and

   services

2. My name is Michael Herold. Please tweet me @mherold or

   say [email protected].
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4. We help creatives do their best work.

5. We are hiring.

6. Questions? Tweet @mherold during the talk.

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13. We were launching a new product ...

14. and planning to price it at $99/month.

15. I asked, "How did we decide on that price?"

16. Can you guess what the answer was?

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19. What is missing from this picture?

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21. What if you ...

22. What if you have a side gig?

23. What if you are a solopreneur?

24. Pricing your ?rst product is ...

25. Pricing your ?rst product is scary.

26. Pricing your ?rst product is hard.

27. Pricing your ?rst product is full of angst.

28. It doesn't have to be.

29. How can we make it easier?

30. How can we go from ...

31. How can we go from !

32. How can we go from ! to

33. How can we go from ! to ?

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37. What's in a price?

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49. What does this graph mean for us?

50. Supply is largely controlled by us.

51. Demand is largely from the customer.

52. We need to ?gure out demand to understand how to

    price.

53. It's time for an abstraction.

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57. Economics is applied in many disciplines.

58. Economics is applied in ?nance.

59. Economics is applied in accounting.

60. Economics is applied in political science.

61. Economics is applied in neuroscience.

62. Economics is applied in market research.

63. Market research uses economic principles to build models for understanding

    customers.

64. Van Westendorp's Price Sensitivity Meter

65. The price sensitivity meter is ...

66. The price sensitivity meter is easy to use.

67. The price sensitivity meter is easy to understand.

68. The price sensitivity meter is lightweight.

69. The price sensitivity meter is based on surveys.

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71. Process

72. 1. Decide on your pricing scale.

73. Aim for 25-40 steps.

74. Capture both impossibly high and impossibly low.

75. Pricing a granola bar Step Maximum 1 $0.50 2 $1.00

    3 $1.50 ... ... 20 $10.00

76. 2. Survey your audience.

77. Start with a detailed explanation of the product or service.

78. Start with a demonstration of the product or service.

79. Four questions

80. At what price do you begin to think the product

    is so inexpensive that you would question its quality?

81. At what price do you begin to think the product

    is a great deal for the money?

82. At what price do you begin to think the product

    is getting expensive, but you still might consider it?

83. At what price do you begin to think the product

    is too expensive to even consider?
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85. 1. Too cheap 2. Cheap 3. Expensive 4. Too expensive

86. 1. Too cheap 2. Cheap 3. Expensive 4. Too expensive

87. 1. Too cheap 2. Cheap 3. Expensive 4. Too expensive

88. 1. Too cheap 2. Cheap 3. Expensive 4. Too expensive

89. Ask the questions in both increasing and decreasing order.

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91. 1. Too expensive 2. Expensive 3. Cheap 4. Too cheap

92. 1. Too expensive 2. Expensive 3. Cheap 4. Too cheap

93. 1. Too expensive 2. Expensive 3. Cheap 4. Too cheap

94. 1. Too expensive 2. Expensive 3. Cheap 4. Too cheap

95. If you get impossible answers, correct them.

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97. Now it's time for some ...

98. Now it's time for some statistics.

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100. Cumulative distribution functions (CDFs)

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102. A function where the right-hand side is equal to the

     probability that a random variable is less than or equal to x.

103. A function where the right-hand side is equal to the

     probability that a random variable is less than or equal to x.

104. Respondent Cheap 1 $1.22 2 $9.99 3 $4.88 ... ...

105. cheap = [1.22, 9.99, 4.88, ...]

106. A function where the right-hand side is equal to the

     probability that a random variable is less than or equal to x.

107. A function where the right-hand side is equal to the

     probability that a random variable is less than or equal to x.

108. Step Maximum 1 $0.50 2 $1.00 3 $1.50 ... ...

     20 $10.00

109. Step x 1 $0.50 2 $1.00 3 $1.50 ... ...

     20 $10.00

110. cheap = [1.22, 9.99, 4.88, ...] scale = (0.5..10).step(0.5) #=>

     [0.5, 1.0, 1.5 ...]

111. A function where the right-hand side is equal to the

     probability that a random variable is less than or equal to x.

112. A function where the right-hand side is equal to the

     probability that a random variable is less than or equal to x.

113. cheap = [1.22, 9.99, 4.88, ...] scale = (0.5..10).step(0.5) #=>

     [0.5, 1.0, 1.5 ...] scale.map { |x| cdf(x, observations: cheap) }

114. cheap = [1.22, 9.99, 4.88, ...] scale = (0.5..10).step(0.5) #=>

     [0.5, 1.0, 1.5 ...] def cdf(x, observations:) end scale.map { |x| cdf(x, observations: cheap) }

115. A function where the right-hand side is equal to the

     probability that a random variable is less than or equal to x.

116. A function where the right-hand side is equal to the

     probability that a random variable is less than or equal to x.

117. cheap = [1.22, 9.99, 4.88, ...] scale = (0.5..10).step(0.5) #=>

     [0.5, 1.0, 1.5 ...] def cdf(x, observations:) end scale.map { |x| cdf(x, observations: cheap) }

118. cheap = [1.22, 9.99, 4.88, ...] scale = (0.5..10).step(0.5) #=>

     [0.5, 1.0, 1.5 ...] def cdf(x, observations:) count = observations.select { |obs| obs <= x }.count end scale.map { |x| cdf(x, observations: cheap) }

119. cheap = [1.22, 9.99, 4.88, ...] scale = (0.5..10).step(0.5) #=>

     [0.5, 1.0, 1.5 ...] def cdf(x, observations:) count = observations.select { |obs| obs <= x }.count count / observations.count.to_f end scale.map { |x| cdf(x, observations: cheap) }
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122. Start graphing your CDFs.

123. First, graph expensive and cheap.

124. Look for the intersection.

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126. Indifference price ... ...

127. Indifference price may be the median price in the market.

128. Indifference price may be the price of an important market

     leader.

129. Indifference price indicates price- consciousness.

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132. Look for psychological thresholds.

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136. Next, graph too expensive and too cheap.

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138. Look for the intersection.

139. Optimal pricing point ... ...

140. Optimal pricing point indicates minimum resistance to change.

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143. Look for psychological thresholds.

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147. Graph all four curves together.

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150. Create not expensive and not cheap by inverting their counterparts.

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153. Then combine them with too expensive and too cheap.

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155. These intersections are your points of marginal cheapness and marginal

     expensiveness.
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159. These two points form the range of acceptable prices.

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163. Graph all curves together.

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168. Make your decision!

169. Are prices inherently adversarial?

170. Pricing doesn't have to be about extracting maximum value out

     of your customers.

171. Often, it works out better if you price for some

     consumer surplus.

172. Customers can be your greatest champions.

173. Gotchas

174. De?ne your scale before you survey.

175. When possible, segment your participants into logical groups.

176. Further segment your participants and reverse the order of the

     questions.

177. Make sure you are very clear with your description.

178. Make sure you are very clear with your description.

179. Conduct your ?rst surveys with a mock up.

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183. One simple model.

184. A discipline outside our own.

185. Liberate the best ideas.

186. Use them for intentional design.

187. Help your customers be awesome.

188. Consider thinking of your customers as partners instead of customers.

189. My name is Michael Herold. Please tweet me @mherold or

     say [email protected].

190. Image Credits 1. Business Model icon by Thomas Knopp, from

     the Noun Project. 2. Cricket by Ed Harrison, from the Noun Project. 3. Supply and Demand by Davo Sime, from the Noun Project. 4. Partnership by Vectors Market, from the Noun Project.

191. Reference Van Westendorp, P. (1976) "NSS - Price Sensitivity Meter

     - A new approach to understanding consumer perception of price." Proceeedings of the ESOMAR Congress.