13: Product Managers Digging Deep Into Pricing Strategies from How To Succeed In Product Management | Jeffrey Shulman, Red Russak & Soumeya Benghanem

How To Succeed In Product Management | Jeffrey Shulman, Red Russak & Soumeya Benghanem

Jeff Shulman, Red Russak & Soumeya Benghanem

Episodes

13: Product Managers Digging Deep Into Pricing Strategies

1 hour 8 minutes Posted Aug 18, 2021 at 4:00 am.

Intro

Why PMs need to learn product pricing

Product pricing strategies and modifying existing pricing

Strategizing around pricing is both exciting and delicate

PMs define customer value, corporate defines product value

The effort put into developing the product should reflect in its pricing

Getting a hold of the product value and where you’re going as a business

Figure out the problem being solved and who is it for

The product is marketed as a revenue enabler

Pitfalls for new PMs is an overly narrow perspective of growing a product

Spectrum of responsibilities a PM has

3 things that affect pricing: needs of customer, value, and willingness to pay

Advantages of using a cloud versus maintaining a hardware

Sustainable business follow a cost-based model

Business model is a bigger concept than just pricing

Pricing a new product for enterprise customers

Economic value estimation what are the customers cost and value drivers

Use real customers to product test

Customers are willing to pay for the most painful problem

Book recommendation from Soumeya

Train your brain to understand how the market works

Applying game theory in pricing

Think about the economics you’re driving with your product decisions

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Show notes

In this episode of the How to Succeed in Product Management Podcast, marketing professor Jeff Shulman and The Product Management Center advisory board members Red Russak and Soumeya Benghanem welcome Divya Sreekumar (Amazon Web Services) and Harish Komaragiri (Facebook) to talk about product pricing strategies. A lot goes into determining the price of a product which includes the needs of the customer, product value, and willingness to pay of the target audience. The panel also tackles the different spectrum of responsibilities a PM has and how it can affect the overall business model.

Support for How to Succeed in Product Management is brought to you by Apptentive, which enables product managers to measure shifts in customer emotion and gather actionable feedback across the mobile customer journey. To learn more, go to Apptentive.com/UW.

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