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In this episode, our special guest Patrick Campbell, Co-Founder and CEO at Price Intelligently, discusses the hardest parts of pricing products for startup CEOS, the fears associated with not making a sales because of price, his survey method for identifying the price prospects are willing to pay for your product, and how to deal with raising a product’s price and the associated retention drop off. Key areas covered:
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03:26 – The hardest thing for companies to learn about pricing their products.
08:50 - How does an entrepreneur deal with the fear of not wanting to blow a deal?
11:56 – Always make sure that your price increase is worth it.
14:50 – Guidepost suggestions to try.
16:10 – Four main questions recommended to ask.
24:00 – Finding the value metric and making sure reinforce value with your price.
25:10 – How to handle customers who are used to pay per user and how to overcome that bureaucratic barrier.
31:20 – How would you recommend handling that price question when it’s too early to actually give a price?
39:30 – Recognizing the problem children.
42:00 – Handling a price range that’s large.
43:20 – When you’re better off charging more than trying to charge less.
48:30 – Should your price be exactly 100 or can it be 99?
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