Does anyone have tips on conducting pricing research interviews?

  • 20 July 2022
  • 4 replies
  • 38 views

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Hello! We’d like to understand how our competitors structure pricing in contracts and how much our target customers are paying. If you have some suggestions on conducting this research, I’d really appreciate your input! 🤝

 

 


4 replies

Userlevel 1
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Hello, 

We’ve done a few things:

  1. Run a Multi-variate pricing AB test to gauge the illingness to pay from our SMB segment
  2. For our enterprise segment, we created a new plan tier that our key accounts managers use to test the waters
  3. We are also running a pricing consultant engagement to understand our competitive standing in terms of how we well our pricing model works in comparison to our competition 
Badge +1

Hello, 

We’ve done a few things:

  1. Run a Multi-variate pricing AB test to gauge the illingness to pay from our SMB segment
  2. For our enterprise segment, we created a new plan tier that our key accounts managers use to test the waters
  3. We are also running a pricing consultant engagement to understand our competitive standing in terms of how we well our pricing model works in comparison to our competition 

Awesome! I appreciate your response and love how you approached this from different angles. My team may have a follow-up question for you!

Userlevel 5
Badge +2

Great points from @PriyaBhatia0210. I’ll add one more source: Just ask the client.

If you have a good relationship with your clients (assuming you’re in B2B) sometimes it’s really enlightening to just have a conversation about other companies that are courting them.

When I have the right client or prospect on the phone, I ask what they expect and what else they’ve considered. If there are other solutions on the table and they’re able to share, talk about what the other deals look like from their end.

Some people will try to use this conversation as further negotiation, but most people give a straight answer, IME.

If the other offer is clearly better than what we have, I just tell them they should go for it. Sales doesn’t always like that, but it’s either a foregone conclusion or they’re bluffing. They’re usually a little surprised by the confident response and end up wanting to talk more -- they assume our confidence is based in having a better solution.

I know that’s a little sales-y but isn’t Product part Sales anyway? I like to turn the sales process into market research whenever possible.

Badge +1

Great points from @PriyaBhatia0210. I’ll add one more source: Just ask the client.

If you have a good relationship with your clients (assuming you’re in B2B) sometimes it’s really enlightening to just have a conversation about other companies that are courting them.

When I have the right client or prospect on the phone, I ask what they expect and what else they’ve considered. If there are other solutions on the table and they’re able to share, talk about what the other deals look like from their end.

Some people will try to use this conversation as further negotiation, but most people give a straight answer, IME.

If the other offer is clearly better than what we have, I just tell them they should go for it. Sales doesn’t always like that, but it’s either a foregone conclusion or they’re bluffing. They’re usually a little surprised by the confident response and end up wanting to talk more -- they assume our confidence is based in having a better solution.

I know that’s a little sales-y but isn’t Product part Sales anyway? I like to turn the sales process into market research whenever possible.

Product is part sales indeed ;) Thanks for sharing this. It’s good to know most people will give a straight answer. Sharing with my team!

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