Pricing Your New Product with Dave Daniels

Dave Daniels is a launch guru helping businesses plan successful product launches.  In this episode, Dave shares how understanding market segmentation will help you figure out what consumers are willing to pay so you focus on that segment when you launch a new product. If you are an early-stage company who is concerned about building out a product, you can listen to Dave talk about growth hacking concepts. He also talks about the obstacles and advantages concept you can derive insights from.        Why you have to check out today’s podcast: Learn about the factors to consider in revisiting your pricing so you don’t leave money on the table   Discover about using objectives and key results (OKRs) for a clearly defined product launch success   Learn how to figure out where the least resistance lies so you meet your product launch objective and key results       “I would deeply understand their motivations for solving the problem that they want to solve. Because how acute that motivation is will largely determine what their willingness to pay us.” - Dave Daniels     Topics Covered: 02:07 - Talking about the price class he took while he was at Pragmatic Institute   03:56 - Using objective key results for defining a successful launch   06:06 - What does it take to launch a product   07:32 - How do pricing and product launch tie together   11:57 - What is a concept of obstacles and advantages   14:38 - Why is it easier for startup companies to figure out their obstacles and advantages   17:37 - Taking the whole growth hacking concept for startup companies   19:31 - Setting price for new products   22:06 - How frequently do you change your price   24:39 - Validation of pricing by market segment   25:24 - How to factor in price segmentation over the lifecycle of a product   27:07 - Willingness to pay and how everybody relates to this phrase   29:07 - Your reputation and charging premium        Key Takeaways:  “Everyone says I want a successful product, but few of them define what success actually is. And so, my thinking has now evolved into using objectives and key results, OKRs, as a mechanism for clearly defining the success of a launch.” - Dave Daniels  “Your market segment and that competitive landscape will influence the willingness to pay for buyers that are in that market segment.” - Dave Daniels  “In order for us to be successful with that customer in that market segment who's willing to pay the price that we want to charge, then what are the barriers that will keep us from being successful? So, what are our obstacles because we got to get rid of those.” - Dave Daniels  “As a startup, that's a lot easier to figure out your advantages and obstacles. Because if you look at the ledger, you have a whole lot of things in the obstacles column, and you have very few things in the advantages column.” - Dave Daniels          Connect with Dave Daniels:  LinkedIn: https://www.linkedin.com/in/davidkeithdaniels/ Email: [email protected]       Connect with Mark Stiving:  LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]