#15 Pricing Your Product | Lubomila Jordanova | Slush 2023

Learn how to price your product effectively by understanding the value it brings to customers, considering the anchor price concept, and highlighting the time and effort that goes into creating it.

Key takeaways

When building a product, consider the anchor price concept, where you understand the value of the product and its price in the customer’s mind.
The willingness to pay is high when people are related to problems that may not always be perfect, such as those caused by complex systems.
When pricing your product, consider the value it brings to the customer and the time and effort that went into creating it.
The final key element of doing good pricing is the anchor, which allows for a reference point in the customer’s mind.
When talking to clients, it’s essential to explain the value your product brings and how it solves their problems.
Companies should focus on understanding the value they bring rather than just throwing features at customers.
When presenting your product, highlight the value it brings, not just its features.
When doing a pricing evaluation, consider not just the cost, but the value the customer gets from the product.
Businesses should focus on creating value, not just increasing margins.
Entrepreneurs should be willing to break the rules and take risks to achieve success.
Pricing is interesting when it comes to asking for money from investors.
Startups should focus on solving problems and creating value, rather than just building a product.
When looking at margins, consider not just the cost, but the value the customer gets from the product.
Companies should understand the value they bring to their customers and the time and effort that went into creating it.

#15 Pricing Your Product | Lubomila Jordanova | Slush 2023

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