Alex Chahin

AMA: Hims & Hers Sr. Director, Product Marketing & Development, Alex Chahin on The Psychology of Pricing

May 19 @ 9:00am PST

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Top Questions
When is an ideal time to prepare a change in pricing strategy and how does a PMM lead/join in on this decision-making before being asked to strategize messaging for the price change itself.
Alex Chahin
Sr. Director, Product Marketing at Hims and Hers | Formerly Lyft, American Express
The best time to prepare a change in pricing strategy is when you have actionable data. Perhaps you would have guessed something more related to the product or portfolio lifecycle, like when another product is getting added into the mix. These moments can certainly make internal conversations ...more
How does your customers' (or the market) willingness to pay influence your product roadmap?
Do you prioritize features based on their revenue potential?
Alex Chahin
Sr. Director, Product Marketing at Hims and Hers | Formerly Lyft, American Express
Many things should play a role in shaping the product roadmap. That might include customer insights, market opportunities, current customer satisfaction, and beyond.  Willingness to pay (WTP) should absolutely be among those considerations. In order to determine how much it should play a role...more
How do you think about pricing when going from a single product to a multi-product platform?
Alex Chahin
Sr. Director, Product Marketing at Hims and Hers | Formerly Lyft, American Express
I would encourage you to make sure you’re putting the customer first whenever you encounter this. In my experience, it’s really tempting to bolt on the next product with slightly different pricing that solves for that particular new product but doesn’t account for the existing one. Then you ca...more
When thinking about pricing, do you base it on competitive alternatives or the value you deliver to customers? And what are the marketing trade-offs when choosing either option?
Alex Chahin
Sr. Director, Product Marketing at Hims and Hers | Formerly Lyft, American Express
It’s always really tempting to look for “answers” among what competitors are doing. I think you should absolutely keep competitive moves in mind, but I would urge you to start from a place from the value you deliver and only rely on competition if you don’t think you can articulate the value well...more
How many price points and packages should I offer customers?
Alex Chahin
Sr. Director, Product Marketing at Hims and Hers | Formerly Lyft, American Express
While there’s no perfect answer here, there can be too much of a good thing. Behavioral economics research has shown that we tend to have a hard time deciding from a large array of options. This phenomenon is known as choice overload. It’s also often referred to as the paradox of choice, being...more
Can you explain what anchoring is and how product marketers can use it in their work?
Alex Chahin
Sr. Director, Product Marketing at Hims and Hers | Formerly Lyft, American Express
Picture this: You’re working on the merchandising team at Williams-Sonoma, a home goods store that sells things like upscale kitchen appliances, utensils, and cooking supplies. Your boss has just asked you to figure out how to sell more breadmakers, which are appliances that mix the ingredients, ...more
How are pricing and perceived value of a product related?
Alex Chahin
Sr. Director, Product Marketing at Hims and Hers | Formerly Lyft, American Express
Price acts as a huge quality signal. One of my favorite studies on the subject is one done by Professor Dan Ariely. He had a hypothetical painkiller he called Veladone Rx. In reality, in this experiment, it was nothing more than a sugar pill. There was no actual active medication in it. But the p...more