Pricing for Growth and Profitability with Yannick Kpodar, Global Director, Product Marketing at PayFit
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Questions we cover in this episode:
1. Tell me abou...more
In-house will usually be a great learning experience. You can run this project
if you operate as a unit and work with your cross-functional partners.
Consultants can add a ton of value, but they come at a steep cost. We decided
that we could do it on our own, and we were right :)
But I recommen...more
This is a tough one. Each market will need to have a tailored approach but don't
make it more complicated than it needs to be.
At PayFit, we have similar pricing and packaging structure across all our
countries, but the actual numbers will differ based on local dynamics. We also
include some se...more
You won't always know if you have the right pricing from the beginning. You're
always going to have some elements that need to be validated. Your best bet is
to always speak to sales, speak to customer success, and speak to customers
before making a call. You should also have a look a...more
* Step 1: Get access to biz ops data to understand business performance
(clients per pricing plan, discounting per pricing plan, size of the company
per pricing plan)
* Step 2: Analyze the business opportunity to build a business case for a new
product or pricing launch.
You'll see different scenarios in different companies based on industry, size,
skills, or company history. At PayFit, Product Marketing owns the topic, but we
work very closely with product and biz ops. Product Marketing owns the project,
but it's typically a cross-functional decision in the end....more
Customer willingness to pay is crucial. You can create a product, but if it's
not seen as a must-have for your customer, they won't purchase. Focus on
building a product that meets a real need, which is core to a business' toolbox.
An easy way of prioritizing new feature development is to ask you...more
Get them involved as quickly as possible. I run a monthly win/loss meeting with
my Sales team to understand why we win and why we lose. Based on this
information, there's usually tons of info to guide you in improving your pricing
Are you seeing more deals won from a specific ver...more
The most challenging piece here is that you're flying with little internal data.
You're operating based on assumptions. You can create pretty business plans with
ideas of traffic, lead, and demo conversions but you're only in the game once
you get your first sale. From there you can learn more in...more