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Market & Customer ResearchProduct & Prototype

What Are Your Customers Willing To Pay For Your Product? Gauging Pricing Sensitivity

By December 2, 2021April 3rd, 2022No Comments

Before you spend too much time or money developing your prototype, you want to make sure customers will actually pay for it, right?

Sounds like a given, but so often, this step is bulldozed right over as entrepreneurs go from: idea -> minimal market research -> solution building.

In that above ‘framework’, there’s no mention of the problem being solved.

In my 7 part product-market fit framework, you work through problem exploration first and foremost: Founder/Problem fit and Problem/Value fit.

Then comes the solution. You achieve Value/Prototype fit, ensuring that customers will pay to solve the problem in THIS, (your) specific way.

Then you move on to Prototype/Pilot fit. Build a pilot program, pinpointing the features that can use existing technologies and tools. You’ll also be able to pinpoint the features that will absolutely need software development, and that’s okay.

This stage is a vital step. You’ll learn whether or not you can locate and engage new customers without paying a lot for advertising. You’ll make sure that customers can still derive value from your solution with less of you involved. And you’ll get an idea of the other features they’ll need to see before they shell out more money.

 


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