Wed, 16 August 2023
Identifying Your Customer Profiles
Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.
Your value proposition is what the customer is buying from you which drives the pricing for your product.
In setting the price for your product first segment your customers and identify their personas and how they will use the product.
Figure out their key care-about and match them to the features of the product.
This should be no more than three or four types.
Define a pricing strategy that covers each persona.
Take into account their budget and how much they can pay.
Also, consider the cost of customer acquisition for each type.
There may be customer personas who are too costly to acquire and satisfy with the product.
Remove these from your target customer persona list.
The more you know about your customers the more accurately you can define your pricing.
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