Price Comes Before Product Development

Hello, this is Hall T. Martin with the Startup Funding Espresso -- your daily shot of startup funding and investing.

Most startups build a product and only then start a discussion with customers about how much they will pay for it.

The pricing discussion should come before product development.

In fact, the decision to build the product will depend on how much you can charge for the product.

Before starting product development, create a one-page description of the product.

List out the key features and benefits along with the price.

Make several test mailings and in-person discussions to check what price the target customer is willing to pay.

Vary the price from one test to the next and check the results.

Never put a higher and lower price on the page and then ask which one to choose.

The prospect will always choose the lower price.

Instead, put one price on the page and then ask, would you buy it or not?

In each test case, note which customers would pay a higher price and which would only pay a lower price.

This will help you determine the buyer personas and how to price a good, better, best product offering.

Thank you for joining us for the Startup Funding Espresso where we help startups and investors connect for funding.

Let’s go startup something today.

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For more episodes from Investor Connect, please visit the site at: http://investorconnect.org 

Check out our other podcasts here: https://investorconnect.org/ 
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Music courtesy of Bensound.

On this episode of Investor Connect, Hall welcomes Tanika De Souza, CEO at High Octane Teams (HOT).

HOT is an offshore staffing agency, focused on systemizing your process to streamline growth. It is focused on hiring Virtual International Staff to fit the client’s specific needs and company culture. Their VAs come in to not only handle the workload but to help clients systemize and document their processes. Their goal is to help them be more organized to reduce defect rates and increase productivity.

Tanika started her first business in 2009 and grew it to over 100 employees. Her virtual staff is trained to create SOPs, systemize your business processes, and report KPIs for their department. She has extensive knowledge and expertise in hiring and managing teams.

Tanika shares the transformative power of virtual international staffing in response to shifts in the US job market, with an emphasis on the intersection of AI and staffing processes. Tanika talks about the delicate balance between AI verification and applicant misrepresentation, highlighting the importance of candidates skilled in AI tools to remain valuable in the workforce. 

Tanika also explores the challenges and rewards of the staffing industry, revealing the potential to positively impact lives in various countries through remote work opportunities. 

Visit High Octane Teams at highoctane.team, and on www.linkedin.com/company/high-octane-teams.

Reach out to Tanika at tanika@highoctaneteam.us, www.linkedin.com/in/tanika-de-souza-ma-99b902196.

_______________________________________________________

For more episodes from Investor Connect, please visit the site at: http://investorconnect.org  

Check out our other podcasts here: https://investorconnect.org/ 
For Investors check out: https://tencapital.group/investor-landing/ 
For Startups check out: https://tencapital.group/company-landing/ 
For eGuides check out: https:/_/tencapital.group/education/ 
For upcoming Events, check out https://tencapital.group/events/  

For Feedback please contact info@tencapital.group   

Please follow, share, and leave a review.

Music courtesy of Bensound.