Madhavan Ramanujam of Simon-Kutcher & Partners joins Nick to discuss Monetization Strategy & Why Price Trumps Product. In this episode, we cover:
- What's the backstory and how did you develope this monetization expertise?
- What VC firms and/or investors have you worked with?
- What's the most common missteps that innovators make?
- What are the 4 types of innovation fails?
- I want to talk about your three key rules for monetizing new products: Having the WTP conversation early, Investigating how to charge not just what to charge and not settling for one-size fits all... Let's start w/ the WTP conversation, walk us through this point and the three questions one should ask?
- Essentially, are you suggesting that startups run a conjoint analysis to see what features customers want and how much they'll pay or is it more than that?
- How do the results inform the pricing strategy?
Is this the Van Westendorp methodology, if not, how's it different?
- Talk more about the second rule... Investigating how to charge, not just what to charge.
- The final rule is: Don't settle for one-size-fits-all... walk us through your point here. form factor, application, segment
- This is controversial in the venture space where many investors are looking for one business model across all customers... what's your response to VCs here?
- How do you apply your methodology in situations with a nascent market... where customers may not fully understand their needs, the problems they will experience or the solutions available?
- Final thoughts and advice for startups that are creating a new product?
- Any words of advice for investors that are assessing startups very early on?
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Direct download: FR147_Ramanujam.mp3
-- posted at: 10:00am EDT