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Tl;dr:
Find the Willingness to pay (WTP) and segment your users before everything else.
4 types of failures
5 myths
- If you build a great product, customer will pay a fair value for it
- The new product or service must be controlled entierely by the innovation team working in isolation
- High failure rate of innovation is normal and is even necessary
- Customer must experience a new product before they can say how much they'll pay for it.
- Until a business knows precisely what's it's building, it cannot possibly asses what it is worth.
9 rules for successful monetization
Have the "Willingness to pay" talk early
Don't default to a One Size Fits All Solution
Configuration and bundling is more science than art
Go beyond the Price point (how you charge is more important than what you charge)
Market share or Premium Branding?
From Hoping to knowing
The Innovation wont speak for itself
Use behavioral Pricing tactics to Persuade and sell
Maintain your price integrity
Screenshots
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