Hey @Krish , thanks for your question and thanks for having me. I remember that session well, hosted by @jamesgill and his team!
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Pricing hasn’t gotten any gets any easier, even 10 years in
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Between value positioning, pricing psychology etc it feels more like alchemy than science
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Despite that, our ASP is now 10x higher than it was when we started
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Pricing surveys, interviews etc can get you so far but the best way to learn is to try new pricing schemes
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We had to be prepared to take some risks in order to learn, the bigger he risk the great chance of busting out of local maximas, but that increases chance and magnitude of downsides also
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The best way to militate against the downsides of pricing risks is having the ability to execute quickly once we had made a decision
a) We found that instrumenting pricing touchpoints and having the ability to rollback or change pricing quickly gave us the confidence us to be bolder and take riskier bets
b) This changes the attitude to pricing experimentation from something that needs to be substantially right, to something that allows us to learn -
Being able to segment our customers into different groups based on how they perceive and articulate the value they get from the product is probably the single most important thing we did
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We’ve used various approaches using customer interviews, mapping to JTBD, understanding their journey in the product and as a business
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These are shared around between the team working on pricing
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Based on that, we then punt around some ideas, decide on one, model the upsides and downsides then, tweak it again then push it live
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Of course, this is an iterative approach and isolating signal from noise is difficult
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So stay fleet-footed and on top of the data