How do you test willingness to pay before the product is launched?
Martin Maričák
14 replies
Common startup advice is you should "validate". Either MVPs, or some concepts / ideas, and it's largely true.
It's not always easy to test willingness to pay early, especially with complex products that are not launched yet.
What worked for you?
Replies
Kostya Bolshukhin@kostyabolsh
mgmate
Didnt get really good at it
But I like creative promos for early users like:
— pay at will
— lifetime payment for those early users
Other than that you dont really validate willingness to invest $ in product. But you can validate willingness to invest time by running interviews and workshops with potential customers.
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@kostyabolsh I've seen more of these pioneer offers (e.g. 5 years for a substantial discount) and I like this approach.
But what if you haven't launched your product yet?
Launch a crowdfunding campaign and see how much support you get. People’s willingness to contribute funds can be a strong indicator of their interest in your product
@rothit_kumar_cd Crowdfunding is often used as an example, though I've always struggled with two things:
1. sometimes you don't want to go public early
2. it takes a lot of effort and resources to build a successful crowdfounding campaign.
I've seen them generate a lot of buzz and interest before a product even launches.
@gemma_mortlock In your opinion, how strong of an indication a buzz is for the future conversion into paid customers?
Talking to people you know can give you valuable insights and potential early adopters.
Understanding your target market's needs and willingness to pay is crucial for product development.
I usually run surveys to gauge interest before launching.
@anmol_chetan Do you have any good survey templates you are using?
Are there any tools you use to test pricing? I’m curious about different approaches.
I test willingness to pay by offering a pre-order option or limited-time discount to see if people commit.