The root of all innovation evil is the failure to put the customerโs willingness to pay [WTP] for a new product at the very core of product design. Most companies postpone pricing decisions until after the product is developed. They embark on a long, costly journey of hoping theyโll make money rather than knowing they will. You can ensure your product not only stays alive, but thrives, by talking with customers early in the product development process. If you donโt, you wonโt be able to prioritize the product features you develop, or know whether youโre building something customers will pay for until itโs in the marketplace.
Content: Quotation
Author: Madhavan Ramanujam
Source: First Round Review
Subjects: Customer Related, Innovation, Marketing / Sales, Pricing
Author: Madhavan Ramanujam
Source: First Round Review
Subjects: Customer Related, Innovation, Marketing / Sales, Pricing