This week on Product Marketing Life, Mark is joined by Vaishnavi Ravi, founder and consultant at Market Maven, to discuss her experiences of leading major pricing changes.
In their discussion, Vaishnavi draws on her experience to emphasize the importance of change management throughout the organization to secure internal alignment. This includes enabling the sales teams with the rationale and empathy required for customers, phasing the rollout, and tracking metrics post-launch to refine as needed.
She advises treating pricing as an iterative process, requiring continuous testing and learning. Vaishnavi also stresses that deeply understanding your customers and audiences will continue to be critical for positioning and strategic direction. Overall, the discussion provides an inside look at the considerations and cross-functional collaboration vital for a successful pricing change.
Introducing Vaishnavi Ravi
Vaishnavi Ravi has spent a decade dedicated to product marketing and product management, more recently setting up PMM departments at startups and scale ups from scratch. She credits her time spanning across different industries as one of the primary reasons she started a product marketing consulting firm. In her last role, she was the Director of Product Marketing at a B2B manufacturing tech company, Poka Inc. And today, Vaishnavi offers product marketing, go to market, and product strategy services to companies in the b2b space, looking to understand their customers and find their voice.
- Pricing changes require balancing multiple factors like value delivered, customer impact, and business metrics. It's an iterative process of testing and learning.
- Research involves analysts, sales data, customer reactions, competitor pricing, and secondary research on pricing best practices.
- Important metrics to track include ARR, average revenue per user, deal sizes, customer acquisition costs, and churn.
- Change management is required to enable sales with the rationale and empathy for customers, staged rollout, and ongoing tracking of metrics and fine-tuning.
- Focus on truly understanding your customers and audiences will continue to be critical for product positioning and company direction.
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