Patrick Campbell - Bootstrapped pricing

Jun 11, 20130 likes598 views

Patrick Campbell, CEO of Price Intelligently shares techniques and tactics for pricing your product as you start your business out. He includes a variety of methods you can use.

@Patticus
Bootstrapped Pricing
June 7, 2013
Tuesday, June 11, 13

@Patticus
Provide you a quick, analytical process to approach
pricing and sales in the early stages of a business.
Tuesday, June 11, 13

@Patticus
Key Milestones:
•May 2012: Founded in Boston
•Nov. 2012: 50+ Customers
International Expansion to UK, Canada & Australia
•Jan. 2013: Expanded Team to 7
•April 2013: Completed Over 100,000 Pricing Strategies
•May 2013: $1M Run Rate
Executives:
•CEO/Co-Founder: Patrick Campbell
•Technologist/Co-Founder: Christopher O’Donnell
•Technologist/Co-Founder: Aaron White
About Us
Tuesday, June 11, 13

@Patticus
"The Price Intelligently team removed the guesswork from our pricing
strategy, providing us with hard data from real people that ﬁt our personas.
Pricing is something we have to get right; our business depends on it.Thanks
to Price Intelligently's work, I sleep better at night."
CEO - Help Scout
The more data that you have available to make decisions, the better those
decisions are. The fact that Price Intelligently was able to compile a panel of
respondents that matched our target personas and collect more
information than we ever could have. Price Intelligently helped us quickly
understand the perceived customer value of our product and it’s individual
features, which was data that we couldn’t get anywhere else.
Senior Director of Product Management
"We were incredibly pleased with Price Intelligently process and results. I
would recommend them to anyone who wants real data on the value
customers and prospective customers place on your products, services, and
even features.We will deﬁnitely be making changes to our pricing based on
their work."
CEO - Wistia
"To me, pricing is the one area that I believe
marketers need to consider ﬁrst and foremost.
Price Intelligently makes the product pricing
process painless and remarkably powerful with
its extraordinary ﬁndings and in-depth analysis."
CMO - SmartBear Software
Who’s been talking about us?
Tuesday, June 11, 13

@Patticus
•The Importance of Pricing
•Value Metric
•Pricing (getting the number)
•Your ﬁrst sale(s)!
Our Agenda
Tuesday, June 11, 13

@Patticus
The Importance of Pricing
Tuesday, June 11, 13

@Patticus
1% Pricing +11% Proﬁt
The Importance of Pricing
Tuesday, June 11, 13

@Patticus
Main Takeaway #1
Pricing is huge. Develop your pricing strategy
alongside the rest of your product and marketing.
Tuesday, June 11, 13

@Patticus
YOURVALUE METRIC
Tuesday, June 11, 13

@Patticus
“Align your revenue model along
your value metric...”
Value Metric
Tuesday, June 11, 13

@Patticus
Value Metric
Tuesday, June 11, 13

@Patticus
Wistia -Value Metric
Tuesday, June 11, 13

@Patticus
Rejoiner -Value Metric
Tuesday, June 11, 13

@Patticus
A value metric is what you charge for, and should:
1. align to your customer’s needs.
2. grow with your customer.
3. be easy to understand.
Value Metric
Tuesday, June 11, 13

@Patticus
DeﬁneYourValue Metric
Tuesday, June 11, 13

@Patticus
DeﬁneYourValue Metric
Perfect World
Tuesday, June 11, 13

@Patticus
DeﬁneYourValue Metric
Perfect World
Real World
Tuesday, June 11, 13

@Patticus
DeﬁneYourValue Metric
Perfect WorldTomorrow
Real World
Tuesday, June 11, 13

@Patticus
Main Takeaway #2
Understand and align upon your value metric and
most other metrics will fall into place.
Tuesday, June 11, 13

@Patticus
Pricing
“Your customer is the only one
who can tell you their
willingness to pay...”
Tuesday, June 11, 13

@Patticus
Price Laddering andVW
Tuesday, June 11, 13

@Patticus
Main Takeaway #3
Utilize a data model and talk to your customer about
their value perception.
Tuesday, June 11, 13

@Patticus
SELLINGYOUR PRODUCT
Tuesday, June 11, 13

@Patticus
Sales
“...Hustle is shoe leather and elbow grease
and sweat and missing lunch...Hustle is the
sheer joy of winning. Hustle is heaven if
you're a hustler; hustle is hell if you're not.”
Tuesday, June 11, 13

@Patticus
Smoothing Out the Sales Process
Tuesday, June 11, 13

@Patticus
The PR Framework
Tuesday, June 11, 13

@Patticus
Main Takeaway #4
Set up a scalable funnel as if you’ll have 30 sales folks
tomorrow.Then, just ﬁll in the pieces with the right people.
Tuesday, June 11, 13

@Patticus
Patrick Campbell
Patrick@PriceIntelligently.com
@Patticus
Tuesday, June 11, 13

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This document provides guidance on starting a food-related startup business. It discusses validating business ideas, translating ideas into business and sales models, and targeting needs rather than wants. It emphasizes solving problems in large, established markets and finding scalable models, especially those leveraging technology. Customer interviews, team culture, and making timely decisions are also addressed. The overall message is to focus on feasibility and growth potential over competition.

2012 Noah Kagan at RamenCampRamenCamp

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Noah Kagan started AppSumo in 2011 as a way to promote and sell discounted digital products and services to entrepreneurs on a limited-time basis. It has grown significantly over the years from initially operating out of Kagan's one-bedroom apartment to now employing over 30 people and generating millions in annual revenue. AppSumo focuses on curating quality deals for entrepreneurs and small business owners while maintaining an informal culture that values learning and growth.

2012 RamenCamp IntroRamenCamp

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The document contains the agenda for a bootstrapping conference including sessions on building a company for less than the cost of ramen noodles, validating ideas and business models, bootstrapping sales, marketing, legal issues, customer development, and a fireside chat with the CEO of FitnessKeeper. Speakers include Noah Kagan, Seth Lieberman, Glenn Gaudet, Caroline Beaulieu, Nick Warren, Paul Sweeney, Hiten Shah, and Jason Jacobs.

2012 Paul SweeneyRamenCamp

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This document provides a summary of common legal pitfalls for startups presented by Paul Sweeney, a corporate lawyer. It warns against waiting too long to form a business entity, failing to establish clear relationships among co-founders regarding control, equity, and succession, and casually distributing equity without proper documentation. It also notes the importance of protecting intellectual property, avoiding violations of agreements with former employers, and using reverse vesting for founders' shares.

David Hauser - Culture: Entrepreneurs Can Change the WorldRamenCamp

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The document discusses the importance of culture and core values for building a great company as an entrepreneur. It notes that the entrepreneur has started 5+ ventures over 8 years in business, currently employs 50 people, and has served over 100,000 other entrepreneurs. The entrepreneur emphasizes that an organization's culture and core values that transcend products or services are most important, and that authenticity is more valuable than "selling".

Fan Bi - No Budget for PR? How we got half a million visitors with no marketi...RamenCamp

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The document discusses strategies for gaining website traffic and press coverage with no marketing budget. It recommends focusing on launch traffic, researching influential publications and blogs, analyzing site analytics, regularly releasing new content, targeting niche publications, and leveraging influencers. The key is gaining early traction through launch traffic, then maintaining momentum by continuously optimizing efforts.

Elizabeth Yin - Start it Up: Cheap and free tools to build your companyRamenCamp

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This document provides an overview of 10 free or freemium online tools that can help build a web business on a budget. The tools allow entrepreneurs to conduct customer interviews via Skype, test landing pages with Unbounce, tweak messaging with FiveSecondTest, streamline visitor interactions with ClickTest, create forms with Google Forms, understand customer wants with Google Custom Search, set up smoke tests with Fake Buttons, track web analytics with Google Analytics, watch visitor interactions with ClickTale, and poll customers with KISSinsights. The presentation also provides contact information for the company LaunchBit, which helps new entrepreneurs launch their ideas.

Chris Savage: Bootstrapping Sales: Getting those first customersRamenCamp

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Seth Lieberman - Customer Development: Targeting the right verticalRamenCamp

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This document provides tips for selecting a market and ensuring success. It recommends starting with defined, growing markets that have money and real problems. Rules include not forcing entry into a market and conducting customer interviews to understand problems, goals, and satisfaction. Tools like Salesforce, LinkedIn and Twitter can help with organization, information and social aspects. Measurement is also important for testing initial market hypotheses.

David Hauser - Entrepreneurs Can Change The WorldRamenCamp

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The document discusses the importance of culture and core values for entrepreneurs. It notes that the entrepreneur has started 5+ ventures, has been in their current business for 8 years, and has 50 employees. The entrepreneur believes that culture is the building block of a great company and that core values, which are never changing guiding principles that transcend products or services, are more important than aspirations or rules. Authenticity is more important than selling and entrepreneurs stand out from the crowd by not joining it.

Duane Forrester - SEO and Marketing when BootstrappedRamenCamp

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Jonathan Kay - How to launch your product and build buzz for your businessRamenCamp

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Brendan Schwartz - How to build great product by doing less, slowerRamenCamp

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Legal pitfalls for startupsRamenCamp

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Joanne Lang - The 8 P's of MarketingRamenCamp

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2012 Caroline Beaulieu at RamenCampRamenCamp

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2012 Glenn Gaudet at RamenCampRamenCamp

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2012 Seth Lieberman at RamenCampRamenCamp

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2012 Noah Kagan at RamenCampRamenCamp

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2012 RamenCamp IntroRamenCamp

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2012 Paul SweeneyRamenCamp

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David Hauser - Culture: Entrepreneurs Can Change the WorldRamenCamp

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Fan Bi - No Budget for PR? How we got half a million visitors with no marketi...RamenCamp

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Elizabeth Yin - Start it Up: Cheap and free tools to build your companyRamenCamp

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Chris Savage: Bootstrapping Sales: Getting those first customersRamenCamp

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Seth Lieberman - Customer Development: Targeting the right verticalRamenCamp

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David Hauser - Entrepreneurs Can Change The WorldRamenCamp

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Patrick Campbell - Bootstrapped pricing

1. @Patticus Bootstrapped Pricing June 7, 2013 Tuesday, June 11, 13

2. @Patticus Provide you a quick, analytical process to approach pricing and sales in the early stages of a business. Tuesday, June 11, 13

3. @Patticus Key Milestones: •May 2012: Founded in Boston •Nov. 2012: 50+ Customers International Expansion to UK, Canada & Australia •Jan. 2013: Expanded Team to 7 •April 2013: Completed Over 100,000 Pricing Strategies •May 2013: $1M Run Rate Executives: •CEO/Co-Founder: Patrick Campbell •Technologist/Co-Founder: Christopher O’Donnell •Technologist/Co-Founder: Aaron White About Us Tuesday, June 11, 13

4. @Patticus "The Price Intelligently team removed the guesswork from our pricing strategy, providing us with hard data from real people that fit our personas. Pricing is something we have to get right; our business depends on it.Thanks to Price Intelligently's work, I sleep better at night." CEO - Help Scout The more data that you have available to make decisions, the better those decisions are. The fact that Price Intelligently was able to compile a panel of respondents that matched our target personas and collect more information than we ever could have. Price Intelligently helped us quickly understand the perceived customer value of our product and it’s individual features, which was data that we couldn’t get anywhere else. Senior Director of Product Management "We were incredibly pleased with Price Intelligently process and results. I would recommend them to anyone who wants real data on the value customers and prospective customers place on your products, services, and even features.We will definitely be making changes to our pricing based on their work." CEO - Wistia "To me, pricing is the one area that I believe marketers need to consider first and foremost. Price Intelligently makes the product pricing process painless and remarkably powerful with its extraordinary findings and in-depth analysis." CMO - SmartBear Software Who’s been talking about us? Tuesday, June 11, 13

5. @Patticus •The Importance of Pricing •Value Metric •Pricing (getting the number) •Your ﬁrst sale(s)! Our Agenda Tuesday, June 11, 13

6. @Patticus The Importance of Pricing Tuesday, June 11, 13

7. @Patticus 1% Pricing +11% Proﬁt The Importance of Pricing Tuesday, June 11, 13

8. @Patticus Main Takeaway #1 Pricing is huge. Develop your pricing strategy alongside the rest of your product and marketing. Tuesday, June 11, 13

9. @Patticus YOURVALUE METRIC Tuesday, June 11, 13

10. @Patticus “Align your revenue model along your value metric...” Value Metric Tuesday, June 11, 13

11. @Patticus Value Metric Tuesday, June 11, 13

12. @Patticus Wistia -Value Metric Tuesday, June 11, 13

13. @Patticus Rejoiner -Value Metric Tuesday, June 11, 13

14. @Patticus A value metric is what you charge for, and should: 1. align to your customer’s needs. 2. grow with your customer. 3. be easy to understand. Value Metric Tuesday, June 11, 13

15. @Patticus DeﬁneYourValue Metric Tuesday, June 11, 13

16. @Patticus DeﬁneYourValue Metric Perfect World Tuesday, June 11, 13

17. @Patticus DeﬁneYourValue Metric Perfect World Real World Tuesday, June 11, 13

18. @Patticus DeﬁneYourValue Metric Perfect WorldTomorrow Real World Tuesday, June 11, 13

19. @Patticus Main Takeaway #2 Understand and align upon your value metric and most other metrics will fall into place. Tuesday, June 11, 13

20. @Patticus PRICING Tuesday, June 11, 13

21. @Patticus Pricing “Your customer is the only one who can tell you their willingness to pay...” Tuesday, June 11, 13

22. @Patticus Price Laddering andVW Tuesday, June 11, 13

23. @Patticus Price Laddering andVW Tuesday, June 11, 13

24. @Patticus Main Takeaway #3 Utilize a data model and talk to your customer about their value perception. Tuesday, June 11, 13

25. @Patticus SELLINGYOUR PRODUCT Tuesday, June 11, 13

26. @Patticus Sales “...Hustle is shoe leather and elbow grease and sweat and missing lunch...Hustle is the sheer joy of winning. Hustle is heaven if you're a hustler; hustle is hell if you're not.” Tuesday, June 11, 13

27. @Patticus Smoothing Out the Sales Process Tuesday, June 11, 13

28. @Patticus The PR Framework Tuesday, June 11, 13

29. @Patticus Main Takeaway #4 Set up a scalable funnel as if you’ll have 30 sales folks tomorrow.Then, just ﬁll in the pieces with the right people. Tuesday, June 11, 13

30. @Patticus Patrick Campbell Patrick@PriceIntelligently.com @Patticus Tuesday, June 11, 13

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Patrick Campbell - Bootstrapped pricing

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