How do you test willingness to pay before the product is launched?
Martin Maričák
9 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?
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.
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.