Customer Insight Channels

Customer insight channels are incredibly important for the purposes of deciding which pricing tactics to deploy and de-risking your planned changes. I find that it’s most helpful to start with anecdotal feedback channels. Just like how “starting with a story” is helpful in creating compelling presentations to convince the executive team or stakeholder teams to get on board with your proposed changes, they are the most helpful in fully contextualizing the problem to help you put yourself in the shoes of the customer or stakeholder with the pricing issue. That will lead to a better understanding of the problem and better ideas of how to fix it. Next, you can use a litany of different unstructured data sources to go down the rabbit hole of the problems you discover in order to deepen your understanding and identify root causes. Formal research forms a pivot from problem identification to testing potential solutions in feedback channels that have scale and fidelity. Lastly, you should “sanity check” your proposed solutions with experts on your customers’ problems, namely the customers themselves and the people who work with them all day within your company. At this point you should have a well-formed problem statement with a solution that has been thoroughly vetted and can take this change to the executive team and to the market with confidence.

Next: Pricing Models and Strategies