Monetizing Your Products: A Deep Dive into Pricing Strategies with James D. Wilton

Business, Bourbon and Cigars

As an entrepreneur, are you leaving money on the table?

In this episode, Scott sits down with James D. Wilton to discuss strategies for monetizing products and services. James shares insights on company objectives, pricing models, and the importance of perceived value.

James D. Wilton is a pricing expert and the founder of Monovate. He has over 12 years of experience helping companies implement creative pricing strategies.

Explored in this episode:

* Pricing strategies should be guided by company objectives.

* Communicating your product's value is key to capturing revenue.

* Companies often underprice their products.

* Founder-based pricing is common in startups.

* Good, better, best pricing models are the most common in B2B SaaS.

* Modular pricing models are more common in mature companies.

* Companies should raise prices by appealing to fairness.

* Usage-based pricing is trendy but not right for every business.

* Generative AI is changing the world of pricing.

Chapters for this episode:

(03:12) James's Background and Entry into Pricing Strategy

(07:01) Common Pricing Mistakes of Startups

(14:17) Tailoring Pricing Strategies to Company Objectives

(19:20) Determining Customers' Willingness to Pay

(27:59) Packaging Strategies: Good, Better, Best, and Modular

(31:34) Raising Prices Without Alienating Customers

(40:38) Usage-Based Pricing and Its Challenges

(54:20) Balancing Revenue and Profitability

Thanks to James D. Wilton for being on Business, Bourbon & Cigars.

Connect with James on LinkedIn: https://www.linkedin.com/in/jamesdwilton

Learn more about turning payments into power via Monavate: https://www.monavate.com/

BUSINESS, BOURBON & CIGARS

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