Illustration of two hands, one holding a gold coin with a dollar sign, and the other holding a light bulb with an orange filament, symbolizing ideas and financial investment.

THINKING – Sprint 6

How much will they pay?

The reason for this sprint

The last missing piece in the “capturing happy customer” puzzle is figuring how much they would be willing to pay. You can ask a potential customer, but their answer may not be a good choice for you.

You want to set a price that gives you a fair profit by capturing its full value—whether tangible (like savings) or intangible (like a super fun experience). You need to set a price that takes into account other alternatives a potential customer in achieving a similar state of happiness.

Naive pricing can set prices too low and destroy your ability to be profitable or too high and turn away potential customers, threatening your ability to stay in business.

Sprint exercise

We prompt you in the article “How much will they pay?” to assemble three sets of information.

  1. Interview potential customers with 5 specific questions about how much they would value a service or product like yours.

  2. We outline tasks that capture what potential customers say about alternative choices they have relative to your prospective product or service.

  3. We advise you on how to set a compelling value capturing price.

Finally, armed potential pricing, you can use it in combination with the information from sprint 5 to estimate a realistic level of initial revenues.