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Pricing Optimization and Monetization Strategies for Startups - Patrick Campbell, Founder & CEO of ProfitWell
Manage episode 333358320 series 3367757
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Patrick Campbell is the founder and CEO of ProfitWell, a software that helps subscription companies with their monetization and retention strategies. He strongly believes that people should get more comfortable with working on their pricing strategy and should avoid “the path of least resistance”. It’s not easy, but it’s not more difficult than many other aspects of building a successful product and it’s surely one of the most important ones.
In this episode we discussed:
- when is the right time to start thinking about monetization
- why Brand and Design influence our willingness to pay by up to 25%
- how to decide what to bundle with your main pricing plan and what to leave as an add-on
- why you should always lead with Freemium and the data that backs it
- strategies how to switch to an annual plan
- why discounts should be offered in “physical” amounts rather than percentages
- most common mistakes to avoid when it comes to your monetization strategy
- how often should you review your pricing strategy (it’s more often than you think).
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