6
2 Comments

What would you pay for my product?

https://hearapp.co

About 2 weeks ago, I launched HearApp on ProductHunt. We've gotten amazing traction since. So far about 150 users use the platform and we recently signed our first paying customer.

HearApp is an effortless minutes tool for managing everything around meetings; before, during, and after! Video here 👉🏼 http://bit.ly/hearapp-demo.
People can schedule meetings here, take notes, add action points and send follow-ups. All this for $5/month.

Tbh, I didn't put much thought into pricing. I was more concerned about getting users to use it and pay for it. So I just went with what products like Slack were charging.

When posting about my experience, @arvidkahl gave me great feedback on pricing. Basically,

My team gave me interesting feedback. For one, the price was suspiciously low, for another, it was "a great deal".
The tendency of the comments was that your product is solving SUCH a big problem, you can easily charge 10 times as much.
With our own product, we had to learn this too. What really helped was the math. Let's say, a manager/meeting organizer has to send out a memo or summary of a 1-hour meeting to 10 attendees. It takes them 30 minutes to write down all the things from their notes, and then 3 minutes per meeting attendee to email them out.
That is one hour of a manager's time. Let's say that is worth $50. Your tool does all of this in two minutes, maybe even just a few seconds. You just saved this company $50 worth of time.
Now imagine they have this meeting every week. That's $200 saved a month from using your tool. For just those 4 meetings alone. Many managers have 3-6 meetings a day.

Currently, HearApp is priced at $5/month. My question is, what would you pay for such a tool? I would like to determine a base price and a top most price so I can kinda do something in between.

submitted this linkon September 19, 2019
  1. 4

    This might result in a few very interesting answers.

    Many (if not most) in the Indie Hackers community are bootstrappers, having small teams and irregular meeting schedules. Your product is/can be/should be aimed at larger organizations where meetings are commonplace and exhausting.

    Managers employed by those larger companies might have a very different pricing sensitivity (and budget) than a bootstrapped founder.

    Segmenting the responses into groups of how large the organization is the people are working for/owning might be important.

    Really looking forward to seeing the answers.

    1. 1

      This comment was deleted 3 years ago

  2. 1

    When considering price planning, it's important to think more broadly than price. Let's consider the questions which are important to consider before you decide on the right pricing strategy:

    • Are you creating a new sector?
    • Who are your target audience?
    • Which products do they currently use or might they compare your offering with?
    • What advantages/benefits do you offer over your rivals?
    • Do consumers value those advantages and see them as worth changing for?
    • Where will they be able to purchase the product or service?
    • Who are your competitors?
    • What price do they charge?
    • What differences do you offer in comparison with the competition?
    • Is the market growing or is it a well-established static market?
    • Is purchase likely to be repeat or a one off?
    • Are there consumables attached to the product?
    • What risk are consumers taking in choosing your product or service? (Should they be offered guarantees or reassurances?)

    By answering these questions, it is possible to get a better understanding of where your or product fits into the market.

  3. 1

    This comment was deleted 3 years ago

  4. 2

    This comment was deleted 4 years ago