Hello solopreneurs,
On Friday we’ve done the first WTP Trek of the Gym 🙌
Here are all the questions surrounding the main WTP one - questions that we’ve gone through together during the workshop and shared reflections, experiences and ideas around them.
I invite you to take some time to reflect, on your own or with friends/peers around you. This question for reflection might help:
Which of these areas do i want to intentionally influence this month?
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Main WTP question:
How much are they (the prospects/clients) willing to pay?
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Surrounding questions - also known as The WTP Landscape that we explored 🎒
How acute is the problem?
How much is addressing the problem a priority?
How big is the cost of delay?
How big is the impact of the problem?
How many decent alternatives do they have for what you are offering?
How appropriate are the current solutions?
How high is the price of alternative solutions?
How available are the alternative solutions?
How ready are they to try new things?
How much bandwidth do they have to try new things?
How curious are they to try new things? (early adopter or late majority)
How much is this a good timing for trying new things, given the larger context they operate in (seasonality, year end etc)?
How much budget do they have available?
How much budget can they decide on?
How much budget do they have left for the next period?
How easy is to access more budget?
How well equipped are they to access more budget?
How complex is the decision making unit? People making the buying decision
How much do others understand both the problem and the solution being offered?
How much power do they have relative to other people that will need to be involved?
How easy is it to champion this initiative internally?
How much do they understand the value of what you offer?
How much do the elements of value you provide match the elements of value they appreciate? See B2B & B2C element of value in Value Prop Supplements
How clear are the positioning & messaging of your product/service?
How much previous experience do they have with similar offerings?
How much previous experience do they have working with people like you?
How safe will it be to work with you?
How much credibility you have in the market?
How much credibility do you communicate when meeting?
How relevant is your track record for what they need?
How nice will it be to work with you?
How many personal things you have in common?
How much do they like you as a person?
How well do they feel when interacting with you?
How much do they understand the price you charge?
How differentiated do they see you in comparison with alternatives and reference prices?
How clear is why the price is that and not another?
How credible are the arguments behind the price structure?
How easy is for them to justify the price to others?
Async guidance
If you have any questions while doing the exercise (e.g. need clarifications or examples), just drop a comment below.
Was pretty fun to explore together the Willingness to Pay 💸 board.
The next live workshop will be around Pricing 🏷️
Want to help shape it? Share your input here by the end of this week - Sunday, 9th of March, evening.
Enjoy the spring ☀️
Bülent
This is the Solopreneur Gym ⚡️
It’s a gym in the sense that you’re invited to practice and do the reps for the health of your own business. Get inspiration, DIY workouts and access to live practice sessions 👟
Hosted by Bülent Duagi, strategy adviser for CEOs and their teams.