Pricing mastery: Choosing the ultimate model to outshine your competitors

The virtual event begins with an introduction and promotion of on-demand access with PMA Pro membership. The speaker, affiliated with Smart Bear, introduces the topic of Pricing Mastery and emphasizes the importance of considering pricing early in the product development process. Different pricing models such as cost-based, cost-plus, market skimming, and market penetration are discussed, along with their suitability and downsides. The speaker also covers the importance of feature-based comparisons with competitors and the value-based pricing approach. The process for setting optimum price points, involving cost, competitive landscape, and customer value, is explained. The phased approach for selecting pricing models, criteria for model selection, and the testing process in the market are highlighted. The summary concludes with the necessity of periodic measurement of key performance indicators and reassessment of the pricing model for long-term success. Madhup Mishra, Senior Vice President of Product Marketing, SmartBear