The Role of Product Managers in Pricing Strategy with Amit Godbole

Amit Godbole is the founder of ProdSquad, dedicated to simplifying e-commerce technology through improved product management practices. He serves as a fractional chief product officer at FCI CCM and coordinates regional product tank events with Mind the Product, a leading networking organization for product managers.

In this episode, Amit discusses the importance of pricing in product management and how it can significantly impact a company's success. He shares insights on how product managers can leverage pricing strategies to enhance value for customers and drive revenue. Amit emphasizes the need for product managers to take ownership of pricing decisions, especially in the SaaS industry, and highlights the value of understanding customer needs and market dynamics.

Why you have to check out today's podcast:

• Discover how product managers can influence pricing strategies to drive business success.
• Learn about the evolving role of pricing in product management and why it should be a core focus.
• Gain insights on how to articulate value in terms of revenue, cost reduction, and risk mitigation.

"Discounting typically means you do not value your product, your services, as much as your client does. So, discount should not be part of the strategy."

– Amit Godbole

Topics Covered:

01:55 – Amit's unexpected journey into pricing

03:37 – The traditional view of product management and its evolution

04:55 – The importance of pricing in SaaS and B2B companies

05:54 – How product managers can experiment with pricing strategies

07:33 – The significance of understanding customer value and willingness to pay

09:30 – The role of pricing pages in B2B and B2C contexts

11:23 – Strategies for creating effective pricing pages that communicate value

12:34 – The impact of subscription models on pricing strategies

14:50 – The importance of honesty in pricing and customer communication

19:12 – Value-based to context driven pricing

24:19 – Amit's best pricing advice for product managers

25:10 – Mark's advice to new pricing analyst

Key Takeaways:

"Pricing, revenue, and commercial aspects were the biggest levers somebody could pull in to get a product to the success they want." – Amit Godbole

"Product management professionals must understand that value has to be tied to revenue, or a dollar value, because that's the real value you can create." – Amit Godbole

"More companies need to be honest or need to help customers choose the right solution. If that's not right for them, don't upsell that." – Amit Godbole

People/Resources Mentioned:

• Mind The Product: https://www.mindtheproduct.com/
• Figma: https://www.figma.com/
• Zoom: https://zoom.us/

Connect with Amit Godbole:

• LinkedIn: https://www.linkedin.com/in/amitgodbole

Connect with Mark Stiving:

• LinkedIn: https://www.linkedin.com/in/stiving/
• Email: mark@impactpricing.com