Market Trends
Assessing Willingness to Pay for New Market Solutions
This prompt helps teams evaluate user willingness to pay for solutions in a new or underserved market. It focuses on identifying price sensitivity, perceived value, and optimal pricing strategies for [product/service name].
Responsible:
Product Management
Accountable, Informed or Consulted:
Product, Marketing, Sales, Strategy
THE PREP
Creating effective prompts involves tailoring them with detailed, relevant information and uploading documents that provide the best context. Prompts act as a framework to guide the response, but specificity and customization ensure the most accurate and helpful results. Use these prep tips to get the most out of this prompt:
Collect pricing data from similar products or services in the market.
Conduct surveys or focus groups targeting the intended audience.
Review case studies and market reports on price sensitivity.
THE PROMPT
Assess user willingness to pay for solutions in [specific market or industry]. Gather insights from:
Surveys or interviews focused on users’ perceptions of value and acceptable price ranges for [product/service category].
Reports on pricing trends for similar solutions or market alternatives.
Case studies or articles discussing price sensitivity in [specific demographic or market].
Social media, forums, or community discussions about affordability concerns and pricing expectations.
Summarize findings on price sensitivity, value perception, and potential barriers to purchasing [product/service name]. Recommend pricing strategies that align with user expectations while maximizing value. If more data on target demographics or pricing benchmarks is needed, ask clarifying questions to refine the analysis.
Bonus Add-On Prompts
Highlight acceptable price ranges mentioned in user surveys for [specific product category].
Identify patterns in pricing complaints from social media and forums related to similar solutions.
Propose tiered pricing strategies based on willingness-to-pay insights for [specific market].
Use AI responsibly by verifying its outputs, as it may occasionally generate inaccurate or incomplete information. Treat AI as a tool to support your decision-making, ensuring human oversight and professional judgment for critical or sensitive use cases.
SUGGESTIONS TO IMPROVE
Include comparisons of willingness to pay across demographics or regions.
Tailor the research to subscription-based models or one-time purchases.
Highlight psychological pricing strategies (e.g., $9.99 vs. $10).
Add insights into perceived value vs. actual usage for similar products.
Recommend flexible pricing options, such as freemium or tiered plans.
WHEN TO USE
To validate pricing strategies for new or existing markets.
When introducing a product to price-sensitive demographics.
During expansion into markets with different economic profiles.
WHEN NOT TO USE
If similar market solutions lack clear pricing data for comparison.
When focusing exclusively on free products or services without monetization goals.