Patrick Raab shares the first in a series of posts on monetization.
Welcome to our first post of the series “Myths of monetization”! For the coming weeks, we will look at seemingly common knowledge in product and price design and challenge what we believe is obvious and always valid.
We read everywhere that consumers want products to be personalized; that they want to have the ability to customize them as they deem fit. Depending on source and context, this is said to be true in 30% to 80% of all cases.
Let’s assume you were looking for a financial service product. Have a look at the two product offerings below; on the left-hand side the offering is pre-defined, on the right-hand side you can choose what you need, so to say a “build-your-own” approach.
Did you make your choice?
Did you go for Option A? Then you were right!
Key points include:
- The “build-your-own” approach
- Pre-defined bundles
- Showing product information
Read the full article, Myths of monetization, episode 1: Pre-defined bundles or ‘build your own’ offer?, on LinkedIn.