How to group your product features into plans aligned with customer needs

Edited excerpt from What I Learned From Increasing My Prices by Ruben Gamez:

Before thinking about price, I had to restructure my features / pricing plans. This meant that I first needed to identify my customer segments properly.

To segment customers I needed to understand exactly which people were getting value out of Bidsketch, put them into related groups, and find out the differences between each of those groups.

I started off by sending several surveys and having conversations with customers. Once I had a couple hundred responses I created a targeted list of everyone that considered Bidsketch a “must have” product.

I researched every one of these companies by looking up their usage data (to cross reference with survey results), and checking them out online.

Some of the questions I was trying to answer at this point: What industry do they belong to? How many users do they have? How often do they use Bidsketch? What features do they use the most?

The next step was to have phone calls with most of the founders/CEOs on the list. Some key questions I asked in my phone calls: How many employees do you have and how many people use Bidsketch? How much time does Bidsketch save you on each proposal? How important is feature X to you/your team? Describe your typical/ideal proposal workflow.

The point of this research was to discover specific attributes that would better help me segment customers. I was also attempting to find out which key features were most important to each of these segments.

I found that I had three main segments, and it became clear which specific features each of these segments valued most and which metrics I should target. I created a list of the top features and ordered them by importance. Then, I removed core features or the ones that every segment would expect a product like mine to have.

(Thank you Andrew Fine for the tip.)

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