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The OpenAI team shared a survey on their Discord server to gather data on building a pricing model for ChatGPT.I want to talk about the questions they're asking related to pricing and how it might help you perform research for figuring out how to best price your product.Survey - https://docs.google.com/forms/d/e/1FAIpQLScwuQEWBkxsNftEkvUgFx2Ov7pKcrOx8IUlZ241lvet7ziXCQ/viewformArticle - https://www.techradar.com/news/chatgpt-could-soon-start-charging-you-for-its-ai-skillsIf you want to reach product-market fit faster, sign up for my free 5 day email course here - https://nxtstep.io/fit/Episode TranscriptHey, folks, Sean here.And today what I want to talk to youabout is that OpenAI is actively doing research, tryingto figure out how to monetize ChatGPT.And I want to talk to you about the researchthat they're doing, some of the details of it, andwhat we can learn from it to help you figuringout how to design pricing for your product.Now, I don't know about you, but I'veheard some really impressive use cases that peoplehave come up with in getting very creativewith how to leverage this technology.Terms of generating a ton of value.I've heard of everything from people leveraging Chat GPTto write code, all the way to creating poetryand writing books and everything in between.It's pretty wild.In fact, one of the most interesting things for meabout all of this so far is outside the technology,hearing about the use cases and how people get reallycreative in figuring out how to generate value.Now, the common theme in terms of what I'vebeen paying particularly close attention to, in terms ofwhat people are figuring out what to do withthis technology, is how much value it's generating.When I say value, what I meanis it's providing them time back.It's helping them become more efficient or generate even moreeffective results in terms of I can start to quantifysome of this, which helps me get closer to thisconcept that I talk about a lot as well, too.In ROI or return on investment, as infor the customer, they're receiving time back.If they're getting more value, we can startto figure out how to quantify that.And if we've got a better understanding in terms ofwhat type of return on investment they're getting, that canend up being a direct line for us to figureout where the product should appropriately be priced.As in you want to make sure you'renot charging too little and leaving a bunchof money on the table because you're providinga lot of value and you're under charging.That can cause positioning problems and require peopleto kind of lose confidence in your product.Or you might be charging toomuch and chasing people away.Or there might not be enough value in your product.And if you set that price a littlebit more appropriately, that will help you gainmore traction and as such, generate that muchmore revenue because it's priced appropriately relative tothe value it's providing for your customer.So what I want to do next is I want totalk to you more about the process that OpenAI and thefolks at Chat GPT are doing in terms of figuring outhow to develop a pricing model for this product.Now, they've shared a survey through Google Forms,which is super straightforward and easy to usethrough their Discord server, which is asking aton of questions about pricing.And there's two questions in particular that I'd liketo focus on because I feel like they're reallyinsightful for those of us out there are tryingto figure out how do we better understand whetheror not our products are priced appropriately?So let's take a look at that surveyand in particular those specific two questions.The first thing I'll mention is Ilove the simplicity of the survey.It's just Google Forms.It doesn't need to be all that advanced.And it's pretty interesting when you think about howadvanced the technology is that powers Chat GPT, butfor this specific purpose, it works great.It's a great way to get feedback from the users thatare getting a lot of value out of the tool.Now, the two questions in particular that I want topay particularly close attention to are related to the upperand lower bounds of what they ultimately might charge forthe product, which I think is a great way togain context around how do we figure out whether ornot the product is priced appropriately.And one other thing I'll mention before I speakspecifically to these questions is this tool has providedso much value for so many people, the usecases are all over the place.As I mentioned already, there is a lot ofvalue that this product has provided a lot ofpeople, meaning that they have almost unlimited potential tofigure out how to price this product.But even so, even the fact that that isthe case and they know that is the case,they're still figuring out how to price it appropriatelyand they're using techniques and strategies that I've leveragedto help people with their products as well too.In terms of figuring out the right pricing model, thatcould be a really key component for strong product marketfit and figuring out what it is, I've worked onproducts that had almost everything else relatively well buttoned upwith the exception of their pricing, and pricing mistakes canbe made too low or too high.Now, the two questions in particular that I wantto talk about, they're helpful in terms of providingcontext in terms of whether or not you mightbe charging too much or too little.And figuring out that right balance means that you'regoing to have the opportunity to create the bestexperience for the customer as in you're going tobe providing them with more than enough value inthe form of this return on investment, which isthen going to in turn enable your product companyto be able to generate maximum value as well. Too.So getting it right is really important.Now, like I said before, the two questionsin particular are about exploring these bounds.And the first, which explores kind of the upper bound,is framed in a way to kind of get atwhether or not to get more context around what thetop end of that spectrum might look like.As in where would the product be priced at and whatwould that level look like to the extent where it wouldbe too expensive, to the point where you wouldn't consider buyingit, as in what's too high for this product.Essentially, give me a littlebit more context around that.Now, on the other end of the spectrum, in orderto figure out the bound on the lower end, thequestion is at what point would the product be pricedin terms of that price being too low?To the point where you would question thevalue that you would get from the product.And this speaks to positioning.So if you have a product that provides aton of value, but it is charging too little,that can actually impact your customer's perception of thevalue that the product is going to provide.It's almost ...