Conventional wisdom often encourages startup founders to focus on product and growth, and then figure out monetization later. Yet this can be a backwards step as Patrick Campbell, CEO at Price Intelligently, notes. Businesses should ‘look at the market they want to attack, and then build the thing for them’, by gathering and analysing data on buyer personas.
Patrick’s background is one steeped in using data to generate insights about people and customers. Prior to setting up Price Intelligently, which provides price optimisation software for businesses using proprietary algorithms to determine customers’ relative preferences and their price sensitivities, Patrick worked on Strategic Initiatives for Gemvara. Before Gemvara, Patrick worked in Sales and Operations at Google, where he built new models to optimise their AdWords strategies. He also worked in intelligence for the NSA, shortly after graduating.
Speaking to Seedcamp partner Carlos Espinal, Patrick encourages businesses to work hard on using data to understand the profile and psyche of their customers by building quantified buyer personas. “If you just get in a room and then get aligned on, ‘Here’s who we’re selling to,’ your decisions around product, sales, marketing and operations, even, become crystal clear,” he says.
Learn more about pricing strategies, collecting user behaviour data and finding patterns to help understand customer experience, as well as how to determine which product features are the most important for customers.
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