Who Should Own Product Pricing with Ray Ranga

<p><strong>Ray Ranga</strong> is currently the VP of Product Management at <a href="https://www.momentive.ai/">Momentive AI</a>. Before working in Momentive, Ray was the Senior Director of Product Management at <a href="https://www.splunk.com/">Splunk</a>. Ray is an instructor at UC Berkeley and he also conducts a pricing class at Stanford.</p> <p>In this episode, Ray discusses the power behind involving the people who know the product’s value when making pricing decisions as he specifically points out the benefits of having pricing teams connect with people from the product management department.</p> <p> </p> <p><strong>Why you have to check out today’s podcast:</strong></p> <ul> <li>Discover which team should own pricing in a company in relation to the value the product has;</li> <li>Find out how to effectively package products in a way that resonates best with what your customers want; and</li> <li>Understand why pricing and product management people should be one when making pricing decisions towards their product</li> </ul> <p> </p> <p align="center"><strong>“Understand your customers to a deep, deep level. See what gets your customer ticking, and then I'm sure everything else follows.”</strong></p> <p align="center"><em>– Ray Ranga</em></p> <p> </p> <p><strong>Topics Covered:</strong></p> <p>01:31 – How Ray got into pricing: From being an engineer then shifting to product management</p> <p>02:31 – Answering the question “who should own pricing?”</p> <p>04:50 – The role of product management</p> <p>05:37 – What Ray teaches in his pricing and product management/marketing class</p> <p>07:43 – The difference between behavioral economics and pricing for value</p> <p>10:17 – How to package products, explained in the simplest possible manner</p> <p>15:44 – Why you should go for market segments first, not across market segments</p> <p>18:13 – The similarities of Mark and Ray’s practices when figuring out market segments</p> <p>21:42 – Talking about the presence of confidence problem with regards to charging a high