Test sandbox: 2023

Tuesday, November 7, 2023

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How FairPay works
...over a relationship,
...through a deceptively simple balancing dynamic:

1. Selectively empower the buyer to unilaterally set whatever value-based price the buyer considers fair – after the sale, when the real value is experienced and known.

2. Track that buyer value-based price and determine whether the seller agrees that is fair, and use that information to empower the seller to decide whether to make further offers on those terms to that buyer in the future. (Unfair buyers are eventually downgraded to lesser offers or fixed-price.)

3. Continue this balancing in future transactions, to build a relationship based on fair value exchange, that adapts and evolves over time. Frame the value that was delivered, and a suggested price for that -- and nudge the buyer to be generous by offering more value for more generosity.

This gives buyers a strong incentive to price fairly – and enables sellers to limit their future exposure to those who do not.

More broadly, it shifts the entire focus of customer relationships from price to value.

...See Overview for more

Consumers -- Pay only what seems fair to you:

Pay what you think fair for products or services – after you try them
Make every purchase on a trial basis – so you can always be sure to get your personal fair value for your money
Agree to set your price fairly – in your judgment – and explain why you think it is fair
Do that as long as you can convince the seller that you are being fair

Businesses -- Get the most revenue from the most customers by continuously learning what each one values:

Engage in real dialog with each of your customers and listen to their perceptions of the value they get from your products/services
Make a trial offer to every potential customer who sees potential value
Suggest a price after use that you think is fair for that particular customer, considering all relevant factors
Provide incentives, such as premium tiers and perks, to entice fairness, even generosity
Let your customers self-select into segments (based on usage, value perception, willingness and ability to pay, ...)
Limit your risk from those trial offers by tracking the results (fairness) for each buyer, and limiting future offers if you judge that buyer to not pay fairly
Retain set-price plans for those who refuse to be fair
Learn how much freedom (FairPay credit) to extend (or what restrictions to enforce) to get satisfactory results from each customer segment
Continue to make every offer a trial...
...as long as each buyer continues paying fairly--in your judgment

Delight your customers: give them what they really want, at a price they really think fair.
Shift the conversation from price to value.
Empower them to engage with you and tell you what they value.