77: Release Free Updates or Launch a New Version

Join us in Seattle on May 12th and 13th for the Inclusive Product Management Summit. Early bird pricing on registration available at https://summit.info.foster.uw.edu/   In this episode of the How to Succeed in Product Management Podcast, marketing professor Jeff Shulman and The Product Management Center advisory board members Red Russak and  Soumeya Benghanem welcome Kristina Brecko (University of Rochester) and Spencer Hardwick (Ticketmaster) as they discuss about Kristina’s research and whether you should release free updates or charge for a new version of your product. We’ll also find out why some people choose not to upgrade and how to know if there is value added before you click that update button!   Disclaimer: All opinions of the speakers are their own.   What to Listen For: 00:00 Intro 05:01 Kristina’s research 08:38 Updates and new versions in a PMs point of view 12:29 The main drivers for updates 15:25 Making people aware of the updates and let them be willing to update 17:47 When should you price upgrades? 25:33 Maturity of the market 28:25 Friction and resistance of users  39:39 Why do some users choose to upgrade vs. not to upgrade? 45:24 Upgrading only when there is value added 48:30 Final thoughts