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Impact Pricing

English, Finance, 1 season, 606 episodes, 6 days, 4 hours, 49 minutes
About
The Impact Pricing Podcast will help you win more business at higher prices by teaching you about pricing and value. Once you understand how your buyers perceive the value of your product, you can build, market and sell products that win at higher prices. Pricing is really about creating, communicating and capturing value.
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Pricing for the Planet: Leveraging Sustainability as a Competitive Advantage with Fabien Cros

With 10+ years in strategic data-marketing, digital, AI and management consulting across sectors like automotive, travel, pharma, and BPO, Fabien Cros has been recognized for his knack to develop and deploy impactful, data-driven solutions. His expertise spans data consulting, AI solutions, UX, marketing analytics, and more. In this episode, Fabien shares successful case studies, such as Patagonia and Decathlon, demonstrating how companies can transition to more sustainable business models and achieve higher profitability. Also, learn practical advice and strategies that can be directly applied to a company's business operations, helping make informed decisions and drive impact.    Why you have to check out today’s podcast: Discover how to incorporate sustainability into your business models and pricing strategies, gaining valuable insights along the way Gain in-depth knowledge and practical advice on leveraging sustainability as a competitive advantage, backed by real-world examples and data Learn why there is a significant untapped market for sustainability-focused products and services, making it relevant for businesses aiming to capture new customer segments and drive profitability   "Go in depth, over-segment your market because you need to understand this new trend emerging around sustainability. Because it's a major untapped market for a lot of brands and companies." - Fabien Cros    Topics Covered: 01:52 - How he got into pricing 03:43 - Introducing the concept of integrating pricing strategies with sustainability goals 10:25 - Discussing the challenges and benefits of integrating sustainability into pricing strategies 14:23 - Delving deeper into the concept of sustainability in pricing -- that sustainability is more than just a feature; it's a fundamental shift in business practices 18:30 - Acknowledging challenges integrating sustainability in pricing but also highlighting growing consumer awareness and regulatory pressures around sustainability 22:46 - The potential for sustainability as a competitive advantage in pricing strategies 27:21 - Examples of large companies successfully integrating sustainable practices 30:23 - Fabien's best pricing advice   Key Takeaways: "What we say with Pricing for the Planet is, move to what we call 21st century concept which is value-based pricing. That way you can create additional revenue and additional profits. That way you can invest into sustainability." - Fabien Cros  "The data is showing us that you have a subset of the population. They're so passionate and they're so convinced that it's crucial that you cannot forget this market and this market segment could actually fuel a lot of the money and a lot of the financial need that is required to move to a more sustainable business model." - Fabien Cros “We are trying to convey this message that sustainability could be viewed as a feature for the end users, but it's a new way of doing business.” - Fabien Cros    People/Resources Mentioned: Accenture: https://www.accenture.com/ Stephan Liozu: https://impactpricing.com/podcast/582-segmentation-strategies-uncovered-driving-revenue-through-focus-and-value-with-stephan-liozu/ Schneider Electric: https://www.se.com/ww/en/ Patagonia: https://www.patagonia.com/home/ Doc Martens: https://us.rewair.drmartens.com/ BCG: https://www.bcg.com Michelin: https://www.michelinman.com Decathlon: https://www.decathlon.com   Connect with Fabien Cros: LinkedIn: https://www.linkedin.com/in/fabien-cros-3b66a332/ Website: https://www.pricingfortheplanet.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
7/15/202431 minutes, 49 seconds
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Blogcast: How Value-Based Selling & Marketing Work Together to Drive Increased Profitability

This is an Impact Pricing Blog published on May 23, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/how-value-based-selling-marketing-work-together-to-drive-increased-profitability/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/12/202412 minutes, 52 seconds
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Insights into Value-Based Pricing Strategies for B2B with Tom Nagle

Dr. Thomas (Tom) Nagle founded the Strategic Pricing Group (now part of Monitor Deloitte) in 1987 soon after publication of the first edition of The Strategy and Tactics of Pricing. For more than three decades, he has advised companies, primarily in B-to-B markets, on how to manage more profitably the five elements of pricing strategy: Value Creation, Value Communication, Price Structure, Pricing Policy, and Competitive Price Setting. In this episode, Tom shares how value is perceived and measured by customers, emphasizing the distinction between economic value and willingness to pay. He also delves into the complexities of pricing negotiations, highlighting the importance of understanding customer perceptions and effectively communicating the impact of products or services on their business outcomes.    Why you have to check out today’s podcast: Understand the intricacies of value-based pricing, distinguishing between economic value and willingness to pay, and providing real-life examples illustrating these concepts effectively Delve into these two critical decisions buyers make to help you better understand and influence customer purchasing behaviors Find out practical advice on handling price negotiations, emphasizing the importance of "gives and gets" and strategies to avoid undermining your pricing integrity   "Don't ever believe what the customer is telling you upfront about what their value is. They may believe it, but they don't know the impact." - Tom Nagle   Topics Covered: 01:29 - His early experiences with pricing influenced by his grandmother and how he got into pricing professionally 03:16 - How it is more effective to focus on market response to price changes and gather qualitative insights from clients than just precisely measuring elasticity 08:49 - Important thoughts on why pricing didn't matter much then before its deregulation 11:28 - Explaining the concepts of value and value-based pricing with an example illustrating the point 16:56 - The need to create policies to maintain price integrity and managing negotiations to prevent undermining value capture 23:25 - Discussing the concept of value-based pricing and sharing an insightful example where a service's value was evaluated against the status quo rather than a competitor 26:16 - Tom's best pricing advice   Key Takeaways: "The goal is not to try to put a line between them that's a weighted average of the high prices and the low prices, and call it a demand curve. The goal is to figure out why we have all this variation and use that variation to create segments that eliminate the trade off between price and volume." - Tom Nagle "The value isn't in the product. You can study the product from now until kingdom come, and you are never going to understand the value by studying the product. You have to study how the products' benefits impact the customer's income statement." - Tom Nagle   People/Resources Mentioned: Financial Analysis for Profit-Driven Pricing: https://sloanreview.mit.edu/article/financial-analysis-for-profitdriven-pricing/ Walmart: https://www.walmart.com DuPont: https://www.dupont.com Malcolm Baldrige National Quality Award: http://asq.org/quality-resources/malcolm-baldrige-national-quality-award   Connect with Tom Nagle: LinkedIn: https://www.linkedin.com/in/thomas-tom-nagle Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
7/8/202427 minutes, 59 seconds
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Blogcast: ROI Calculators: Busting Myths and Building Trust in B2B Sales

This is an Impact Pricing Blog published on May 16, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/roi-calculators-busting-myths-and-building-trust-in-b2b-sales/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/5/20243 minutes, 43 seconds
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Practical Methods for Competitive Intelligence in Pricing with Jason Covitz

Jason Covitz, the Vice President of Commercial Finance at Covetrus, possesses a wide range of expertise including CFO, Business Growth, Value-Based Pricing, Sales Effectiveness, and Product Management, among others. In this episode, Jason shares competitive pricing strategies, emphasizing the importance of understanding both inherent and relative value when comparing products to competitors. He shares practical methods for gathering competitive pricing intelligence and highlights the need for combining analytical and creative thinking in pricing.   Why you have to check out today’s podcast: Gain valuable insights into how to approach value-based pricing, understand competitor comparisons, and leverage features to maximize your product's value Discover valuable methods for gathering competitive pricing intelligence and innovative techniques to help you make informed pricing decisions Learn to "ruthlessly prioritize" tasks based on their potential value to help you effectively focus your efforts and achieve significant business results   "Keep digging. Get your teams comfortable with learning. Be inquisitive, poke around, turn on the lights, and hopefully you find large piles of money." - Jason Covitz   Topics Covered: 02:11 - What led Jason into pricing 03:17 - Discussing how analytics at Capital One included evaluating factors like the cost of repossessing a car and its post-repossession value 05:01 - Explaining the difference between a private equity (PE) owned company and a public company 07:32 - Advocating for a detailed feature-level competitor comparison 10:45 - Think about ROI conversation 11:45 - The challenge of determining competitor pricing for value-based pricing 16:16 - Discussing strategies for competitive pricing and understanding relative value 20:50 - Important thoughts on the use of conjoint analysis in B2B versus B2C contexts 22:40 - Talking about the blend of skills required in pricing, noting that it's not about pure numbers 23:44 - Jason's best pricing advice   Key Takeaways: "Competitive intelligence from pricing --- people are like, well, I'm just going to ask them what the number is. Well, the number by itself doesn't stand alone; you got to bring the whole story to the conversation in that case." - Jason Covitz   People/Resources Mentioned: Capital One: https://www.capitalone.com First Data: https://www.first-datacorp.com Covetrus: https://covetrus.com/   Connect with Jason Covitz: LinkedIn: https://www.linkedin.com/in/jcovitz/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
7/1/202425 minutes, 32 seconds
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Blogcast: Simplifying Segmentation for Enhanced Profitability

This is an Impact Pricing Blog published on May 8, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/simplifying-segmentation-for-enhanced-profitability/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
6/28/20244 minutes, 34 seconds
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The Role of Leadership in Shaping Pricing Strategies with Adrienne Gordon

With over 25 years of experience in pricing strategy, analytics, and customer relationship management, Adrienne Gordon is passionate about empowering businesses to leverage pricing as a long-term strategic advantage and a path to self-actualization. In this episode, Adrienne delves into the profound impact of CEO decisions on overall company pricing. She explores the concept of 'value killers' such as the 'Bob Factor',  the 'Lester Factor,' and ‘Cheryl factor’ illustrating how individual actions and outdated models can undermine pricing policies. Additionally, she discusses the importance of setting clear pricing goals, understanding price distribution and variance, and leveraging pricing processes to maximize profitability.   Why you have to check out today’s podcast: Delve into the crucial role of leadership in effective pricing and value delivery within a company Find out common pitfalls and strategies in pricing that will help you understand how internal processes and individual actions can impact a company's pricing power and profitability Discover actionable advice for immediate impact enhancing your company's pricing approach and proactive value creation   "If you look at pricing as a process, you will self-actualize as a company." - Adrienne Gordon   Topics Covered: 00:51 - How she found herself in pricing 02:26 - How her role in product management helped her develop valuable skills in product segmentation and customer insights 03:55 - Differentiating these two companies she manages, Pricing Empowered and Price Space 06:36 - The role of leadership, specifically CEOs, in pricing strategy 09:09 - Explaining the concept of "value killers" using the metaphor of "Bob" 11:40 - The negative impact of allowing CEOs to negotiate prices and discussing the concept of parameters of empowerment 14:29 - Another value killer: The Lester factor 16:55 - What makes ‘'Cheryl factor' a value killer and the extent of profit leaks this causes 20:15 - Three key actions leaders should take to drive pricing in their companies 24:19 - Differentiating between intentional and unintentional price variance 25:14 - Adrienne's best pricing advice   Key Takeaways: “If the CEO doesn't believe that you can proactively price and influence markets with your pricing, then the company has no faith in it either.” - Adrienne Gordon "Parameters of empowerment: to me sometimes actually retracting some permission and then testing your value proposition, pushing pricing a little bit so that the organization can see the worth doesn't fall apart when you do that. And releasing that empowerment back, I think, actually, can help companies evolve." - Adrienne Gordon "I often make recommendations, do not put on your parameters of empowerment 5, 10, and 15. Put on 4.72. Somebody's going to have to do the hard work to figure out what 4.72% discount is. And that's a good thing." - Adrienne Gordon   People/Resources Mentioned: McKinsey: https://www.mckinsey.com   Connect with Adrienne Gordon: LinkedIn: https://www.linkedin.com/in/adrienne-gordon-0a93129/ Website: https://www.pricespace.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
6/24/202426 minutes, 7 seconds
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Blogcast: Reduce the Risk of Raising Prices

This is an Impact Pricing Blog published on May 2, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/reduce-the-risk-of-raising-prices/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
6/21/20242 minutes, 41 seconds
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Unlocking Pricing Potential Using the Pricing Spineometer with Tim Smith

Tim Smith helps executives address critical questions in pricing, marketing, sales, and corporate strategy in the face of high uncertainty by using proven best practices informed by solid academic research. In this episode, Tim delves into the Pricing Spineometer, a comprehensive tool designed to assess a company's pricing capabilities. By examining financial performance and organizational structure, one can provide valuable insights into the gap between a company's current pricing practices and optimal strategies. He also touches on the crucial role pricing plays in business success and the importance of CEO involvement in driving pricing excellence.   Why you have to check out today’s podcast: Discover this pricing tool called Pricing Spineometer for assessing a company's pricing capabilities and learn how it works, its significance, and how it can benefit businesses Gain insights into the world of pricing strategies discover surprising findings about pricing practices in various industries and how they impact business performance Explore the critical role of CEOs in driving pricing excellence within organizations and understand why pricing decisions often require the direct involvement and prioritization of top leadership, and how this impacts business outcomes   "Take the time to apply the expertise necessary to your pricing questions. Think about it, and then listen to that expertise." - Tim Smith   Topics Covered: 01:36 - Sharing an enriching experience teaching and consulting 02:45 - How he found himself in pricing 04:08 - What made him create Pricing Spineometer, what is it all about, clarity on it measuring a gap versus a scorecard 07:31 - The process of using the Pricing Spineometer 11:40 - How the initial financial analysis sets the foundation for understanding a company's pricing needs and capabilities 14:29 - Understanding that creating a Pricing Spineometer for a company involves significant work and expertise 16:26 - AI's impact on pricing and the companies' various reactions on their pricing capabilities assessment with pricing spineometer 19:16 - Valued for the expertise and insight not on time spent 20:08 - Surprises coming up for different companies pricing sophistication 22:19 - Does the CEO takes care of the development of pricing expertise and how does a CRO differ from a VP of Pricing 24:26 - Tim's best pricing advice   Key Takeaways: "If you changed the way you thought about pricing, there'd be a huge bottom line impact to your company." - Tim Smith "You're charging for the intellect that goes into the work, not the actual amount of time it takes to do the work." - Tim Smith "There are ways to get around tools, there are ways to use the tools, but you’ve got to understand what the goal is." - Tim Smith   People/Resources Mentioned: World Class Pricing: The Journey by Paul Hunt: http://www.pricingsolutions.com/world-class-pricing-the-journey/ TI: https://www.ti.com Walmart:https://www.walmart.com Coca Cola: https://www.coca-cola.com/us/en Pepsi: https://www.pepsi.com/ Nvidia: https://www.nvidia.com/en-us/ Kraft Heinz: https://www.kraftheinzcompany.com/   Connect with Tim Smith: LinkedIn: https://www.linkedin.com/in/drwiglaf/ Website: https://wiglafpricing.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
6/17/202428 minutes, 23 seconds
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Blogcast: The Value of a Feature: How to Create Value Tables

This is an Impact Pricing Blog published on April 25, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-value-of-a-feature-how-to-create-value-tables/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
6/14/20246 minutes, 13 seconds
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Navigating Price Changes: Overcoming Fear and Implementing Strategy with Patrick Meegan

Patrick Meegan is a Managing Director at Investor Group Services. Experienced in technology, industrials, consumer products, retail and e-commerce, subscription programs, pricing, and product strategy. In this episode, he delves into the complexities of pricing strategies, emphasizing the importance of aligning prices with the perceived value and understanding market segments. She also explores the nuances between B2C and B2B pricing, highlighting the transparency in B2C and the significance of marketing and packaging in consumer products. Additionally, she provides insights on implementing price changes effectively in different organizational sizes and navigating the challenges of setting prices through distribution channels.   Why you have to check out today’s podcast: Understand buyer drivers in order to make strategic decisions in pricing and packaging Learn practical advice on implementing price changes, particularly the challenges and strategies for ensuring successful pricing execution Gain valuable insights into the differences between B2C and B2B pricing, including unique challenges in B2C and the role of marketing in consumer products   "Spend time pressure testing the ideas." - Patrick Meegan   Topics Covered: 01:51 - The best way to teaching case studies and the how to go about each case 02:49 - How he ended up in pricing despite lack of pricing background 03:59 - Value-based pricing and understanding buyer behavior 05:03 - The process of generating pricing insights 06:39 - Application of a framework to generate pricing insights 08:57 - Challenges and strategies for executing pricing changes, particularly in larger organizations 11:17 - Overcoming fear of raising prices. 13:08 - Strategies for reducing fear and uncertainty when implementing price increases  15:42 - The appropriate role of salespeople in pricing decisions 17:32 - The importance of setting and managing price floors and discounting policies for salespeople 21:34 - Maintaining pricing integrity and avoiding discounts 22:46 - The differences between B2C and B2B pricing strategies and how crucial is setting the end user price first when selling through distribution or channels 26:46 - Pat's best pricing advice   Key Takeaways: "If we can't understand from the buyer's side what's driving their purchase, then it's hard for us to understand how to sell to them, how to negotiate, where to hang the value, how to package and how to structure the pricing model." - Patrick Meegan "I cringe so much when I see people going out with a price of whatever it is with a discount right along with it because whatever value established you just eroded by saying it wasn't worth that." - Patrick Meegan "Your portfolio also plays an important role in how you can influence pricing." - Patrick Meegan   People/Resources Mentioned: Kimberly Clark: https://www.kimberly-clark.com/en-us Kleenex: https://www.kleenex.com/en-us/ Huggies: https://www.huggies.com/en-us/   Connect with Patrick Meegan: Website: maplestreet.com LinkedIn: https://www.linkedin.com/in/patrickmeegan/ Email: [email protected]   Connect with Mark Stiving:  LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
6/10/202429 minutes, 2 seconds
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Blogcast: B2B Market Research Is Overrated

This is an Impact Pricing Blog published on April 18, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/b2b-market-research-is-overrated/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
6/7/20242 minutes, 24 seconds
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AI vs. SaaS: Transforming Software Pricing and Value Delivery with Steven Forth

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business. In this episode, Steven explains how AI can significantly enhance software customization and pricing, enabling more precise value delivery for each customer. He emphasizes that while AI introduces new capabilities, it does not fundamentally change the core principles of pricing.    Why you have to check out today’s podcast: Dive deep into the comparison between AI and the transformative impact of SaaS, providing valuable insights into the future of software pricing and delivery Understand value models and how AI can optimize pricing strategies Explore how AI can enable highly customized software configurations and pricing, making it easier to deliver and capture value tailored to individual customers   "Before they invest a lot of time and effort in developing or pricing their own AI, find out what their customers are already doing and how they're thinking about the problems." - Steven Forth   Topics Covered: 00:47 - Skepticism as well as optimism regarding AI and addressing the hype surrounding AI 04:15 - Exploring how AI might impact software pricing compared to the changes brought about by cloud-based SaaS. 07:05 - The way AI can optimize software configurations and pricing based on individual value drivers for each customer 10:44 - Discussing how SaaS fundamentally changed software pricing compared to AI 14:11 - How AI, while it enhances capabilities and user experiences, does not fundamentally change the underlying principles of pricing 16:31 - What is a value model? 18:15 - Pricing being tied more closely to value with the rise of AI 23:27 - Steven's best pricing advice   Key Takeaways: "The underlying ways that we think about pricing have not changed because of generative AI and will not change, but some of them we’ll be able to execute on much, much more effectively." - Steven Forth "I think of pricing not as being something that is data-driven, but something that is model-driven." - Steven Forth "AI is changing how we build, deliver, and experience the functionality that software and data can bring. But as it does that, it also opens new ways for us to think about the pricing of the applications and the data." - Steven Forth   People/Resources Mentioned: Pros: https://pros.com Microsoft: https://www.microsoft.com/en-ph/Don Norman: https://www.nngroup.com/people/don-norman/ Jacob Nielsen: https://www.nngroup.com/people/don-norman/ Totogi: https://www.totogi.com McKinsey: https://www.mckinsey.com Tom Nagle: https://www.linkedin.com/in/thomas-tom-nagle-2bb2288/ Zilliant: https://zilliant.com Pricefx: https://www.pricefx.com Vendavo: https://www.vendavo.com Tomasz Tunguz: https://www.linkedin.com/in/tomasztunguz/   Connect with Steven Forth: LinkedIn: https://www.linkedin.com/in/stevenforth/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
6/3/202425 minutes, 47 seconds
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Blogcast: Value for Buyer Personas

This is an Impact Pricing Blog published on April 11, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/value-for-buyer-personas/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
5/31/20243 minutes, 48 seconds
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Dynamic Pricing Strategies for Sustainable Recurring Revenue with Amanda Northcutt

As a consultant, coach, and 6-time executive, Amanda Northcutt has launched, grown, and scaled online businesses with fantastic results on both the individual and organizational level, while creating extraordinary, frictionless, and successful journeys for their customers.  In this episode, Amanda delves on the importance of focusing on customer retention and expansion to maximize recurring revenue. And  leveraging foundational desires and social proof to enhance one's marketing efforts. She also highlights the value of dynamic and continuous pricing strategies and the need for personalized connections in sales and the impact of showing proven value to customers.   Why you have to check out today’s podcast: Learn to prioritize expansion, not just acquiring and retaining customers, to maximize lifetime value Discover why it's crucial to avoid static pricing and the importance of regularly testing and adjusting your pricing Gain a deep understanding of your customers' core desires and master the art of leveraging social proof to create highly effective marketing strategies   "Always be testing your pricing. Your pricing should not be static. That is such a rookie mistake to think that you've nailed it the first time, or at any time really." - Amanda Northcutt   Topics Covered: 01:39 - An accidental entry into recurring revenue 03:20 - Talking about the time of Salesforce' rise in the SaaS industry 04:46 - Sharing her journey into the subscription-based business model 05:57 - The challenges and importance of marketing and delivering value in subscription-based businesses 08:25 - An added challenge for SaaS businesses of needing a product that continuously delivers value to retain customers 10:46 - The need to create expansion opportunities with tailored solutions and the need to leverage social proof to strengthen the value proposition to potential and existing customers 13:31 - Understanding and leveraging consumer psychology and desires to drive value perception and retention in both B2B and B2C contexts. 15:46 - Expanding on customer's foundational desires as effective marketing strategies 17:21 - Helping customers achieve their goals and meet their needs rather than simply trying to make a sale. 20:06 - Describing her current work and her pricing approach for her clients' customers.  25:52 - Amanda's best pricing advice 26:57 - What it means to be always testing your pricing   Key Takeaways: "...the whole deal with recurring revenue: If your marketing sucks, one, people aren't going to sign up. Two, if you're not delivering value over and over and over and over and over again, people are going to churn." - Amanda Northcutt "If you truly actually care about someone and you want to help match them with a solution that is actually going to help them not only reach their foundational desires, but the real business needs that they have, that's where the most sales are going to be made." - Amanda Northcutt "Desperation is the enemy of all sales, ever." - Amanda Northcutt "Another element of closing the deal in an automated sales funnel is that guarantee is very, very, very important. It's right up there with social proof." - Amanda Northcutt   People/Resources Mentioned: Texas A&M University: https://www.tamu.edu/ TexAgs.com: https://texags.com Marc Benioff: https://en.wikipedia.org/wiki/Marc_Benioff Salesforce: https://www.salesforce.com/ap/ Alan Weiss: https://alanweiss.com/about-alan-weiss/ Convertkit: https://convertkit.com Active Campaign: https://www.activecampaign.com/ Amazon Prime Video: https://www.primevideo.com/   Connect with Amanda Northcutt: LinkedIn: https://www.linkedin.com/in/northcuttamanda/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
5/27/202429 minutes, 18 seconds
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Blogcast: Expert-Approved Pricing Insights at Your Fingertips: Discover Our Custom Pricing GPT

This is an Impact Pricing Blog published on April 4, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/discover-our-custom-pricing-gpt/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
5/24/20242 minutes, 59 seconds
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Banking on Value: Pricing Strategies for Competitive Edge with Sundar Ramanathan

Sundar Ramanathan is a Banking Product and Pricing Executive with experience in exceeding/meeting growth, capital, liquidity, and profitability objectives through product and pricing levers. In this episode, Sundar emphasizes the importance of moving beyond product commoditization, instead, focusing on creating value through customer experiences, and pricing as the outcome of value creation.   Why you have to check out today’s podcast: Discover the fascinating concept of the indifference curve in the context of pricing banking products Learn the art of developing a customer-centric approach to pricing banking products, taking into account essential factors for success Find out how you can implement value pricing strategies, even with commoditized banking products   "On the retail banking side, we hear commoditization a lot. But I think there is an opportunity to go beyond that. I think products disappear and experiences emerge, and experience is what creates value. And value can be priced." - Sundar Ramanathan   Topics Covered: 01:36 - How he found himself in pricing 02:47 - Talking about examples of banking products 04:39 - Is bank's pricing based on value or cost 09:15 - The importance of balancing cost and value and highlighting the indifference curve in pricing  11:55 - Determining the area of indifference in banking pricing 16:06 - How to let borrowers decide in your favor over your competitors 19:37 - Where you create value pricing in banking products 22:06 - Sundar's best pricing advice   Key Takeaways: "The product structure and pricing might be commoditized, but where you create the value and enhance your pricing margin is the experience." - Sundar Ramanathan "You will never know the right pricing unless you are bold enough to make those decisions to test that elasticity and have a plan B." - Sundar Ramanathan "You can only create value by removing the friction as much as possible compared to competition.” - Sundar Ramanathan "You can never win by pricing." - Sundar Ramanathan   Connect with Sundar Ramanathan: LinkedIn: https://www.linkedin.com/in/sundar   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
5/20/202423 minutes, 57 seconds
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Blogcast: Show Me The Value!

This is an Impact Pricing Blog published on March 28, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/show-me-the-value/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
5/17/20242 minutes, 26 seconds
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Navigating the Complexities of Pricing with AI and Data Science with Vivek Anand

Vivek Anand leads a team of data scientists, statisticians and operations research professionals that apply Data Science and Operations Research techniques to build production ready solutions for problems related to Price Optimization, Inventory Management, and Fulfillment Optimization for a Fortune Fashion retailer. In this episode, Vivek delves into the strength of combining science and machine learning to make informed pricing decisions. He emphasizes the importance of starting small and continuously enhancing strategies through data-driven approaches. It also explores the differences in B2C and B2B pricing, the impact of AI on supporting salespeople, and the challenges of misaligned incentives in achieving business success.   Why you have to check out today’s podcast: Understand the need for compensation structures and incentives to align with business objectives that support desired outcomes Discover how AI is impacting the way salespeople handle pricing and negotiation Learn how to leverage both science and machine learning to make more informed pricing decisions   "If you're new to the journey, start small. You don't have to go and build a transformer network on day one. Even a simple EDA, Exploratory Data Analysis, can give you a ton of insights than just a guesswork." - Vivek Anand   Topics Covered: 01:19 - What paved his way into pricing 03:26 - How credit risk and interest risk influence pricing derivatives 04:37 - Thoughts on quantifying risks 05:36 - Data science in relation to AI advancement 07:39 - AI capabilities in capturing contextual and temporal information and other pricing techniques using AI 11:30 - Talking about AI and extrapolation 12:47 - B2C pricing versus B2B pricing and the significant difference in data availability between the two 18:38 - How AI can be utilized in the B2B world to assist salespeople in pricing and negotiation 23:57 - Vivek's one best pricing advice   Key Takeaways: "B2C is mostly, pricing is a lever to generate demand. Whereas in B2B, it's more of a lever to gauge the willingness to pay from the customer's standpoint.” - Vivek Anand "I think data science is a big tent, and AI is a part of it." - Vivek Anand “The way I think about AI is like, instead of making it heuristics, it learns from the data or it just comes up with a mechanism that just translates input to the output, more systemic, faster learning and can be deployed at scale.” - Vivek Anand   Connect with Vivek Anand: LinkedIn: https://www.linkedin.com/in/va2260/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
5/13/202427 minutes, 8 seconds
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Blogcast: A Value Perception Gap

This is an Impact Pricing Blog published on March 21, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/a-value-perception-gap/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
5/10/20243 minutes, 9 seconds
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The Pricing Landscape: Insights from the Professional Pricing Society Conference with Steven Forth

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business. In this episode, Steven delves into the dynamic world of pricing strategies as revealed through the lens of the Professional Pricing Society event. He talks about the latest developments, innovative practices, and thought-provoking discussions emerging from these events of pricing professionals. From uncovering cutting-edge pricing technologies to dissecting evolving pricing trends that offer valuable insights to help you in navigating the ever-changing landscape of pricing strategies especially where AI is concerned.   Why you have to check out today’s podcast: Discover what's in store for this year's Professional Pricing Society conferences Find out the significant and engaging topics discussed in the PPS event Look forward to Steven's valuable insights and key points on pricing trends and innovations, particularly in relation to AI   "The other problem or challenge, I think, that one can have with AI-based approaches to pricing is the sort of black box nature. And generative AI, gives something of a path forward for that." - Steven Forth   Topics Covered: 01:46 - Steven highlighting how the Professional Pricing Society [PPS] listens to Impact Pricing podcast 03:29 - Professional Pricing Society's calendar of events this year 04:39 - What's coming up for this year's event: Return of the book store 06:25 - Featured and notable books available at the event 09:54 - Other interesting things coming up for PPS' event 11:28 - Steven's important thoughts on pricing sustainability and some examples on point 15:41 - What differentiates a value model from a sustainability model as far as Ibbaka's concerned 17:26 - What he thinks of these big pricing vendors approach to AI 18:46 - Talking about pricing industry frustration and the black box nature of AI and the shift to generative AI 21:19 - Discussing the application of generative AI in a dynamically configuring software and its implications on the pricing strategies 24:56 - Sharing about the scale and complexity of traditional value model as well as the potential of generative AI to quickly adapt to different pricing and value configurations 28:39 - Watch out for an upcoming webinar on May 23rd  29:08 - What he thinks of people's reception to his presentation at the Professional Pricing Society's conference   Key Takeaways: "Feel good metrics or social responsibility, none of those things are really going to get people to buy and pay for sustainable solutions. It has to be tied to value, and you have to be able to show that your green solution provides more value than the competing solutions." - Steven Forth "I think the secret here, at least from a pricing and modeling approach, is to find those variables that get used across the different models. And by having the same variable used in different models you can pull sustainability together with value together with pricing." - Steven Forth   People/Resources Mentioned: Arnab Sinha Impact Pricing Episode 564: https://impactpricing.com/podcast/564-exploring-game-changing-pricing-dynamics-for-different-industries-with-arnab-sinha/ Game Changer: How Strategic Pricing Shapes Businesses, Markets, and Society by Jean-Manuel Izaret and Arnab Sinha: https://www.amazon.com/Game-Changer-Strategic-Pricing-Business/dp/1394190581 Stephan Liozu Impact Pricing Episode 582: https://impactpricing.com/?s=stephan+liozu Nick Nalepa: https://www.linkedin.com/in/nick-nalepa/ Stop Racing In A Blindfold!: Big Data + Pricing Science Drive Bigger Profits by Jim Vaughn: https://www.amazon.com/Stop-Racing-Blindfold-Pricing-Science/dp/099068380X Michelin: https://www.michelinman.com Hydropoint: https://www.hydropoint.com Vendavo: https://www.vendavo.com Pros: https://pros.com PriceFX: https://www.pricefx.com Totogi: https://www.totogi.com/ Resilience: https://www.bcg.com/publications/2023/resilient-pricing-for-uncertain-world   Connect with Steven Forth: LinkedIn: https://www.linkedin.com/in/stevenforth/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
5/6/202430 minutes, 26 seconds
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Blogcast: Using Value to Break Down Silos

This is an Impact Pricing Blog published on March 14, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/using-value-to-break-down-silos/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/3/20243 minutes, 54 seconds
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Navigating Retail Pricing: Walmart's Pricing Strategy Explored with Rishi Bhatia

Rishi Bhatia is an experienced analytics consultant, data expert and market research professional with domain expertise in retail, technology, telecom, apparel, manufacturing, and insurance domain. In this episode, Rishi shares about Walmart's lower pricing strategy. He emphasizes the importance of prioritizing the customer when determining pricing strategies. He also highlights the significance of leveraging data and analytics to inform pricing decisions. And also the importance of adopting AI-driven models to streamline operations and remain competitive in the market.   Why you have to check out today’s podcast: Learn how Walmart maximizes profitability while maintaining its everyday low prices Discover how AI revolutionizes the retail industry by enabling retailers to make informed pricing decisions, rather than just providing pricing insights Explore the impact of retail pricing on customer loyalty and retention   "Put your customer first. Rather than going for the traditional route, learn from the data as much as you can. And then, improve your models constantly based on how can you get the prices right."  - Rishi Bhatia   Topics Covered: 01:01 - How he found himself in pricing 02:46 - Why everyday low price policy for Walmart and how do they maximize revenue with this strategy 03:46 - Pricing and how it affects loyalty and retention 05:18 - What makes Walmart's margins high other than lower prices 06:48 - How AI in pricing optimization has evolved from basic insights generation to sophisticated model-driven recommendations 08:41 - Is AI a blackbox and how the process works in achieving pricing decision 11:31 - Walmart's primary focus regarding pricing decisions and how AI ensures timely transitions between product cycles and maintaining profitability 13:47 - How algorithms and recommendations ensures consistency and optimization across the retail chain 14:44 - Discussion around Wendy's dynamic pricing 19:49 - Rishi's response to Mark's advice for retailers and also talking about Walmart Plus 21:15 - Rishi's best pricing advice 23:12 - How do you measure value in retail products   Key Takeaways: "Value pricing, what does your customer want, at what price your customer will be more loyal to you and what will they... because pricing is one component that everyone wants low price." - Rishi Bhatia "When you're putting the product, rather than going for the traditional route, learn from the data as much as you can and improve your models constantly based on that, how can you get the prices right." - Rishi Bhatia "If you're able to improve on that and the customer, your overall complaints are also going down. And that is one value you can measure from that perspective as well. It's not always in the monetary term, it's always on the customer satisfaction side as well." - Rishi Bhatia   People/ Resources Mentioned: Walmart: https://www.walmart.com Uber: https://www.uber.com   Connect with Rishi Bhatia: LinkedIn: https://www.linkedin.com/in/rishi-bhatia-5480577/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
4/29/202424 minutes, 46 seconds
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Blogcast: To Fee or Not To Fee? That is the Question

This is an Impact Pricing Blog published on March 7, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/to-fee-or-not-to-fee-that-is-the-question/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/26/20243 minutes, 21 seconds
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Segmentation Strategies Uncovered: Driving Revenue through Focus and Value with Stephan Liozu

Stephan Liozu has studied, researched, and practiced value-based pricing for over 15 years now. That includes training, speaking, consulting, managing pilot projects, and coaching large scale pricing transformations. In this episode, Stephan highlighted the utmost importance of understanding the value delivered to customers before setting prices, emphasizing a value-first approach to pricing strategies.   Why you have to check out today’s podcast: Learn the significance of focusing on a specific market segment to avoid distractions, streamline operations and increase chances of success Find out why you don't need to excessively customize your products Discover why prioritizing value over price can develop to more effective pricing strategies and maximize profitability   "Do the value work first and then worry about pricing. So, value-based pricing is 90% value, 10% price. So, if you want to do that very well, value first, then price." - Stephan Liozu   Topics Covered: 02:25 - How Stephan started in pricing 04:13 - Customer segmentation as it relates to value pricing 05:25 - Effective ways of maximizing segmentation 07:17 - Defining customer segmentation and how the SaaS scenario Mark described relate to that 10:16 - Integrating value pricing into customer segmentation 13:03 - What value means to the price buyer 14:11 - How is market segmentation different from customer segmentation? 16:52 - Discussing about product segmentation and taking software for an example 21:28 - The challenge of operationalizing customer segmentation 24:57 - Why focus on one market segment 26:41 - The need to not excessively customize your product 27:42 - Stephan's best pricing advice   Key Takeaways: "Pick one market, focus on it, find your ICP, and then get a few logos; see what happens." - Stephan Liozu "Do the value work first and then worry about pricing." - Stephan Liozu "If you want to do that [value-based pricing] very well, value first, then price." - Stephan Liozu   People/Resources Mentioned: Owens Corning: https://investor.owenscorning.com/ Thales: https://www.thalesgroup.com/en   Connect with Stephan Liozu: LinkedIn: https://www.linkedin.com/in/stephanliozu/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
4/22/202428 minutes, 48 seconds
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Blogcast: Your Inward Focus Causes Horrible Decisions

This is an Impact Pricing Blog published on February 29, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/your-inward-focus-causes-horrible-decisions/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/19/20243 minutes, 36 seconds
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Price Justification Techniques: Building Confidence in Sales with Mike Bosworth

Mike Bosworth is a Co-Founder of WeConcile considered as the world's first Relationship Rescue and Restoration application. In this episode, Mike shares effective pricing strategies and sales techniques to hold prices.   Why you have to check out today’s podcast: Learn about the concept of "buying vision" and help your customers recognize the value of your product or service Learn how to stand firm against pricing pressure and maintain your desired price Discover how to effectively use "polite No's" to firmly establish pricing boundaries   "Understand the value, i.e. how your buyer would use a particular piece of your product to solve their problem. And if you have that knowledge, it's really easy to defend the value of your price."  - Mike Bosworth   Topics Covered: 02:13 - Mike's pricing approach 03:16 - Understanding why salespeople are losing the conversation when it comes to price 06:40 - What is a 'buying vision' and how helpful it is for buyers 07:26 - The need for salespeople to know well their customer's business 10:20 - How 'premature elaboration' gets you at a disadvantage 13:58 - Explaining 'cost justify' and 'price justify' from the buyers point of view 20:49 - The importance of patience in negotiation and use of "polite No's" to stand your ground on pricing 24:36 - Book resource of major negotiation stories you can check out 25:42 - Mike’s pricing advice   Key Takeaways: "The only salespeople who can go out and negotiate their own prices are those ahead of quota." - Mike Bosworth "I say to the managers, if your salesperson is under quotas, you have to go out there and provide the backbone and coach the call ahead of time.” - Mike Bosworth “We want to teach them how to survive that call, but on their own, they're not going to have the ability to do it." - Mike Bosworth   People/Resources Mentioned: Xerox: https://www.xerox.com/en-us Sales Force: https://www.salesforce.com David Crabtree: https://www.barnesandnoble.com/w/hold-out-david-n-crabtree/1119321227   Connect with Mike Bosworth: Linkedin:https://www.linkedin.com/in/mikebosworth/   Connect with Mark Stiving:    LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
4/15/202426 minutes, 46 seconds
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Blogcast: Fear Stymies Your Growth

This is an Impact Pricing Blog published on February 22, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/fear-stymies-your-growth/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
4/12/20243 minutes, 14 seconds
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Decoding the Emotion and Solution-Driven Sales Approach with Joe Woodard

Joe Woodard's vision is to "transform small businesses through small business advisors." And in the service of that vision he and his team educate, coach, provide resources and build communities for small business advisors, with the overarching goal of empowering them to play a powerful, high-impact advisory role with their clients. In this episode Joe shares strategies for Infusing feelings and solutions into your pricing models that drive people's buying decisions.   Why you have to check out today’s podcast: Find out effective strategies for your sales approach Discover effective hiring strategies to find the perfect team and talent that align with your needs Understand two foundational pillars of value to be effective in selling your product or service   "Infuse everything we've talked about [sales approach] with feelings and solutions into something the client can consume, easily understand, comprehend, and buy easily." - Joe Woodard   Topics Covered: 02:51 - From a Quickbooks advisor to hiring and teaching coaches how to coach businesses 05:40 - How this great quote from John Maxwell became a huge inspiration for his upcoming conference 07:28 - Understanding the two foundational pillars of value 09:31 - Methodologies used to maximize product's value proposition 12:06 - Gaining a competitive by catering to both emotional and solution-oriented needs 13:48 - Incorporating emotional intelligence into your sales approach 18:44 - How mimicking good behaviors is effective in selling 19:33 - Understanding the DISC method for hiring people 24:26 - Delegating outcomes, holding individuals accountable using methodologies like OKRs (Objectives and Key Results) 25:58 - Infusing pricing strategies with a combination of emotional resonance 28:47 - Interplay between emotions and problem-solving in both B2B and B2C contexts 30:06 - Joe's best pricing advice 31:51 - What this conference, 'Boldly Go!' is about   Key Takeaways: "If you're waiting for all risk to go away, you're waiting for all fear to go away, you'll never act. And if you're waiting for perfection, you'll never act. So don't wait on those things. Enter the danger, proceed afraid, fail forward, and then read a lot. That's how I did it." - Joe Woodard "People will only exchange their hard earned dollars for one of two things, how you make me feel, or how you solve my problem." - Joe Woodard "It's not about price, it's about nature." - Joe Woodard   People/Resources Mentioned: John Maxwell: https://www.maxwellleadership.com Michio Kaku: https://en.wikipedia.org/wiki/Michio_Kaku Neil deGrasse Tyson: https://neildegrassetyson.com Malcolm Gladwell: https://www.gladwellbooks.com/ Outliers: https://www.amazon.com/Outliers-Story-Success-Malcolm-Gladwell/dp/0316017930 Positive Intelligence: https://www.amazon.com/s?k=positive+intelligence&language Measure What Matters: How Google, Bono, and the Gates Foundation Rock the World with OKRs by John Doerr :https://www.amazon.com/Measure-What-Matters-Google-Foundation/dp/0525536221 Axe: https://www.axe.com/us/en/home.html Red Bull: https://www.redbull.com/ph-en/   Connect with Joe Woodard: Website: https://www.woodard.com/ LinkedIn: https://www.linkedin.com/in/quickbooksadvisor/   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/8/202433 minutes, 16 seconds
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Blogcast: Stopping One of Your Biggest Revenue Leaks: Discounts

This is an Impact Pricing Blog published on February 15, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/stopping-one-of-your-biggest-revenue-leaks-discounts/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/5/20242 minutes, 44 seconds
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The Collaborative Approach to Value Selling with Steve Laborda

Steve Laborda is a CEO of Valuebizbooster, Consultant, Coach, Author and Speaker. He is a practitioner in B2B sales and marketing, focusing on improving profitability, how to capture value, and developing the competencies of the commercial people through customer orientation and commercial excellence. In this episode, Steve delves into the intricate blend of art and science involved in the sales process. He emphasizes the importance of incorporating intangibles alongside hard facts, highlighting that both are essential for success and reaching a deal. Furthermore, he underscores the collaborative efforts of individuals within the company, working cohesively as a team to uphold a value-based approach throughout the entire sales process.   Why you have to check out today’s podcast: Find out the three essential components to value selling in which without each one no decision is reached Discover how value-based selling works in the whole sales process within the company Uncover the effective use of the ROI calculator as a value driver   "Don't forget to work with sales when you do your pricing."  - Steve Laborda   Topics Covered: 01:00 - How he got into pricing 01:30 - The many roles he played 02:41 - Pointing out the 'art' in value, pricing, and selling 04:16 - The intangible benefit other than the emotional, and cognitive aspect of value selling 06:24 - How was his experience different from any other salesperson who's good at building relationships 9:47 - Examples illustrating the three components of the sales process of relationship building, the science part, and the intangibles 11:38 Defining cross-functional value selling 15:04 - Why companies often fail at value-based pricing 17:55 - Calling it a value calculator and not the ROI calculator 20:10 - Why a collaborative way of using the value calculator instead of leaving it to the customer alone 23:36 - Reasons customers likely buy from you 25:35 - Pricing a highly volatile product in the chemical industry 29:23 - Steve's best pricing advice   Key Takeaways: "Yes, you need to do value quantifications, but you need to be able also to be emotional and to read body language and to read the skills that people have in front of you." - Steve Laborda "You need to have sales, marketing, pricing, the technical people, if it's a technical context, to have all those people together to develop that value-based approach so that everybody is behind it..." - Steve Laborda "The value calculator is there for me to give confidence to the salesperson about the price that you can defend to the customer." - Steve Laborda   Connect with Steve Laborda: LinkedIn:https://www.linkedin.com/in/stevelaborda/   Connect with Mark Stiving:    LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]    
4/1/202430 minutes, 30 seconds
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Blogcast: Proven Value

This is an Impact Pricing Blog published on February 8, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/proven-value-can-be-a-game-changer/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/29/20242 minutes, 3 seconds
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Pricing Table Topics: 8 of Clubs – Ban the Word 'Markup'

This one is the 8 of Clubs from the Impact Pricing card deck.  Ban the word markup. First, can we all agree that cost-plus pricing is not optimal? We really want to do value-based pricing, charge what a customer is willing to pay. Got it, so we're all in agreement.  Now, let's talk about the word markup. Markup is defined as, tell me what my costs are, how much do I need to mark that up in order to get the margins that I want? So a markup is by definition cost-plus. Well, it's cost-times, but it's cost-plus. So when we use the word markup, as a company, we're saying we use cost-plus pricing. Now, it is okay, let's say you're running a distribution organization. You're running a grocery store. You've got hundreds of thousands of products to price. You can't do specific value-based pricing on each one of those products. And so, you have to do something. But don't do just cost-plus. When you say we use a 50 point markup or a 20 point markup, we're implying that goes across the board. What we should be saying is, how much margin do we think we can get from this product category? Because margin starts at, what's the price? And then, how much did we have to pay to acquire the product that we sold? So margin is a great term to use when we're thinking about value-based pricing. Markup almost forces us to use cost-plus pricing.  So my advice, stop using that word. Don't let anybody else use that word. Switch your mental thought process to margin, not markup. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/27/20242 minutes, 33 seconds
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Strategic Pricing for Accountants to Earn More But Work Less with Geraldine Carter

Geraldine Carter helps single-owner CPAs go down to 40 hours without giving up revenue.  In this episode, Geraldine reveals effective strategies for tailoring your accounting service business to suit your lifestyle, enabling you to increase revenue without feeling overwhelmed by excessive work.   Why you have to check out today’s podcast: Discover how accountants can increase their earnings while reducing their workload Learn to craft your message to highlight the value you offer, rather than focusing solely on the cost of your services Uncover the transformation within the services you offer   "Your clients have an expectation to pay and if your prices are too low, they might not buy from you." - Geraldine Carter   Topics Covered: 01:56 - Working less but earning more 03:41 - Flexibility, autonomy and working less hours 05:38 - Mindset shift to less hours work 08:48 - Pricing strategies so accountants work less and increase income 11:10 - How message is structured to a CPA's client in terms of raising his price 14:44 - The idea of selling services but delivering transformations 16:42 - Understanding the services accountants perform and how they earn recurring income 17:20 - What transformation does accountants deliver to companies 22:36 - The beauty of having people see the value in your own business   Key Takeaways: “The revenue that you create in your business has nothing to do with the time that you put in. I mean, you have to grind out the beginning to get it all set up and going. But you can get to the place where you do not have to work 40 or 25 or 15 hours a week. You just have to stay at it until you figure out how to get your hours down.” - Geraldine Carter “Thinking that revenue comes from work for clients is like thinking that time comes from your watch, it's not how that works.” - Geraldine Carter “Your buyer decides what price they want to pay. So, we do tiered pricing, we offer it to the clients.” - Geraldine Carter “Most accountants are selling services, but they're creating and delivering transformations.” - Geraldine Carter "For business owners listening, do not underestimate the power of pricing wisely." - Geraldine Carter   Connect with Geraldine Carter: Website: https://geraldinecarter.com/ LinkedIn: https://www.linkedin.com/in/geraldine-carter/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
3/25/202426 minutes, 19 seconds
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Blogcast: To Discount or Not to Discount

This is an Impact Pricing Blog published on February 1, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/to-discount-or-not-to-discount/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
3/22/20242 minutes, 26 seconds
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Pricing Table Topics: 8 of Diamonds – Customer Perceptions Always Matter

This one is the 8 of Diamonds from the Impact Pricing card deck.  Customer perceptions always matter. And what's fascinating is every time we touch a customer, we touch a buyer, they form perceptions of our company. They could be positive perceptions. They could be negative perceptions.  And when I say every time, it's not only salespeople making sales calls. It's when they read our marketing messages. It's when they receive our invoices. It's when they call our customer support or customer service line.  Every single touch point we have with a customer either creates value in their mind, or it destroys value in their mind. The question becomes, which are we going to do?  My recommendation is obviously to create more value with every customer touch point. But how do we do that?  We do that by creating a culture of value Inside our company. A customer centric perspective that says, how is it that this decision, how is it that this action, impacts our customers? And can I do it in a way that impacts our customers in a more positive manner instead of just thinking about how do I get them off the phone? Or how do I take care of them quickly so that they go away and stop bothering me while I do my day job?  So value, a culture of value, is all about doing what's best for our customers and making sure every customer touchpoint increases value, not decreases it. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/20/20242 minutes, 19 seconds
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Balancing Curiosity, Specialization, and Success as a Pricing Professional with Robert Ribciuc

Robert Ribciuc is the Managing Partner at EBITDA Catalyst. He helped establish, grew, and managed a successful advisory/consulting firm focusing on pricing strategy and analytics, go-to-market optimization, and revenue management for middle-market corporate and private equity portfolio (PE) clients in diverse industry verticals. In this episode, Robert shares the key to succeeding as a pricing practitioner: nurturing curiosity. By continually seeking new experiences and knowledge, you'll not only advance in your current role but also pave the way for future promotions, ultimately leading to a successful career as a consultant.   Why you have to check out today’s podcast: Explore effective strategies for boosting personal and professional development as a pricing professional Discover the endless possibilities that come with nurturing your curiosity in the field of pricing Find out significant insights about specialization at the same time taking a broad approach in the pricing profession   "Without curiosity, you wouldn't have tried and you wouldn't know how much room for improvement to have." - Robert Ribciuc   Topics Covered: 01:51 - The breadth of the pricing field extending beyond one's job 03:57 - Specializing in a particular industry versus embracing a multifaceted approach to pricing 08:37 - The importance of constantly learning and adapting in pricing 12:02 - How pricing professionals can be better at what they do 14:40 - How curiosity gets your job done easily and gets you promoted  20:46 - The challenge of teaching for students in university versus teaching for companies 26:08 - Summarizing what the whole topic is about 28:18 - Robert's motivational message   Key Takeaways: "Go read a book about a different industry, something that's not pricing. Also, get out of your chair and go walk to our product people, go walk to our marketing people and make some friends. Get them to tell you what their job is like and what they're thinking about." - Robert Ribciuc "Curiosity is kind of the opposite of, ‘I can do it easy.’" - Robert Ribciuc "In many companies the curiosity gets subdued by, ‘Oh, I find that if I just do this repeated cycle my boss is happy enough,’ right? And that can be an illusion." - Robert Ribciuc   People/ Resources Mentioned: Ronald Baker: https://impactpricing.com/podcast/497-classic-trash-the-timesheet-exploring-opportunities-in-subscription-businesses-with-ronald-j-baker/ Susan David: https://www.susandavid.com Vendavo: https://www.vendavo.com Pros: https://pros.com Zoom: https://zoom.us Honeywell: https://www.honeywell.com/us/en   Connect with Robert Ribciuc: LinkedIn: https://www.linkedin.com/in/ribciuc/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
3/18/202429 minutes, 56 seconds
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Blogcast: Who Should Own Pricing?

This is an Impact Pricing Blog published on January 25, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/who-should-own-pricing/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
3/15/20243 minutes, 36 seconds
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Pricing Table Topics: 8 of Hearts – Business Acumen

This one is the 8 of Hearts from the Impact Pricing card deck. Business acumen is a skill that salespeople really need, and product people really should have, to say, "Why is it that a customer would want to buy our product?" In B2B, value is measured in incremental profit. Your customer isn't going to buy anything from you, assuming it's a business customer, unless you are making them more money. Here's the question, how are you making them more money? Somehow, when you can communicate that, when your sales team can communicate that, you have a much better chance at winning the business. And by the way, when you understand it, you have a much better chance at delivering great marketing messages, and building the right products. We really need the skill of business acumen so we can say what is the business of our customers and how is it that we make them more money, because that is where the value is. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/13/20241 minute, 49 seconds
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Navigating the Future of Pricing: Insights on AI and Value Dynamics with Steven Forth

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business. In this episode Steven shares the shifting landscape for pricing professionals, emphasizing the rising importance of pricing strategists over analysts in leveraging AI for value-centric decision-making. Additionally, he highlights the possibilities beyond automation to include real-time recalibration of value models, enabling companies to better adapt to changing customer needs and market dynamics.   Why you have to check out today’s podcast: Discover the importance of custom packaging solutions designed to meet the unique needs of diverse users, adding significant value to their experience and allowing for optimized pricing strategies Find out how AI is impacting pricing strategies Understand the evolving role of pricing people: pricing analysts and pricing strategists   "What pricing people should be doing today is learning how to have productive conversations with AI agents." - Steven Forth   Topics Covered: 02:44 - Discussing about platform pricing and solution pricing in the context of AI 05:40 - The challenge that pricing platforms presents when it comes to quantifying value for all users 07:06 - Generative AI versus computational knowledge AI in the case of Wolfram Alpha 10:20 - Highlighting the value of packaging solutions tailored to specific needs which can be more valuable to users 12:06 - What goes in the pricing world with AI around 18:38 - Pricing strategists becoming increasingly important, need for better systems to facilitate meaningful conversations and decision-making 20:11 - Would it be possible for AI to make people inside the company understand what value is to customers 24:08 - Six types of value drivers according to Ed Arnold 27:03 - The challenge of building large amount of value models 30:20 - Steven's best advice to pricing people 31:12 - Building a value model through client interviews   Key Takeaways: "Why don't people focus more on value? I think part of this is because many of us find it easier to look inside our own company than outside to our customers." - Steven Forth "In an uncertain world, having options and being able to generate options gives you a much more adaptive and resilient business." - Steven Forth "They [pricing people] need to be learning how to ask the AI questions. They need to be learning how to train the AI so that it can better answer those questions." - Steven Forth "They [pricing people] need to be understanding the strengths and weaknesses of the answers they're going to get. Because like it or not, you are going to be using an AI, you are using an AI, in your work today, even if you're not aware of it." - Steven Forth   People/ Resources Mentioned: Wolfram Alpha: https://www.wolframalpha.com Stephen Wolfram: https://www.stephenwolfram.com Mathematica: https://www.wolfram.com/mathematica/ Pros: https://pros.com Zilliant: https://zilliant.com Ed Arnold: https://www.linkedin.com/pulse/how-quantify-value-service-ed-arnold/ McKinsey: https://www.mckinsey.com Microsoft Co-Pilot: https://copilot.microsoft.com   Connect with Steven Forth: LinkedIn: https://www.linkedin.com/in/stevenforth/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
3/11/202432 minutes, 49 seconds
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Blogcast: Listen to Your Market, then Think

This is an Impact Pricing Blog published on January 18, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/listen-to-your-market-then-think/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/8/20244 minutes, 3 seconds
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Pricing Table Topics: 8 of Spades – Sell Like You Have No Competition

This one is the 8 of Spades from the Impact Pricing card deck.  You've probably heard me use the words 'will I' and 'which one' in the past. 'Will I' are situations where our buyers are choosing to buy our product or not, but they're not choosing whether they buy our product or a competitor's product. When we can find ourselves in a 'will I' situation, we know that our customers are not price sensitive. So, the key here is to know the difference. Are they comparing us to competitors or not? My recommendation is assume they're not. Because if we assume they are, we start talking about who our competitors are and they say, "Oh, you have competitors, let me go look at them." Instead, we talk to them about the value of solving the problem and why our product is going to help them solve that problem and get a huge return. And we never even mentioned that a competitive alternative exists. When the customer says to us, "Oh, we're looking at X, Y, Z company." Then we know that we can shift to talking about how we're better than our competition. What are those features or capabilities that we do that our competition can't match? But up to that point, let's make the assumption there is no competition. In fact, my favorite way to find out the answer, is there competition, is to ask the following question, "If you don't buy this, what will you do?" Notice that that question implies there is no competition. It doesn't say that go look at the competition. So my recommendation, always assume there is no competition. Talk about the value of solving the problems, and then you can shift your sales technique after you realize competition is in the deal. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/6/20242 minutes, 40 seconds
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Exploring Game-Changing Pricing Dynamics for Different Industries with Arnab Sinha

Arnab Sinha is a Managing Director and Senior Partner in the Philadelphia office of Boston Consulting Group (BCG) and the North American Lead for Pricing Topic, as well as Global Lead for Revenue Management.  In this episode, Arnab shares what's behind writing the book 'Game Changer' and discusses how the pricing strategy frameworks discussed inside the book works for the different industries like software, consumer packaged goods, pharmaceuticals, among others.   Why you have to check out today’s podcast: Discover how to create value across diverse industries and implement innovative pricing strategies that can revolutionize your approach Uncover the innovative pricing strategies used by pharmaceutical companies to market their products Find out the crucial role of creating value to effect strategic pricing   "Figure out how much value you want to share, and how you communicate that, because that's what drives long-term value creation." - Arnab Sinha   Topics Covered: 01:14 - How he got into pricing and why he never regretted choosing it over mechanical engineering 03:48 - What's behind writing the book 'Game Changer' 06:21 - Pivotal role of value creation in pricing strategy as gleaned from the book 08:03 - How his pricing strategy framework be used in software companies 11:40 - Significance of understanding customer needs and tailoring offerings accordingly for both acquisition and retention, with competition in mind 14:25 - The strategic pricing approach for consumer packaged goods companies  17:34 - Understanding the 'uniform game' in the consumer packaged goods and how it is influenced by factors such as brand strength and price gap elasticity in relation to competitors 20:08 - From a static view of pricing strategy in the CPG towards a dynamic approach utilizing AI and machine learning to model the best pricing strategy 22:00 - Innovative pricing strategy in pharmaceuticals 26:42 - Pricing based on where value is created 29:22 - Arnab's best pricing advice 30:03 - Discussing on how much value should one keep   Key Takeaways: "I think the competitor's price is a critical input. And this is where we weave it in through something like your brand strength and your brand equity." - Arnab Sinha "And this is where I think our belief is, it is not just about the one-time value of one transaction, but you need to think about the lifetime value of all of the consumers you will be serving." - Arnab Sinha "...at the intersection of the cost and competitive game, you need to understand if you are creating value and make a choice of how much value you want to share regardless of what game you're playing. Because in the absence of value creation, there is no transaction." - Arnab Sinha   People/Resources Mentioned: Jean-Manuel Izaret: https://impactpricing.com/podcast/563-game-changing-pricing-strategies-for-long-term-success-with-jean-manuel-izaret/ Game Changer: How Strategic Pricing Shapes Businesses, Markets, and Society by Jean-Manuel Izaret and Arnab Sinha: https://www.amazon.com/Game-Changer-Strategic-Pricing-Business/dp/1394190581 SAP: https://www.sap.com Oracle: https://www.oracle.com/ph/ Quickbooks: https://quickbooks.intuit.com Microsoft: https://www.microsoft.com Coke: https://www.coca-cola.com/ph/en Pepsi: https://www.pepsi.com Walmart: https://www.walmart.com Kroger: https://www.kroger.com/ Publix: https://www.publix.com Target: https://www.target.com Pfizer: https://www.pfizer.com   Connect with Arnab Sinha: LinkedIn: https://www.linkedin.com/in/arnab-sinha   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
3/4/202432 minutes, 32 seconds
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Game-Changing Pricing Strategies for Long-Term Success with Jean-Manuel Izaret

Jean-Manuel Izaret leads BCG’s Marketing, Sales & Pricing practice globally. They partner with leading companies across industries to transform their commercial functions leveraging cutting edge digital and analytics capabilities to help them grow.  In this episode, Jean-Manuel reveals the impact of your pricing models on maximizing your pricing strategy.   Why you have to check out today’s podcast: Explore the factors behind the fluctuating gasoline prices, where price rises easily when the market is up, and takes time lowering when the market is down Get an exclusive preview of the subjects discussed in the Game Changer book Discover what a ‘choice game’ is all about   "Think about how to share the value with the market and with others, you'll bring long-term customers and loyalty, and you'll build a fantastic business for yourself." - Jean-Manuel Izaret    Topics Covered: 01:36 - How he got into pricing 02:54 - Why gas price tends to go higher fast than it goes down 05:46 - Are gas price and other commodities coming back down 07:27 - What made him write the book and a sneak peak into the topics 12:29 - Important thoughts on value-based and cost pricing and identifying brands for illustration 20:29 - Relevance of elasticity in pricing 24:23 - His game of choice and why 26:45 - Industries that have huge advantage with value pricing 27:20 - Jean-Manuel's best pricing advice   Key Takeaways: "It is helpful for anybody in any market to think about the value that they create for customers. And never thinking about it is usually a mistake." - Jean-Manuel Izaret "Everywhere you are, think about what people on the other side are doing, and is it relevant for you? How can you learn from that?" - Jean-Manuel Izaret "When people think about pricing, they tend to think about prices. They tend to think about the number. If you want to reframe the conversations about how you can gain more traction in the market, think about your pricing model." - Jean-Manuel Izaret   People/Resources Mentioned: Game Changer: https://www.amazon.com/Game-Changer-Strategic-Pricing-Business/dp/1394190581 Shell: https://www.shell.comNetflix:https://www.netflix.com/ph-en/ Apple: https://www.apple.com Napster: https://www.napster.com/availability Sony: https://www.sony.com/en/   Connect with Jean-Manuel Izaret: LinkedIn: https://www.linkedin.com/in/izaret/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
2/26/202429 minutes, 28 seconds
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Pricing Table Topics: 9 of Clubs – Focus on Lifetime Value

This one is the 9 of Clubs from the Impact Pricing card deck.  We often hear the word 'strategic' as in, "Hey, I'm making a decision today so that it grows my business someday in the future." Well, that's exactly what we want to do when we think about the lifetime value of a customer. I'm not so worried about, "Can I get the three year contract signed today?" Many companies do. But when you try to get the three year contract signed right away, you make it harder to win the customer.  But what if you took a one year contract? Or what if you took a one month contract? Or even had a free trial period. And you let people get into your product, and you deliver so much value that they never leave. What we just did was get them into our ecosystem. And then over time we can get them to buy more from us, to stay with us. And that's because we know we're delivering a ton of value.  This is what it means to focus on lifetime value. I'm okay taking a smaller number today because I know that over time this customer is going to grow with me and give me a whole lot more money that I'm trying to capture today. Whereas if we focus on the value of the three year contract, it's oftentimes hard to win that customer today. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/23/20242 minutes, 4 seconds
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Pricing Table Topics: 9 of Diamonds – Subscription Is a Business Model

This one is the 9 of Diamonds from the Impact Pricing card deck.  When we think about subscriptions, and I've talked to several companies who are trying to move from more of a transactional business to a subscription business, they think it's 'just pricing'. "Oh, we want to set our price this way." But it turns out it changes so much in your business, not just the way you set pricing. One of my favorite things about the subscription business model is that buyers pay us for a continuous stream of benefits, meaning we're delivering benefits month after month after month. The question in your business is, are you truly delivering benefits month after month after month? In which case, maybe you have a good business for starting a subscription business model. Then we want to think about, not only how are we delivering it, but then, how much value do they get each month? How do we start to capture that? And so, we can certainly price it, but we really need to structure our company around winning these customers.  And then we have to figure out, how do we keep them? How do we minimize churn? And over time, we figure out how to grow these customers. How to get them to upgrade or buy more from us? So, subscription isn't as simple as, 'let's change the way we do pricing'. It really is an entire business model. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/21/20242 minutes, 6 seconds
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Maximize Profitability and Value with these Revolutionary Pricing Models with Dan Zatta

Dan Zatta is a leading management advisor in topline growth. He specialized in profit improvement on the revenue side, with extensive experience in pricing. In this episode, Dan shares how these pricing models he mentions in his book can greatly impact a company's growth and profitability when used in a comprehensive approach.   Why you have to check out today’s podcast: Explore the various pricing models that can significantly influence your bottom line Discover a pricing model that helps you identify an additional unique selling point, ultimately boosting profitability Learn why it's crucial to have a holistic perspective of the company's overall impact before embracing innovative revenue models   "Make sure to be quick in increasing prices, ideally combine this with additional value to meet your profitability targets." - Dan Zatta   Topics Covered: 01:13 - What finally got him into pricing after being a generalist 02:05 - A trick he does to gain sales peoples' support when increasing prices 02:32 - What inspired him to write his book 'The Pricing Model Revolution' 04:16 - Pricing as not an exact science 05:29 - An interesting fact about another reason for writing his book 'Revenue Management in Manufacturing' 07:34 - From an academic writing style to using language understood by non-pricing experts in writing his books 08:48 - What AI-based Pricing can do for your bottom line even when you are already an advanced organization 11:19 - Many more AI-based pricing opportunities available even with companies already using AI 12:34 - Explaining what Neuro Pricing is and the tool used for this 14:34 - Creating another source of competitive advantage in pricing with outcome-based pricing 17:18 - The need for comprehensive view into the company before adopting pricing models 19:31 - Defining Sympathetic Pricing 21:52 - Important thoughts on the idea of price fairness 25:21 - What is Psychological Pricing  27:28 - Dan's best pricing advice   Key Takeaways: "Let's think about value also when we price and looking into outcomes could be one of those." - Dan Zatta "If you are not changing your processes the way you're approaching how salespeople are compensated, then you risk having an issue with the model that maybe is great, but it's not pushed internally. And the same can be the case with incentives for clients." - Dan Zatta "The impact of volatility of raw materials, there is still inflation in a number of countries. So rather than waiting, make sure that you're not losing time because the more time passes when costs are increasing, the more time you will need to recover profitability." - Dan Zatta   People/Resources Mentioned: The Pricing Model Revolution by Danilo Zatta: https://www.amazon.de/dp/1119900573/ref=tsm_1_fb_lk Revenue Management in Manufacturing: State of the Art, Application and Profit Impact in the Process Industry by Danilo Zatta: https://www.amazon.com/Revenue-Management-Manufacturing-Application-Industry/dp/3319302396 Uber: https://www.uber.com Lyft: https://www.lyft.com Peter Drucker: https://en.wikipedia.org/wiki/Peter_Drucker   Connect with Dan Zatta: LinkedIn: https://www.linkedin.com/in/danilo-zatta/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
2/19/202428 minutes, 59 seconds
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Blogcast: Brilliant Price Move by Amazon Prime

This is an Impact Pricing Blog published on January 11, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/brilliant-price-move-by-amazon-prime/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/16/20243 minutes, 28 seconds
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Pricing Table Topics: 9 of Hearts – Win, Keep, and Grow: Manage All Three

This one is the 9 of Hearts from the Impact Pricing card deck. I found it fascinating when I studied subscriptions coming from a more traditional or transactional type of business where people would buy something from you, and then you have to get them to buy again. In a subscription, people buy something from you and then they pay you month after month, or year after year. And in that business model, there are several things that are unique. But one of them is that you suddenly have to focus on how do we keep a customer? We always have to win customers, but how do we keep that customer? And we've heard the word churn, and we know the churn is bad, and companies focus on how do I minimize churn. And there's also a third revenue bucket and that's called grow. Once I have a customer who's paying me and getting value for my product, how do I get them to pay me more money next year than they paid me this year? And we can typically do that with things like raising prices, or getting them to upgrade, or using more of our product. There are several of these techniques.  What's interesting though is that the tactics that we use inside our company to win customers is different than what we need to keep customers. And different again than what we need to grow customers. We suddenly have complicated our business model because we really and truly do need to manage all three of those revenue buckets separately. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
2/14/20242 minutes, 10 seconds
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Building a High-Performing Pricing Team That Drives Growth with Jon Jennings

Jon Jennings is the founder and managing partner of Jennings Executive Search. Established in 2014. His vision was to shape a firm anchored in transparency and value creation.  In this episode, Jon discusses the strategies for hiring pricing professionals and building a dedicated pricing team that significantly contributes to a company's strategic success.   Why you have to check out today’s podcast: Discover how to effectively structure your pricing team and determine the optimal number of pricing professionals to hire based on your company's size Explore crucial steps to assess pricing role offers, ensuring a thorough understanding and avoiding impulsive decisions Learn important factors to consider when hiring pricing professionals for high, mid, and entry-level pricing positions   "Once you can build those relationships with sales and the customers and understand what really makes them tick, it's a lot easier to price to it, to add value." - Jon Jennings   Topics Covered: 01:38 - How he paved a path into pricing 04:04 - What great impact a little tweak in pricing can do 05:12 - At what point are they able to start helping clients fix their pricing 06:18 - When do private equity firms decide to hire pricing consultants and pricing professionals 09:21 - Designing a pricing structure for a $50M manufacturing company 12:49 - How many pricing professionals you should hire given the size of your company 15:41 - Opportunities for pricing roles these days 17:39 - The best thing to do when looking for pricing jobs 19:06 - Insights on writing your resume and putting it on LinkedIn 21:23 - Vetting pricing jobs before jumping in 24:22 - A chance to talk and vet for a thousand individuals for pricing roles 25:14 - What does Jon look for when vetting people for pricing roles 27:54 - The need to think outside of the box when you're a pricing professional 28:40 - Jon's best pricing advice   Key Takeaways: When looking for job opportunities: "Look through your network. Just like anything, take your time, take a breath, it's going to be alright." - Jon Jennings “You don't need to jump at the first thing; evaluate it based on the merit of the opportunity." - Jon Jennings When vetting a job offer or a candidate for a job: "When it feels like they're covering something up or not, just not telling me the whole truth, that's when I get a little nervous." - Jon Jennings "They understand things connect, so that skillset tend, if they have some business acumen and a little bit of personality to go with it, they translate well to pricing." - Jon Jennings "I want to find people that like to break the wheel or build it, that's our approach to the more mid level. And the lower level is people that are just high achievers and with a quantitative math brain." - Jon Jennings   People/Resources Mentioned: Portco: https://www.portco.com GitHub: https://github.com   Connect with Jon Jennings: Website:  https://jenningsexec.com/pricing-strategy/ LinkedIn: https://www.linkedin.com/in/jonjennings/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
2/12/202430 minutes, 50 seconds
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Blogcast: Pricing Platforms and Solutions

This is an Impact Pricing Blog published on January 4, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-platforms-and-solutions/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/9/20244 minutes, 14 seconds
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Pricing Table Topics: 9 of Spades – There Is More Profit in Price Segmentation

This one is the 9 of Spades from the Impact Pricing card deck.  There are two major rules in pricing that are hugely valuable to your organization. The first one is value-based pricing, which simply means charge what your customers are willing to pay. The second one is to adopt price segmentation.  Think about this for just a second. No two buyers actually are willing to pay the same price. Which means every buyer has a different willingness to pay. If we really want to adopt value-based pricing, at its best, then what we're doing is trying to figure out, how do we get individual people to pay us what they're willing to pay?  Of course, this is impossible to do perfectly, but it's not impossible to say, hey, this type of person, this type of customer, gets more value from our product. They're willing to pay more because they get more value. We see this all the time.  For example, it could be that when we sell to Asia, they're more price sensitive so they end up with a better price. And when we sell in the US or Europe, we end up charging higher prices. This is price segmentation and that's where the value is. There are several ways to do price segmentation. Those include understanding the characteristics of your customer. What information can you collect at the time of the transaction? And then, are there behaviors or hurdles you could put in their way so that those who are price sensitive are willing to jump that hurdle in order to get a better price?  So, my advice, think very hard about, how do you do price segmentation? How can you charge different customers different amounts based on their willingness to pay? We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/7/20242 minutes, 31 seconds
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Mastering the Essential Pricing Skills Beyond Hard Numbers with Alex Costa

Alex Costa is a Specialist in Strategic Pricing, statistical analysis, market intelligence, sales finance (P&L) statistical analysis, acting as a Sales Business Partner to guide the best pricing strategies, which increases revenues and margins (EBITDA). In this episode, Alex discusses the importance of both hard and soft skills in achieving success. He also highlights three of the eleven essential skills for pricing professionals and shares his insights on value-based pricing, emphasizing its comprehensive impact on the value process.   Why you have to check out today’s podcast: Find the optimal skills to prioritize as a pricing professional Discover effective techniques for engaging with salespeople in a manner that fosters collaboration instead of resistance Learn how to share information and knowledge within the company to foster a collaborative effort towards achieving shared objectives   "Hard skills and soft skills play a huge impact for you to be effective in your career in pricing." - Alex Costa   Topics Covered: 01:04 - How Alex pursued pricing 01:54 - Pricing is more than margin 02:47 - What he thinks is the best skill pricing professionals should have 04:16 - Why one has to think logically as a pricing professional 05:05 - Consultative versus reactive when engaging with sales  07:02 - How to invite collaboration rather than resistance from salespeople  08:55 - Discussing on the idea of sharing knowledge and information inside the organization 11:16 - Why emotional control matters 16:22 - What he thinks of value-based pricing 18:16 - Who should take the role of training sales teams for them to understand your product's value 19:26 - Looking at value not just of the product's attribute but the whole chain of it 21:53 - How you can get a hold of Alex's paper with this 11 skills 22:29 - Alex's best pricing advice   Key Takeaways: "I think the most important thing to us as pricing professionals is to engage with sales objectives, to understand what the goals of sales teams are. But of course, align with the goals of the organization." - Alex Costa "If you don't control your emotions, your emotions will control your career and your project." - Alex Costa "When you look for the satisfaction from the customer, what their perspective of the value that they will take from your product or services, you can position your pricing better." - Alex Costa "Sometimes they think, value comes just from the aspects of the product, the attributes of the product. But for me, the value in the mind of the consumer and the customers comes from the entire chain of value of the company." - Alex Costa   Connect with Alex Costa: LinkedIn: https://www.linkedin.com/in/alexandrecostaoliveira/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
2/5/202424 minutes, 37 seconds
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Blogcast: Three Types of B2B Value

This is an Impact Pricing Blog published on December 28, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/three-types-of-b2b-value/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/2/20245 minutes, 10 seconds
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Pricing Table Topics: 10 of Clubs – How Much Would Other People Pay?

This one is the 10 of Clubs from the Impact Pricing card deck. Face it, when you talk to a customer, what you really want to ask them is, "how much would you pay for them?" The problem is they won't answer that question. First, they probably don't know the answer to that question. But more importantly, in the back of their mind, they're thinking, Hey, I can't tell them the truth because if I tell them it's really valuable to me, they'll end up charging me a higher price. So, I'm going to come up with a number much lower. I'm going to game the system, or play a negotiation game without them even knowing I'm playing. Of course, that hurts us because we're trying to gather real information, how much would they pay? One question I found that works relatively well, I wouldn't call it scientific, but it's a great way to get just a perception of people's pricing. And that is, "how much do you think other people like you would pay for this?" It takes enough indirection in the question that they tend not to think about gaming the system. And instead they think, "Oh, well, that person over there is probably like me, so therefore they would probably pay this much." When you ask that question, what the buyer's thinking in their mind is, how much would I really pay, and that's how much I think other people would really pay. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/31/20242 minutes, 8 seconds
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Transformative Trends in B2B SaaS Pricing for 2024 with Steven Forth

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business designed to help companies create and capture value. In this episode, Steven discusses the growing significance of showcasing economic value to customers and the challenges that companies encounter in accomplishing this, particularly with regard to  AI monetization. There is a strong emphasis on the necessity for better understanding and communication of the value delivered by SaaS products to enable more effective value-based SaaS pricing strategies.   Why you have to check out today’s podcast: Look into the latest AI monetization report for 2024 and gain insights into the strategies for monetizing AI Find out the key trends in SaaS pricing related to AI for the year 2024 Discover the compelling reasons why AI is truly revolutionary and why it's crucial to embrace this transformative technology   "Don't panic and cut prices." - Steven Forth   Topics Covered: 01:37 - How is AI going to significantly influence SaaS and pricing this 2024 03:38 - The impact AI is going to have on most businesses in the interface, functionality, and internal workflow levels 06:59 - What this AI monetization report is all about 09:46 - Looking on the value of the solution more than just the AI tool 11:05 - Why B2B SaaS companies are under increased pressure to justify their prices based on the value delivered to their customers 13:12 - Quantifying and truly delivering value to customers and product management's critical function in understanding value 16:05 - Significant insights on customer success department's role in value quantification 17:02 - Discussion about using SaaS versus obtaining perpetual license 22:38 - Summarizing the three major trends this 2024 24:47 - Expressing optimism that companies adopt better tool sets to assess, track, document, and communicate economic value 25:38 - Steven's impactful advice   Key Takeaways: "Vast new areas of applications are going to be opened by AI and things that we couldn't do, or were too expensive to do in the past become easy to do and very affordable to do, already are today." - Steven Forth "If you can demonstrate value, then you have a lot of weapons that you can use against these [larger competitors]." - Steven Forth "AI is going to be moving rapidly towards monetization, which means it has to be able to demonstrate value." - Steven Forth "There's an overall pressure to better manage SaaS spending, which is going to lead to pressure on SaaS companies to be able to demonstrate that they are actually delivering value, not just happy users." - Steven Forth "Cutting prices is not going to solve your problem. That could just increase your churn. There's no guarantee that cutting your prices will reduce your churn." - Steven Forth "You can't compensate for a lack of value by lowering your price." - Steven Forth   People/Resources Mentioned: Open View:https://openviewpartners.com/blog/tagged/research-and-analytics/ Amazon: https://www.amazon.com Google: https://www.google.com/ IBM: https://www.ibm.com/us-en Salesforce: https://www.salesforce.com/ap/?ir=1 Oracle: https://www.oracle.com/ph/   Connect with Steven Forth: LinkedIn: https://www.linkedin.com/in/stevenforth/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
1/29/202429 minutes, 11 seconds
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Blogcast: Why Your Salespeople Don’t Sell Value

This is an Impact Pricing Blog published on December 21, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/why-your-salespeople-dont-sell-value/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
1/26/20244 minutes, 43 seconds
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Pricing Table Topics: 10 of Diamonds – Sell to Buyers that Value Your Product the Most

This one is the 10 of Diamonds from the Impact Pricing card deck.  Different buyers value our products differently, hence, what that should mean to us is we get to do price segmentation, we could be charging different prices. But from a sales perspective, once we've got a price set and we need to go out and do prospecting and find which customers we want to go sell to, guess which ones are the easiest ones to win? The ones where they perceive the most value from our product.  If somebody is going to use our product and make a million dollars, they care a lot more than someone who's going to use our product and make $10. Can we articulate where's the value of our product, who's going to get the value, and then find those people who really get a ton of value and focus on them. That's where we should be doing our prospecting. That's where we should be doing our marketing. And if we have a list of prospects to go deal with, those are the ones we should be spending our sales effort and energy on. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/24/20241 minute, 46 seconds
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The Power of Quantifying Value in Pricing Strategies with Todd Snelgrove

Todd Snelgrove is the Senior Director; Value Advisory at SAP. He is a value advisor who helps companies get paid for the value they create. In this episode, Todd discusses the fundamental importance of value quantification in pricing and emphasizes the need for a structured process to carry it out effectively.   Why you have to check out today’s podcast: Discover the importance of prioritizing value over solely relying on the behavioral economics of pricing when it comes to pricing strategies Find out the effectiveness of quantifying value over simply offering discounts Learn about what constitutes a value conversation   "Have a structured process to quantify customer value. It’s not as hard as people think. Even if you're not perfect at it, it's better than nothing." - Todd Snelgrove   Topics Covered: 01:05 - How Todd got into pricing 02:19 - Quantifying value in B2C  04:13 - The subconscious way of quantifying value 05:38 - Why behavioral economics matter less in B2B 08:05 - The decoy effect in pricing and how some tricks used in B2C doesn't work in B2B 12:16 - Evolving power dynamics in procurement and how salespeople should navigate dealings with procurement in different scenarios 17:31 - Performance guarantee over discount 20:26 - What transpires in a value conversation 22:20 - The telling versus the asking in a value conversation 25:20 - Tod's one piece of best pricing advice 26:18 - Why not many companies quantify value 27:08 - Todd’s book: Value First Then Price 29:09 - Tying cost and benefits to a value conversation   Key Takeaways: "When you talk about value, talk about real dollars. It's okay to list benefits and all these other things. But when you say value, show how that's going to be more profitable." - Todd Snelgrove "I spend a lot of my time getting procurement to realize that 10% value per year is better than a 10% price cut." - Todd Snelgrove "Price becomes an issue but only after you've discussed value." - Todd Snelgrove   Resources/People Mentioned: Value First then Price by Todd Snelgrove: https://expertsinvalue.com/books AstraZeneca: https://www.astrazeneca.com/   Connect with Todd Snelgrove: LinkedIn: https://www.linkedin.com/in/toddsnelgrove/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
1/22/202432 minutes, 31 seconds
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Blogcast: Growth Comes from Value

This is an Impact Pricing Blog published on December 14, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/growth-comes-from-value/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
1/19/20245 minutes, 29 seconds
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Pricing Table Topics: 10 of Hearts – Invest More Time Managing Pricing and Value

This one is the 10 of Hearts from the Impact Pricing card deck. Besides the alliteration of that meme, the two concepts are crucial. Pricing is possibly the most powerful marketing mix variable you have access to. You must have seen the reports that say, hey, if you could increase price by 1%, that likely increases your profitability by 10% for most companies or an average company. Well, the only reason somebody is ever going to buy something from you is because they perceive that there's more value to them than it costs them in your price. And so, that means we need to be focused on what's the value to the customer. We need to know, how are they perceiving that value? What is the value that they're willing to exchange or they're thinking about as they exchange their hard earned money to buy your product? When we think about these two concepts, then pricing and value, they go really hand in hand, very closely related. I know many companies ignore pricing, that you set it and forget it, and they need to think about that more. But even more companies are clueless about value. How is it that your customers perceive value? You really should be spending more time, more energy, thinking about both of those concepts, pricing and value. And they go really, really well together. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script, obviously. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/17/20242 minutes, 13 seconds
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Confidently Increase Prices and Double Your Business with SaaS Pricing with Maciej Wilczynski

Maciej Wilczyński is a pricing expert and Partner at Valueships, a consultancy boutique specializing in software, cloud, subscription, and digital businesses. He is also a lecturer and faculty at the Wroclaw University of Economics, where he has finished his PhD title in strategic management, writing a thesis about software-as-a-service companies and their pricing capabilities. He gained consulting experience at McKinsey & Company, where he led the EMEA part of Agile Insights solutions focused on digital marketing and customer insights. In this episode, Maciej discusses the potential positive impact on your SaaS pricing when considering the removal of grandfathering for customers.   Why you have to check out today’s podcast: Discover significant insights to expanding your business and boosting your income with SaaS pricing strategies Understand the ins and outs of SaaS pricing and gain insights into how companies can effectively gauge the value of their offerings, empowering them to make confident decisions in pricing Unlock valuable insights about grandfathering customers and potentially double your income   "Value-based pricing has an ability to at least double your current business." - Maciej Wilczynski   Topics Covered: 01:33 - Just wasn't cut out for a metal band fame 02:22 - How he got into pricing 04:19 - What Valueships is all about 05:31 - B2B SaaS pricing and what makes it interesting 08:12 - Buying growth with pricing 10:31 - Four major reasons companies don't raise prices 14:20 - Important thoughts on companies grandfathering customers [effect on short-term and long-term] 19:18 - No such thing as lifetime pricing  22:29 - Why pricing is hard and where should you get the motivation to increase price 24:57 - What you should bear in mind when increasing prices: listen to the majority and not to the few complaining minority 29:03 - Connecting your price increase to a customer-centric narrative 30:51 - Maciej's best pricing advice   Key Takeaways: "You should forget the word forever or lifetime in pricing." - Maciej Wilczyński "Where should companies look for the courage and energy to do it [pricing] is purely from value exercise." - Maciej Wilczyński "To really understand the value, run as many case studies as you can, quantified case studies, try calculating the ROI of your service initially internally as an exercise, as a workshop in exercise, and then move and try to do it with your customers to see the power of the product." - Maciej Wilczyński "Pricing starts from value, but if you're afraid of raising prices, simply look at your churn rates. If they're below four or 3%, you're good to go." - Maciej Wilczyński   People/Resources Mentioned: Patrick Campbell: https://www.linkedin.com/in/patrickccampbell Zappos: https://www.zappos.com Stephan Liozu: https://impactpricing.com/podcast/classic-value-based-pricing-how-to-get-started-and-how-to-succeed-with-stephan-liozu/ Appsumo: https://appsumo.com Netflix: https://www.netflix.com/ph-en/ Utpal M. Dholakia: https://hbr.org/2021/06/if-youre-going-to-raise-prices-tell-customers-why   Connect with Maciej Wilczyński: LinkedIn: https://www.linkedin.com/in/wilczynskim/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]
1/15/202433 minutes, 20 seconds
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Blogcast: Don’t Do What Sirius XM Did

This is an Impact Pricing Blog published on December 7, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/dont-do-what-sirius-xm-did/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/12/20243 minutes, 37 seconds
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Pricing Table Topics: 10 of Spades – Consider the Buyer's Decision Process

This one is the 10 of Spades from the Impact Pricing card deck. When we think about what a buyer's decision process is, think about the two decisions they have to make, 'will I' and 'which one'. And it's really important for us to understand which of those decisions were pricing for. The 'will I' decision simply asks, the buyers asking the question, should I buy something in this product category? That's a budgetary decision. They're really saying, is this problem valuable enough for me to spend money to go solve? When we're thinking about pricing and someone's only making that 'will I' decision, we need to be thinking about, what's the value of solving the problem?  The other decision the buyer might be making is the 'which one' decision. 'Which one' is, okay, I've decided I want to solve this problem. Now, am I going to buy your product or a competitor's product? How am I going to go solve this problem? They're deciding which one. And here, the pricing decision you have to make is what's the price of your product relative to the price of the competitive products. Relative to the price of the alternatives. And of course you must take into account the value of your advantages compared to your competitors.  So, as you're thinking about your pricing decisions, think really hard what's the decision our buyers are making. Are they deciding 'will I'? Will I buy something in this product category? Or are they deciding 'which one'? Which product will I buy? We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/10/20242 minutes, 19 seconds
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Pricing Power as the Key Driver in Strategic Business Success with Jeet Mukherjee

Jeet Mukherjee is the Chief Strategy Officer at Holden Advisors. He is responsible for designing and executing the strategic vision for the company. His role includes developing intellectual property, new product offerings, and key partnerships for scalable growth and innovation across the business. In this episode, Jeet delves into the nuanced strategies behind pricing power, featuring real-world examples, including iPhone and Intel's successful utilization of pricing power.   Why you have to check out today’s podcast: Discover the transformative power of value-based pricing gaining a profound understanding of its essence and significance Find out why many fail in selling from a value-based perspective and how you can break free from the conventional approaches that limit your pricing potential Uncover the nuances of driving pricing power, recognizing the pivotal role of context and the imperative need for precise segmentation   "As pricers, we need to have more confidence in our calculation of differential value in what we do to come up with our prices. And we should not be afraid to test and experiment, and change, and see, and track the difference in volumes we get and make adjustments. It's okay." - Jeet Mukherjee   Topics Covered: 01:33 - Blessed to have worked with two pricing gurus and all praises to Tom Nagle 02:36 - Defining value-based pricing 03:30 - Describing his journey into pricing and what made him love it 06:38 - Why most don't sell from a value-based perspective 08:48 - Pricing as a much bigger topic many struggle with 11:59 - Understanding pricing power 19:38 - What you can use to drive pricing power, having the right context to understand who's got proper pricing power, and the need for precise segmentation 23:20 - Intel doing a great job in a push-pull marketing and building more brand equity 26:16 - Zappos nailing it in customer service 27:47 - Discussing price sensitivity in relation to pricing power [iPhone versus Samsung] 30:13 - Jeet's best pricing advice   Key Takeaways: "I think we're changing the aperture and we're going through this process of pricing power to define it and understand it, because we're looking at it from more of a continuum." - Jeet Mukherjee "Pricing has to be looked at as dynamic value drivers over time." - Jeet Mukherjee "...you have to have that context to understand better who's got the pricing power by being more precise on the segmentation, as well as being very precise on the region that you're going to have a little bit of an anomaly." - Jeet Mukherjee   People/Resources Mentioned: Tom Nagle: https://www.linkedin.com/in/thomas-tom-nagle-2bb2288/ Reed Holden: https://www.linkedin.com/in/reed-holden-913ab69/ Ingram Micro: https://www.ingrammicro.com/ HP: https://www.hp.com/ph-en/home.html Dell: https://www.dell.com/en-us Microsoft: https://www.microsoft.com/ Intel: https://www.intel.com/content/www/us/en/homepage.html Zappos: https://www.zappos.com Amazon: https://www.amazon.com/   Connect with Jeet Mukherjee: LinkedIn: https://www.linkedin.com/in/jeet-mukherjee-58462a1/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
1/8/202432 minutes, 16 seconds
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Blogcast: The Art of Pricing

This is an Impact Pricing Blog published on November 30, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/classic-the-art-of-pricing/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/5/20243 minutes, 32 seconds
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Blogcast: Do You Need a New Pricing Metric?

This is an Impact Pricing Blog published on November 23, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/do-you-need-a-new-pricing-metric/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/3/20243 minutes, 24 seconds
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Harnessing the Power of Causality for Price Optimization with Gleb Romanyuk

Gleb Romanyuk is a Principal Economist at Wayfair. He leverages his Ph.D. in Economics and his extensive experience in the tech industry to develop cutting-edge solutions for competitive pricing and economic analysis. In this episode, Gleb emphasizes the underutilization of data by most companies. He recommends harnessing its power to gain insights into business performance and develop optimized pricing strategies.   Why you have to check out today’s podcast: Understand an economist's role in analyzing data and optimizing pricing Learn to note the distinction between forecasting and prediction versus the causal inference Test price elasticity with causality   “I would encourage people to take advantage of their sales data when looking into setting prices. If you don’t have it then start recording it.” - Gleb Romanyuk   Topics Covered: 01:56 - How he got introduced into pricing 03:46 - What is an economist's role in a company 06:04 - Distinguishing forecasting versus prediction 09:23 - Proving causality even with just observational data 15:06 - Case in point: does faster shipping improves revenue and profitability [how to go about the test and the variables used] 18:31 - What he thinks of the fact that most companies don't know how to use the data they gather 19:41 - Talking about more job opportunities for economists 20:49 - Highlighting a fascinating finding on using value pricing 23:16 - Sharing his insights on Mark's comment of not favoring taking into account price elasticity for pricing 24:46 - Gleb's impactful pricing advice   Key Takeaways: "You can learn a lot about the performance of your business [by taking advantage of your sales data] and do better than just pricing by the market or pricing by the cost." - Gleb Romanyuk "Can we measure the long-term elasticity that takes into account the competitor's response? Usually we can't really get at it because it involves strategic interactions. I think what we do about it is we take market price into account. But also it's important to understand to which extent your products are differentiated from the competitors and how fierce the competition is." - Gleb Romanyuk   People / Resources Mentioned: Wayfair: https://www.wayfair.com/ Amazon: https://www.amazon.com/   Connect with Gleb Romanyuk: LinkedIn: https://www.linkedin.com/in/glebromanyuk/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
1/1/202426 minutes, 9 seconds
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Blogcast: What Comes After Product-Market Fit

This is an Impact Pricing Blog published on November 16, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/what-comes-after-product-market-fit/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
12/29/20234 minutes, 48 seconds
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Pricing Table Topics: Jack of Clubs – Don't Lower Prices

This one is the Jack of Clubs from the Impact Pricing card deck.  There's almost never a good reason to lower prices. We've seen that a 1% price increase can lead to a 10% improvement in profitability. Well, the opposite is true too. A 1% price decrease could lead to a 10% decrease in profitability. And that's painful.   As a general rule, I would never ever lead a price decrease. I'm not lowering my prices. And the only thing that would ever prompt me to, is if my competitors lowered their price first and I had to keep up with them. I had to match whatever price decrease they put out because they were taking too much of my share. But even if my competitors lowered their price, I wouldn't do an across the board price decrease. Instead, I would look at where is it that my competitors are taking my business. And can I do a price decrease just on that piece of business? Let's start thinking about price segmentation and market segmentation, understanding where that competitor is powerful, is available, and only lower prices in those places where we have to in order to keep our market share. But a great rule is just never lower your prices, unless you have to. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our playing cards, pick a card, read the saying, talk for one to two minutes about what that card says. You'll become a better speaker and expert. Oh, and you can play games with these cards. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
12/27/20232 minutes, 24 seconds
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A Christmas Pricing Story

There is something about pricing that really gets me excited. Maybe it was my humble beginnings. I'm sure I grew up with more than many people. But from my perspective, we didn't have enough. We needed to make every dollar go as far as it could.  At Christmas time, I would get out the Sears catalog and quickly turn to the toy section. I studied every item, in the boy section of course. I would circle, and circle, and circle. I wanted so much.  Christmas morning, Santa brought me a few of those toys. My parents made us three kids take turns. I hated having to wait for my brother and sister to take their turns. It was so fun ripping into a package, screaming with excitement. It was the kind of joy we rarely experience as adults.  After we kids had opened the Santa packages, it was time for the adults and all of the other gifts. One by one, we would open gifts. It was slow, and tedious, and boring. This is where I got socks and underwear.  Completely underappreciated at the time, but several times during this tradition, someone would get a nicer gift from Mom and Dad. Like a sweater, or a jacket. And inevitably, Mom would have a story, "Oh, I found that one at Macy's, and it was just like a more expensive one, but half the price." Or, "Oh, I saved 33% on that using green stamps." Or, "Oh, I shopped at four different stores and finally found a great deal on that one." My mom loved saving money, and she loved telling us about it even more. I didn't know it at the time, but I was learning how important price was to her. Of course, this wasn't just at Christmas. But around the tree on Christmas morning, she had an audience. She had pent up stories she couldn't share until the gift was opened. She was in her element.  Maybe my love of pricing started because I wanted to understand my mom better. Who knows? But there are few things I like better than figuring out how people think about price. I am extremely grateful for what mom and dad did for us. They provided so many great memories. I loved Christmas as a child. I loved my mom who left us several years ago. And I still love pricing.  This Christmas, I hope you find great deals on all of the gifts. And especially the memories that you give. Merry Christmas and Happy Holidays.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/25/20233 minutes, 13 seconds
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Blogcast: Software Shrinkflation

This is an Impact Pricing Blog published on November 9, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/software-shrinkflation/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
12/22/20233 minutes, 32 seconds
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Pricing Table Topics: Jack of Diamonds – You’re Not Charging Enough

This one is the Jack of Diamonds from the Impact Pricing card deck. It's true. If you're winning them all, you're not charging enough. First, you have to believe that every buyer is different. Every buyer has a different willingness to pay. If every time you go bid on someone and you know that they have a different willingness to pay, and yet you always win, that means that most of your buyers, if not all of your buyers, were willing to pay you more. In fact, it's probably a fair assumption that every time you win a deal, you left money on the table. The buyer was probably willing to pay you a little bit more, or a lot more, than what the price was you finally settled on.  What that says to me is that if we never ever lose, we're nowhere near that price point that says, Hey, we're losing the right number.  So, once again, if you were to raise your price by 1% that has a 10% impact on profitability, potentially, and probably zero impact on sales because you're winning everything already. And even if you lost a couple deals, you're not going to lose 10% of your deals. And so, that's a really smart thing for you to be doing if you're after more profit, which I hope you are.  And so, look at your win ratios. Are you winning every deal you go after? And if you are, raise prices. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our playing cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. And, you can play games. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/20/20232 minutes, 28 seconds
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Capitalizing on Sound Economic Planning with Strategic Pricing for 2024 with Steven Forth

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business designed to help companies create and capture value. In this episode, Steven advocates for proactive scenario planning, encouraging businesses to identify critical uncertainties and fortify their pricing strategies for the uncertainties of the future.   Why you have to check out today’s podcast: Understand the significance of pricing as a strategic element often overlooked in planning, and recognize its pivotal role in post-COVID economic landscapes Acknowledge the shift to a sounder economic period, where capital has a tangible cost, emphasizing the importance of net present value as a cornerstone of planning assumptions Prioritize fixing issues strategically, considering both short-term and long-term plays, and embrace scenario planning for effective pricing strategies in a dynamic environment   "I think we are settling into a sounder economic period where capital has a cost, net present value matters, and we need to have that as a planning assumption." - Steven Forth   Topics Covered: 01:38 - An observation about pricing being overlooked in strategic planning for 2024 and pricing being just an afterthought 04:20 - The need to strategically approach pricing in the context of the next three years post-COVID and thoughts on the monetization of generative AI 07:24 - Important thoughts on what kind of impact will AI have in businesses in the years ahead in comparison to what blockchain years ago 09:32 - From low interest rates to normal range, the importance of capital costs and net present value as part of planning assumptions. 13:05 - The need to take realistic steps to investments in AI, impact of non-zero interest rates on capital costs, the stabilization of buying behaviors into 2024 and how all these are considered in pricing planning in 2024 18:47 - Prioritizing what needs to be fixed first rather than fixing all at once and risk messing up everything 19:52 - How often should one conduct a pricing strategy 22:25 -Two key things in mind when planning for 2024: first establish baselines and trends, then aligning pricing with the overall strategic goals of the company 27:13 - What it means to have a portfolio point of view when making pricing planning and how to implement a faster cadence to reach your pricing goals 30:09 - Attributing business results to pricing changes and introducing the concept of causal analysis   Key Takeaways: "I think we are settling into a sounder economic period where capital has a cost, net present value matters and we need to have that as a planning assumption." - Steven Forth "You can't really do strategic planning if you don't understand where you are and how you got there." - Steven Forth "I would encourage people to at least consider looking at scenario planning where you plan for more than one scenario. You identify critical uncertainties and you plan for each of the critical uncertainties. That approach would make a lot of sense for pricing." - Steven Forth   People / Resources Mentioned: Judea Pearl: https://en.wikipedia.org/wiki/Judea_Pearl The Book of Why: The New Science of Cause and Effect: https://www.amazon.com/Book-Why-Science-Cause-Effect/dp/046509760X   Connect with Steven Forth: LinkedIn: https://www.linkedin.com/in/stevenforth/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
12/18/202333 minutes, 41 seconds
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Blogcast: System 1 and System 2 Value

This is an Impact Pricing Blog published on November 2, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/system-1-and-system-2-value/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/15/20233 minutes, 2 seconds
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Pricing Table Topics: Jack of Hearts – Improvement in Pricing Produces Increase in Profit

This one is the Jack of Hearts from the Impact Pricing card deck.  If you have the ability to raise your prices and you can still sell the same or just slightly fewer products, you are almost guaranteed to make much more profit. There are many studies out there that show a 1% increase in pricing can yield a 10% improvement in profitability. Now, how does that make sense? It makes sense because if you assume for a second that you have 10% gross margin on your product. So, I'm going to throw some numbers at you here. Assume that it costs, you're going to sell something for $100. It costs you $90 to make it. So, you have 10% gross margin  and you're making $10 in profit on that product, or on that sale. If you can raise your price 1%, so we go from a 100 to 101, we just raised our profit from 10 to 11. And that's because raising price has zero impact on our costs. Every dollar we make from the price increase goes directly to the bottom line. So, if we went from 100 to 101, we increased price by 1%. We took our profit from 10 to 11. We increased our profit by 10%. Obviously, that 10% number has everything to do with what's the gross margin of your product at the moment, and that's how you could determine. But price increases go straight to the bottom line without impacting or being affected by our costs. And so, therefore, it's often the single most profitable, most powerful, marketing mix variable any company has. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. And, you can play games. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/13/20232 minutes, 40 seconds
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Optimize Your Pricing Strategies with Cutting-Edge Cloud Technology with Finn Hansen

Finn Helmo Hansen is the CEO and Co-founder of Price Beam and Stratinis, helping businesses use pricing and revenue growth to win. In this episode, Finn discusses the two companies he founded - Stratinis and Price Beam - and their significant contributions to the field of market research in pricing. He also sheds light on effective pricing optimization strategies.   Why you have to check out today’s podcast: Find out how Price Beam does market research for optimizing pricing using a cloud-based technology Discover what advantages and capabilities conjoint analysis have over other market research techniques Learn insights into the pricing optimization frontiers that are on the rise   "It's not about communicating once you've launched the price increase or even the day before, it's a continuous communication. And if you as a pricing team think that you're communicating enough, then double it." - Finn Hansen   Topics Covered: 01:13 - What paved his route to pricing 02:29 - Is there truth to wine quality equals higher price? 03:24 - What prevent wineries from raising wine price 05:02 - How do these companies he created, Price Beam and Stratinis differ from each other and why he created these two 07:17 - What specifically does each of these companies do? 09:25 - More in-depth discussion of the business structure of each company 11:09 - How does Price Beam and Stratinis relates to or differs from Conjointly [the process of gathering data up to analysis] 13:59 - The way AI [called Tool Plus] works in the whole process of data research and analysis 15:30 - What more can conjoint research method unpack that historical can't? 21:43 - Distilling the concept of shrinkflation 24:56 - Finn's comments on companies increasing prices by way of package machinations 27:37 - The next frontier in price optimization 29:41 - Testing different promotional alternatives 30:47 - Finn's best pricing advice   Key Takeaways: "The next frontier in price optimization is going to be around promotion optimization, especially in CPG, because there's a lot of money there." - Finn Hansen "You need to communicate as much as possible, talk about the value." - Finn Hansen "Communicate about prices all over the year and sell internally." - Finn Hansen "Pricing communication is key." - Finn Hansen   People/Resources Mentioned: Survey Monkey: https://www.surveymonkey.com Momentum Now: https://www.themomentum.com/momentum-now Conjointly: https://conjointly.com Carrefour: https://www.carrefour.com/en/group/stores   Connect with Finn Hansen: Email: [email protected] / [email protected] LinkedIn: https://www.linkedin.com/in/finnhelmohansen   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
12/11/202332 minutes, 41 seconds
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Blogcast: The 5 How’s

This is an Impact Pricing Blog published on October 26, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-5-hows/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/8/20233 minutes, 35 seconds
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Pricing Table Topics: Jack of Spades – Value Is Not Based On Costs

This one is the Jack of Spades from the Impact Pricing card deck. Many companies use cost-plus pricing and that's understandable because it's easy. It guarantees they're going to make a profit for every sale they make. I get it. When we shift to value-based pricing, we start thinking about what's a buyer willing to pay us. And now, think about what a buyer is willing to pay and that value that they place on our product actually has nothing to do with the cost of us manufacturing it.  In fact, if you're used to buying something, whatever it happens to be. Let's say you're buying your favorite shirt and you buy five of these shirts every single year, and you just love it. And one year the cost of materials goes up. And the manufacturer says, okay, we're going to double our price because our costs went up. You don't really care that the costs went up. What you care about is, do I still want to pay that much? Or do I want to pay twice as much to get the shirt that I really like or not? So you're not thinking, what's the cost?  Now, oftentimes companies use costs to justify price increases. And we do that because our customers often think price is related to costs and it makes them feel a little bit better. It makes it feel like we're not just trying to raise prices and gouge them. But in truth, the value they get, the decision they're making, am I going to buy this product or not, has nothing to do with your costs. And everything to do with how they perceive the value of your product. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our playing cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/6/20232 minutes, 33 seconds
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Bridging the Gender Pay Gap for Women with Julie Scanlon

Julie Scanlon is a D&I Leader 2023 (D&I Leaders: dileaders.com). She enables organizations to enhance diversity and inclusion by providing consultancy, bespoke training solutions and interventions. Supporting individuals and organizations with executive coaching, professional development and career change coaching. In this episode, Julie highlights the challenges women face when it comes to negotiating higher pay, placing them at a disadvantage compared to men. UK studies reveal the significant disparity in earnings between genders. Julie's primary focus is on addressing cultural and structural inequalities, and she offers insights on empowering women to strive for equal treatment.   Why you have to check out today’s podcast: Understanding the gender pay gap that exists between men and women and the necessary approach to bring about change Learn techniques to effectively mentor women entrepreneurs and businesses led by women, while avoiding gender bias Find ways to promote the recognition of women's worth and empower them to confidently price their value   "Take the risk and ask for it." - Julie Scanlon   Topics Covered: 01:44 - What makes her drawn to the topic about women and men entrepreneurs and their attitudes towards pricing 02:50 - Julie's thoughts on Mark's statement that women are less confident than men about their pricing and business 05:48 - What could be the reason for gender pay gap in women if it is not about one’s confidence in question here 09:40 - Her thoughts on Mark's comment that the problem is with women not asking for pay in reference to a situation raised by Julie 11:14 - A case of 'who knows and who asks' 12:50 - Understanding why there's a bit of a problem for women getting a no for an answer 14:39 - The best approach to coaching women entrepreneurs and those women running companies 17:07 - Julie's suggested strategies for coaching women and the necessary shift in approach 20:39 - Julie's reply to Mark's question if there is the same study made in the US about the gender pay difference 21:58 - Her reaction to Mark's desire to help women get that 43% raise in pay 23:02 - Julie's best pricing advice   Key Takeaways: "It is not that we're not asking in the same way that men are, but it might also be that there's different kinds of biases that are going on in the world that mean sometimes we don't get what we ask for." - Julie Scanlon "It is actually being aware, raising awareness of the potential gender differentials. You are saying here as a kind of person sitting in front of me that you like to treat people equitably. The thing is, the world doesn't do that. So recognizing the world doesn't do that and thinking, okay, what can I do to mitigate against some of that unequal treatment by the world? So that might then help you adapt the way that you coach the individual that's in front of you." - Julie Scanlon "The ‘being coachable’ question is absolutely vital regardless of gender. Absolutely, you need to be ready for it and you need to be open to it and not defensive." - Julie Scanlon   People/Resources Mentioned: Sky News: https://news.sky.com IPSE: https://www.ipse.co.uk   Connect with Julie Scanlon: LinkedIn: https://www.linkedin.com/in/dr-julie-scanlon/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]
12/4/202324 minutes, 46 seconds
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Blogcast: We Have Room for Negotiation

This is an Impact Pricing Blog published on October 19, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/we-have-room-for-negotiation/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
12/1/20232 minutes, 32 seconds
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Pricing Table Topics: Queen of Clubs – Value-based Pricing Is Never Perfect

This one is the Queen of Clubs from the Impact Pricing card deck. Value-based pricing is truly a goal or an attitude, but it's never finished because we can't be perfect. We can't read a customer's mind. I define value-based pricing as charge what a customer is willing to pay, but if you can't read a customer's mind, you don't know what that customer is willing to pay. And in fact, all customers are different. And so, we constantly tweak and test new techniques. We add new price segmentations. We think about different market segments. We test our pricing and price increases with certain customers. So, we're never done with our value-based pricing.  We always want to be thinking about how is it that our customers are getting value from our products? How might they be using it differently? What was the value of the feature capability we just added to them? Value-based pricing is an ongoing process so I truly think of it as an attitude or a goal. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our playing cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. Oh, and you can play card games. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
11/29/20232 minutes, 2 seconds
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Pricing Strategies for Your Travel Business with Neil Fitzgerald

Neil Fitzgerald is an experienced, driven, and accomplished pricing and revenue professional, with a wealth of experience while working for leading, high-profile companies. Proven in exceeding all bottom-line expectations. Experienced in cruise, hotel and vacation rental industries.  In this episode, Neil shares the crucial role of pricing in the travel industry and its impact on the bottom line success. He emphasizes that achieving pricing goals is not solely reliant on AI, highlighting the importance of collaboration and building relationships with other stakeholders in the company.   Why you have to check out today’s podcast: Explore effective pricing strategies for one-time opportunities in the travel industry to optimize revenue Learn to strike a balance between short-term gains and long-term profitability, ensuring your pricing decisions don't compromise future success Discover the importance of guiding customers on a journey, expediting their consideration of revenue and pricing management   "Don't assume that everyone else in your business understands what you're doing. So, take the time to listen to other people, and take the time to communicate and collaborate with the other people in your teams and the other stakeholders in your business, and take them on the journey." - Neil Fitzgerald   Topics Covered: 01:20 - How Neil get into pricing 03:02 - How does pricing for travel differ from any other pricing? 04:51 - The challenge that comes with pricing the travel industry 07:37 - Pricing strategies in other industries that can work best in the travel industry 09:53 - Neil's thoughts on Mark's suggested limited time pricing offer for a cruise ship basing it from Chipotle's food pricing 11:59 - Discussion about one pricing strategy that Disney implemented and had to be discontinued 13:42 - Pricing insights from crowded airport lounges nowadays gleaned from Mark's experience 16:11 - How does he get people sold to the idea of revenue management 18:35 - Talking about AI and pricing algorithms 20:50 - Neil's best pricing advice   Key Takeaways: "It is interesting in travel, when you do try and do those one-off opportunities to get a higher price point, you've got to be careful that it really, really is exclusive and it isn't so broad because then you can create too much demand." - Neil Fitzgerald "It's an interesting business case for pricing managers about how Disney built out this fantastic product for the Star Wars hotel, charged thousands of dollars a night, and then has had to close it in a very short time period because they couldn't get the revenues that they were expecting." - Neil Fitzgerald "I always think when it comes to pricing, even when you're more on the revenue management side and you are looking at your supply and demand patterns, you do have to have an awareness of the overall cost basis as well, because it can be quite easy if you're not careful to overprice." - Neil Fitzgerald "It's going to be an interesting case about how airlines effectively raise, find ways of charging guests more so that they're reducing the demand without upsetting the most low guests." - Neil Fitzgerald "We can't produce demand out of thin air and we can't produce higher margins out of thin air. We have to take people on the journey." - Neil Fitzgerald   People/Resources Mentioned: Chipotle: https://www.chipotle.com/home Virgin Voyages: https://www.virginvoyages.com Green Bay Packers: https://www.packers.com   Connect with Neil Fitzgerald: LinkedIn: https://www.linkedin.com/in/neil-fitzgerald-55122591/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
11/27/202322 minutes, 9 seconds
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Blogcast: Lessons from Amazon’s Nessie

This is an Impact Pricing Blog published on October 12, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/lessons-from-amazons-nessie/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
11/24/20233 minutes, 2 seconds
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Pricing Table Topics: Queen of Diamonds – Create Perceived Value with Marketing

This one is the Queen of Diamonds from the Impact Pricing card deck.  We often talk about how we want products that are different from our competitors. And if we think about what we want to build, we want to build products that are better, that are somehow differentiated. And when we do that, we've truly built value for our customers because our products are better than our competitor's products. However, sometimes our customers don't know that our products are better. And if they don't know our products are better and they've never used our product before, then we're not going to get paid more because our products are better. And so, that's a customer's perception. We need to make sure that our customers perceive our products to be better. In the ideal world, we build products that are better. We communicate that ideal differentiation to our customers. And our customers then choose to buy our product because they've perceived that value.   Now, it's possible that we can communicate value that may not be true, or we could communicate value that may not be differentiated.  One of my favorite papers I read when I was a doctoral student was titled something like, Meaningful Differentiation from Irrelevant Attributes.   The example they like to use was Folgers Mountain Grown Coffee. I mean, it turns out all coffee is grown in mountains, so Folgers isn't differentiated with that. But the fact that they tout it, the fact that they talk about it and communicate it, almost makes it feel like they're differentiated. So, you could think of that as perceived value, even if it isn't real value.   So, our job really should be, let's create products that are better than our competitors and let's communicate that to our customers. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our playing cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. And, you can play card games. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
11/22/20232 minutes, 59 seconds
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Top Pricer Tournament: Simulating Winning Pricing Strategies with Mark Chussil

Mark Chussil is the founder of Advanced Competitive Strategies, Inc. He is an expert in qualitative and quantitative business war games, custom strategy simulators, executive education and management development programs. Highly rated speaker, published books and dozens of articles on business and competitive strategy. In this episode, Mark shares how simulating pricing strategies before actually implementing them can do away with costly outcomes thereby improving one's bottom line.    Why you have to check out today’s podcast: Discover the essence of the Top Pricer Tournament Enhance your pricing strategy by utilizing simulation techniques to mitigate potential risks and minimize losses Find out fascinating insights and findings from the 'Top Pricer Tournament' and learn what to expect when participating in this exciting event   "If we choose a good strategy that turns out to be bad, what we have actually encountered is a false positive. And what we need to do a whole lot better in business is to be able to distinguish the false positives from the true positives. And that's what these simulations are about." - Mark Chussil   Topics Covered: 02:59 - Differentiating decision rules versus decisions 05:31 - Mark Chussil agreeing to what Mark Stiving says in reference to Axelrod's 'tit for tat' and 'tit for tat with forgiveness' 07:16 - Drawing inspiration from Axelrod's work, Mark describes his own contribution 09:51 - Mark Chussil's perspective on Mark Stiving's assertion that companies prioritizing profit outperform those aiming for market share 11:15 - Findings about 'tit for tat' on why it doesn't work 12:17 - What is 'Top Pricer Tournament' and how it relates to or differ from 'Prisoner's Dilemma' 16:07 - Surprising findings from his own 'Top Pricer Tournament' 21:37 - Things to expect when you join Top Pricer Tournament 24:58 - Mark's best pricing advice 27:12 - Relating strategy to a decision   Key Takeaways: "Strategy is a bet." - Mark Chussil "In the Top Pricer Tournaments, and in life in general, we have situations where we can make great decisions, but somebody else has made a better decision or somebody else has come up with something that we didn't think about." - Mark Chussil "I have seen people come up with strategies that I know I never would have thought of. And there's also a few that are in the Top Pricer Tournament that no human has selected yet, and that would outperform any of the ones that humans have selected so far." - Mark Chussil   People /Resources Mentioned: The Evolution of Cooperation by Robert Axelrod: https://www.amazon.com/Evolution-Cooperation-Revised-Robert-Axelrod/dp/0465005640   Connect with Mark Chussil: LinkedIn: https://www.linkedin.com/in/markchussil/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
11/20/202330 minutes
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Blogcast: Rules of Thumb for Price Increases

This is an Impact Pricing Blog published on October 5, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/rules-of-thumb-for-price-increases/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
11/17/20233 minutes, 9 seconds
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Pricing Table Topics: Queen of Hearts – Value-based Pricing

This one is the Queen of Hearts from the Impact Pricing card deck.  Value-based pricing has many different meanings. Different people use it differently. Oftentimes, it's used to say, what's the value of each individual feature that's different between your product and your competitors, and add that to your competitors price. And by the way, that's a great way to think about value and value-based pricing.  But the easiest definition I've heard of for value-based pricing is, charge what your customers are willing to pay.  And I love this definition because sure, it takes into account the fact that we sometimes have competitors. And we want to know what's the value of our differentiation relative to our competitors' products. Absolutely, these are crucial things for us to know. But we also get to discover, what happens if they're not considering competition at the time?  Or, what happens if it's raining and we want to sell an umbrella? So, these differences in time, differences in use cases, these things all have impact in how our customers value our products.  And likewise, how much they would be willing to pay for our solutions to their problems.  So, I love this concept or this idea that says, look, we all want to charge based on how much value our customers are getting. That would be value-based pricing.  But the way to think about it is, how much is a customer willing to pay because that's how much they value your product. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our playing cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. By the way, you can also play card games. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
11/15/20232 minutes, 32 seconds
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Quantifying Value: The Key to Selling with Confidence with John Mansour

John Mansour founded Product Management University to unlock one’s full growth potential by making quantifiable customer outcomes the starting point for everything. In this episode, John explains the concept of buyers trading money for value. Therefore, it is crucial to consider the quantifiable value aspect, as it forms the basis for developing effective pricing strategies.   Why you have to check out today’s podcast: Understand why it is crucial to prioritize providing value to customers when a company's sustainability is on the line Learn the difference in measuring quantitative value in B2C and B2B contexts in order to effectively deliver the value and achieve the desired outcomes for your customers, and price your offer accordingly Discover how to identify the most straightforward quantifiable value component and use it as a foundation to develop the optimal pricing strategy   "The quantifiable value piece is so important in what we do, which is, if you can quantify a unit of value to the customer for what your products are doing, that is a good starting point to figure out your pricing." - John Mansour   Topics Covered: 01:31 - Reading a snippet from John's LinkedIn About Section 02:04 - What prompted him to conceive that idea in his LinkedIn About section? 04:56 - Why often customer value comes only secondary to most companies 06:49 - A matter of a discovery journey and digging down the customer's why 09:28 - One key thing to understand when dealing with your customers' key decision makers for your questions to be relevant to them 11:17 - Quantifying value in B2C versus B2B 12:52 - Ways to measure quantitative value 15:03 - Measuring quantitative value other than in dollars 19:26 - A process for identifying quantifiable value [case studies illustrating this] 22:43 - John's best pricing advice   Key Takeaways: "If you deliver quantifiable value to the customer, it's going to come back to you in spades to your own organization and support whatever your strategic goals are." - John Mansour "It's a matter of just understanding what their priorities and their agenda is. Because if they're going to trade value for money, we have to understand what's valuable to them and how it can be quantified." - John Mansour "The dollars aren't always at the forefront. It's the impact that you have on things that are important." - John Mansour "The more you can quantify those units of value, the easier it is to come up with a price that you can sell because you're selling the value." - John Mansour   Connect with John Mansour: LinkedIn: https://www.linkedin.com/in/johnmansourproductmanagementuniversity/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
11/13/202325 minutes, 16 seconds
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Pricing Table Topics: Queen of Spades – Compete on Value, Not on Price

This one is the Queen of Spades from the Impact Pricing card deck. We really should be competing on value, not on price. We often think we're in a price war with our competition. We think our competitors are competing on price because we watch them give deep discounts to customers when we're in negotiations and we're wondering, why are they competing on price? But if you think about it, we responded with deep discounts on our products, and they look at us and they say, why are they competing on price?  What we really need to do is hold our price, try to maintain that price at a nice high level, and instead explain why our product is worth so much more money than our competitors. If our competitors are going to lower their price, it's probably because their product isn't as valuable as our product. We need to learn what does value truly mean to our customers and help them understand how much value they're going to get.  When we learn to create, communicate, value better, we'll be able to capture more of it in the way we price and the deals we close. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our playing cards, pick a card, read the saying, and talk for one to two minutes about what that card says. You'll become a better speaker and expert. By the way, you can also play card games. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
11/10/20232 minutes, 9 seconds
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Pricing Table Topics: King of Clubs – Willingness to Pay Drives Pricing

This one is the King of Clubs from the Impact Pricing card deck.  Sadly, too many companies still use cost-plus pricing. We take the cost of manufacturing or creating something, we add a margin, and there's our price. It's easy. We know we're making margin, but are we maximizing our profit? Maybe we're pricing so high that we miss out on some customers, or maybe we're pricing so low that we're missing out on what some customers would be willing to pay us. Think about it this way. Imagine that it costs you $10 to build something, all in. Whatever costs you want to consider, great. And you have a buyer out there that's willing to pay you $100 for it. What's the profit-maximizing price that you could charge? Well, it's a hundred dollars. If you charge 99, you left a dollar on the table. If you charge a hundred and one, that buyer's not going to buy. And so, a hundred dollars is the best you could possibly do with that buyer.  But what if instead of costing you ten dollars, what if it cost you twenty-five dollars to make it? Same buyer. What price would be the profit maximizing price? Well, obviously it's still a hundred dollars. Mind you, we make less money because our costs are higher. But the best we can do price-wise is the $100 because that's what our customer is willing to pay.  When we think about pricing this way, we're not saying costs don't matter to business. What we are saying is costs don't really matter to us setting our price. Yes, we want to make sure our prices are above our costs. We want to make sure we're making money. So, think of it as a limit. But it isn't the thing that drives our price levels. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
11/8/20232 minutes, 43 seconds
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Maximize Profits with Intelligent Pricing through Customer Segmentation with Nikhil Kalla

Nikhil Kalla is a Global Pricing Manager at Ingersoll Rand who collaborates closely with regional pricing and global cross functional teams to drive projects that build pricing governance, create value propositions, align pricing with the market by applying segmentation, harmonization, rationalization and market research. In this episode, Nikhil shares the significance of customer segmentation in developing a product that caters to different pricing tiers - top, middle, and low. This approach ensures that the product aligns with customers' willingness to pay based on the value they receive.   "If we had known our customer more or the most, you would have been able to segment your market and gain maximum on your profitability." - Nikhil Kalla    Why you have to check out today’s podcast: Learn how customer segmentation drives different pricing points while still attracting customers from various segments Gain insights into the significance of customer segmentation in shaping product design and establishing pricing strategies that cater to customers' varying levels of willingness to pay Find out how proper communication of your product's value can help you gain the most advantage in pricing   Topics Covered: 01:46 - What's all this obsession of Nikhil over mastering Rubik's cube  02:52 - How he found himself in pricing 04:31 - Defining customer segmentation 07:09 - Customer segmentation by way of price segmentation 08:59 - What goes into approving different price points for different customers and even for the same ones 11:20 - What drives different pricing mix 17:18 - Market segmentation as a way to sell your products more intelligently 19:40 - How this works: Two different products targets two different market segments with two different price points 26:42 - Explaining what real-life scenario versus assumptions when talking about value to price ratio[how packaging works as part of customer segmentation] 30:23 - Nikhil's best pricing advice   Key Takeaways: "Customer segmentation is all about deriving value, the maximum value from your customer base." - Nikhil Kalla  "Other than just being value and pricing, I feel there's more about communication of that value and then convincing part to be able to fetch maximum price so that the ratio of value by price is least as a win for me if I'm the supplier. And it has to be maximum so that the buyer gets to gain the most out of that transaction." - Nikhil Kalla  "When it comes to having the ability to sell to a slightly non elastic market where the demand is going to be expected to stay the same, you would always want to rely on pricing as a lever. Because everything that comes through pricing just goes to your pocket." - Nikhil Kalla    Connect with Nikhil Kalla: LinkedIn: https://www.linkedin.com/in/nikhil-kalla   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
11/6/202333 minutes, 11 seconds
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Blogcast: Why Your NRR Isn’t Better

This is an Impact Pricing Blog published on September 28, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/why-your-nrr-isnt-better/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
11/3/20233 minutes, 9 seconds
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Pricing Table Topics: King of Diamonds – Customers Buy Perceived Value

This one is the King of Diamonds from the Impact Pricing card deck.  We know that customers trade money for value. They're buying value, but what kind of value? There's lots of ways to break value up, but in this meme we want to talk about the difference between perceived value and real value. Let's imagine there is this true measurable amount of value. For example, maybe I'm selling a gold coin and that gold coin actually has a value that I could look up online and say, what's the value of this coin? Got it.  But when I'm selling a service or I'm selling a product, I can't just go look up online and say, what's the value of this? Especially to me, because I don't know how I'm going to use it. I don't know how it's going to create more profits. And so, what I'm willing to pay is based completely around how much value do I think I might be getting from that product. Now here's a great example. Imagine that you're selling a coffee cup. So what's the value of a coffee cup to somebody, right? Maybe it depends upon what the design is on the front, or who really wants it, or what the lid looks like. I mean, there's lots of different factors that might define what someone's willing to pay. And so, they say, yeah, I'd pay 10$ for that coffee mug.  But what if there was a gold coin at the bottom of the coffee mug when they bought it, and that gold coin is worth 1, 000$. They just bought 1, 000$ gold coin for 10$ because their perception was, hey, it's a coffee mug. They didn't perceive the value of the gold coin at the bottom. They're not buying the true value, they're only buying the value they know about.  How do we use this information? Well, it means to us that we have to be marketing and selling the true value of our product. Because if we're not communicating our value well to our buyers, they're not using it as they make decisions on should they buy our product or not, and how much would they be willing to pay for it. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
11/1/20233 minutes, 1 second
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Leveraging the Power of Selling and Leadership to Win at Higher Prices with Scott K. Edinger

As a consultant, author, advisor, and speaker, Scott K. Edinger creates positive change for clients and is recognized as an expert in the intersection of leadership, strategy, and sales. He is the author of The Growth Leader: Strategies to Drive the Top and Bottom Lines. In this episode, Scott delves into the powerful link between good selling and good leadership. He highlights the significance of persuading others to embrace your vision and strategies as a leader, much like enabling people to invest in the desired outcomes that your product can potentially offer them.   Why you have to check out today’s podcast: Deep dive into how selling and leadership closely interrelate with each other Find out why sales experience is the underrated differentiator Learn how expanded solutions make way for higher margins   “If you really want to think about pricing, then it's not a spreadsheet exercise. It's an exercise in thinking about how do we create value in the sales process. And that will determine how much you can charge.” - Scott K. Edinger   Topics Covered: 01:24 - How Scott found himself in pricing 02:48 - A backstory of how he started in HR and landed in pricing 03:09 - A deep dive into why selling and leadership are closely related 08:06 - How to sell at a higher margin without too much discounting 10:15 - Questions to ask your team to uncover if they're bringing value to people's sales experience 12:11 - Making customers find aha moments in your offer/service 13:49 - How you make people choose you over competing options 15:16 - Building trust and what it takes to build it at this point in time 17:26 - Discussing about a faulty assumption on the idea of 'land and expand' 19:47 - Sales experience in relation to customer experience in the concept of 'land and expand' 22:08 - What drives expansion 23:51 - The 3 Cs of inspiring and communicating 25:31 - Scott's response to Mark's comment: Here's what I love about those three C's. They ought to be in chapter one 26:04 - Scott giving his best pricing advice   Key Takeaways: "The sales experience is the first mile of the customer experience highway. And if it's not good, people get off at exit one and have a customer experience someplace else." - Scott K. Edinger "If you want to sell at a higher margin, sell at greater margins or sell expanded solutions, then your ability to help customers to think differently, to help them to see problems that they hadn't anticipated or solutions that they hadn't considered, that part of the sales experience has to be a priority. That can become a differentiator." - Scott K. Edinger "One of the things that I think really drives it [expansion] is if you recognize the sales execution in your business; sales becomes the execution of your strategy." - Scott K. Edinger   People/Resources Mentioned: The Growth Leader: Strategies to Drive the Top and Bottom Lines by Scott K. Edinger: https://www.amazon.com/Growth-Leader-Strategies-Drive-Bottom/dp/1799746208 Sell Is Human: The Surprising Truth About Moving Others by Daniel H. Pink: https://www.amazon.com/Sell-Human-Surprising-Moving-Others/dp/1594631905 Rethinking the Sales Force: Redefining Selling to Create and Capture Customer Value by Neil Rackham: https://www.amazon.com/Rethinking-Sales-Force-Redefining-Customer/dp/0071342532 McKinsey: https://www.mckinsey.com Gartner Research: https://www.gartner.com/en/products   Connect with Scott K. Edinger: Website: https://www.scottedinger.com/ LinkedIn: https://www.linkedin.com/in/scott-edinger/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
10/30/202329 minutes, 19 seconds
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Blogcast: Learning from iPhone Pricing

This is an Impact Pricing Blog published on September 21, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/learning-from-iphone-pricing/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
10/27/20232 minutes, 36 seconds
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Pricing Table Topics: King of Hearts – Value Comes from Problems Solved and Results Delivered

This one is the King of Hearts from the Impact Pricing card deck.  We often think about, what is value? And we think of value-based pricing, it's what's a customer or buyer willing to pay. And so, their willingness to pay has everything to do with how they perceive the value of our product. So, what is that value?  Well, it turns out nobody actually wants to buy your product. What they really want to buy are solutions to their problems. And so, how do we think about that? If we want to think about value, let's start by thinking about what's the problem, or problems, our buyers are really facing.  When we deeply understand that and we can articulate that back to the buyer, oftentimes, they can't articulate it, we build great relationships. We resonate with them. And then we can start talking, hey, if you solve this problem, what kind of results might you expect?  And when they can articulate those results and we put them in numerical format, some kind of quantity, then we can usually use business acumen in a B2B space to say, great, here's how much additional profit that would generate for you. Or even better than that, ask them, how much additional profit do we think that would generate for you? And maybe we hold their hand while they do the math.  But regardless, the point of this whole meme is that value always comes back to, my buyer has a problem, they want to solve the problem, and what's the result they're trying to achieve when they solve this problem. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
10/25/20232 minutes, 35 seconds
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Why Is Net Revenue Retention (NRR) Your Most Important Growth Metric? Latest Report with Steven Forth

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business designed to help companies create and capture value. In this episode, Steven delves into a report that includes research analysis on the Net Revenue Retention growth of various industries. The report explores the impact of factors such as organizational design, package architecture, pricing metrics, among others. Additionally, it highlights the role of churn, customer success, and a dedicated team in driving this growth.   Why you have to check out today’s podcast: Gain important insights when it comes to Net Revenue Retention [NRR] performance growth for different industries based from a research report Understand how a company's organizational design contributes to a low or high Net Revenue Retention [NRR] Learn how churn, customer success, and dedicated team greatly affects your Net Revenue Retention   "You need to have two pricing metrics so that you can grow in package. So, some form of usage-based pricing is going to be absolutely critical to a successful NRR growth." - Steven Forth   Topics Covered: 01:55 - What drives Ibbaka and PeakSpan to work together and come out with a report that gives insights to the pricing industry 06:01 - Why not include price increase when considering net revenue retention [NRR] 09:25 - Differentiating upsell from cross-sell 10:58 - Two reasons why NRR by API is high 15:07 - An explanation on what those chart and numbers mean on page 29 of the report  18:10 - Explanation to Mark's observation on the package architecture with one data showing huge NRR 20:48 - The meaning behind having independent modules but low NRR [in reference to the two sections in the report] 23:04 - Steven's response to Mark's suggestion of redoing the chart [good, better, best version] 26:17 - Touching on the different pricing metrics for AI [ what he says about pricing based on input/output tokens] 28:50 - Pricing a solution and a platform [case in point: Zoom] 33:23 - Explanation to Mark's question in reference to page 39 of the report about Pricing Metrics for API Integrators: Are APIs supposed to be a pricing metric? 35:10 - Two important points that these data report generates [also touching on churn, customer success, and dedicated team and how it affects NRR] 40:36 - Steven's best pricing advice    Key Takeaways: "If you've designed your packaging and pricing so that you don't have growth in package, don't have upsell, and don't have cross sell, then you know in advance that the net revenue retention is going to be less than a hundred percent because there is always going to be some churn." - Steven Forth "API as a pricing metric is associated with high NRR performance. Why is that? And I think the answer is because of the verticals where it's used." - Steven Forth "There's lots of companies that are not very good at cross-sell. So the fact that, if you're using independent modules and you have low NRR, that suggests that you're not doing a very good job with cross-sell." - Steven Forth "When you really get into this data, even in the verticals that are generally having low net revenue retention, there are a few companies that have high net revenue retention. So you can't just blame it on your vertical because there are probably some of your competitors in your vertical that do have maybe not 130, but 110 to 120% net revenue retention." - Steven Forth "The companies that have the best NRR performance are the companies that have dedicated NRR teams." - Steven Forth   Resources/People Mentioned: PeakSpan: https://www.peakspancapital.com Webex: https://www.webex.com Zoom: https://zoom.us   Connect with Steven Forth: LinkedIn: https://www.linkedin.com/in/stevenforth/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
10/23/202341 minutes, 56 seconds
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Blogcast: Four Ways to Grow a Customer

This is an Impact Pricing Blog published on September 14, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/four-ways-to-grow-a-customer/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
10/20/20233 minutes, 24 seconds
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Pricing Table Topics: King of Spades – There’s No Such Thing As a Commodity

This one is the King of Spades from the Impact Pricing card deck.  Of course there's no such thing as a commodity. Well, many salespeople, many business people think they're selling a commodity. And what that really means is that they just have to charge the same price that everybody else charges. But is that really true? In my view of the world, if you're charging the exact same price, that means you're not adding any value. Why would I buy from you versus somebody else? And in truth, there are ways that you can add value to almost anything.  For example, if you were to go to two different vendors of gold coins online today, you'll find they're not identical prices. But isn't gold a commodity? Well, maybe it's approximately the same price, but there's a difference in price based on the service level of the vendor. Based on something that they're giving above and beyond. Maybe it's free shipping. Maybe it's storage. Maybe it's the niceness of the salespeople.  Regardless of what it is, there's something there that says, Hey, I get to charge a little bit more than my competition because my product, my service, something is better. And what we need to do, even if we're selling a true commodity, something that is physically identical to somebody else's, we can differentiate it through other means. So, we should always be focused on the fact that we are not selling a commodity.  In fact, my view of the world is, if you're claiming that you sell a commodity, then we don't need you as a salesperson. And we don't need you as a product manager. Because pretty much everybody has the same thing, why would we need you to help us? So, accept that fact and drive hard, what's different? Where's your differentiation? What can you do that's better so that you can charge a higher price? We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
10/18/20233 minutes, 1 second
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AI Pricing Capabilities for Your Business with Brooks Hamilton

Brooks Hamilton is a principal at Hamilton AI Strategy Advisors, specializing in strategy consulting, product management, program management, cross-functional team leadership, and go-to-market strategy. In this episode, Brooks discusses AI Pricing capabilities and upcoming opportunities that benefit pricing optimization, revenue and data management, and AI's ability to enhance productivity in various areas of your business.   Why you have to check out today’s podcast: Learn the basics of getting started with AI, especially if you are new to using it Find out how AI can help pricing people in price optimization, management revenue, and data management Learn about AI advancements in email response features, the challenges of using it, and the implications of not implementing it   "I would really look at the opportunity in front of them to delight their customers and delight their employees by simplifying the Excel file management problem that we all wrestle with."  - Brooks Hamilton   Topics Covered: 01:30 - What you can expect from this conversation 02:15 - How is AI pricing helping businesses with no big data sets?  05:32 - The ease of consolidation of customers' names with AI Pricing  07:46 - How much is there to learn with AI pricing? 09:31 - Getting started with AI and navigating it 12:13 - Addressing the issue of AI failing to generate your unique voice [ in the case of writing pricing blogs] 15:06 - Could AI potentially offer a precise solution for the problem presented? [in reference to  Mark’s case] 16:53 - Going deeper into the analogy that Mark provided regarding the AI’s capability to provide a solution 18:55 - AI’s capability advancement in terms of pricing 20:43 - Email responses advancement where AI is concerned 22:17 - Two ways to find out your customers’ size in terms of revenue even with limited data 24:16 - Challenges and questions with regards to AI pricing  25:46 - What does Brooks' company, Hamilton AI Strategy Advisors do? 27:07 - Some more challenges in addition to what Mark already mentioned and what could be the implications 27:37 - Brook's advice on how organizations should look at and think about AI  38:33 - Brook's best pricing advice   Key Takeaways: "In the realm of pricing, certainly things like price optimization, and then more broadly revenue management, especially in a B2B realm, where do I go find these opportunities, have really been the domain of sophisticated analytical and optimization packages." - Brooks Hamilton "Right now I think that the main opportunities are going to be in data management, data cleanup, and then just trying to make your life as a corporate citizen or somebody who interacts with corporate citizens easier in terms of getting faster and more complete on your email responses. It can be that simple to try to just get more productive." - Brooks Hamilton "It's one that I would advise them [companies] to not take off looking at it and saying, hey, this is just going to be crypto crap all over again. Because there are some real differences. And as McKinsey has pointed out, if you do not begin this journey, it is going to be very challenging later to catch up because unlike other tech revolutions, the pace of change of this one is rapid." - Brooks Hamilton   People/Resources Mentioned: OpenAI: https://openai.com Outlook: https://www.microsoft.com/en/microsoft-365/outlook/email-and-calendar-software-microsoft-outlook McKinsey: https://www.mckinsey.com/   Connect with Brooks Hamilton: Email: [email protected] LinkedIn: https://www.linkedin.com/in/brooks-hamilton-austin/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]
10/16/202330 minutes, 52 seconds
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Blogcast: Two Ways to Grow Revenue

This is an Impact Pricing Blog published on September 7, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/two-ways-to-grow-revenue/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
10/13/20232 minutes, 43 seconds
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Blogcast: The First Principle of Pricing

This is an Impact Pricing Blog published on September 1, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-first-principle-of-pricing/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
10/11/20233 minutes, 9 seconds
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The Strategic Role of Pricing in Business Operations with Karan Sood

Karan Sood had the privilege of overseeing revenue management for over $6 billion in revenue across a diverse range of industries during the past decade. Throughout this experience, he gained a deep understanding of the critical role that pricing plays in business success. In this episode, Karan explains how to effectively map out touch points within organizations to help individuals understand the significant impact pricing can have on business success.   Why you have to check out today’s podcast: Understand the challenges that come with the pricing role and learn how to strike a balance when interacting with other roles in the company for them to understand pricing's role in business success Gain insights on how sales flow through pricing Learn how pricing intersects with strategy and marketing   "Map out your pricing touchpoints in marketing, supply chain, finance…everyone! And then figure out how your pricing should operate in the organization." - Karan Sood   Topics Covered: 01:29 - What led him to pricing and how that internship led him to one job after another 05:46 - Pricing as strategy and marketing 07:40 - Important thoughts on pricing underrepresentation 10:34 - Why there aren't VP of Pricing titles in most organizations 11:34 - The friction role that go with pricing 13:44 - How does pricing relate with sales enablement? 21:53 - What happens when you're mainly pricing and not enabling sales teams 24:56 - Likely reason for sales prevention team existing in the sales enablement team 25:43 - Causes of over-discounting and how not to fall into the trap 28:17 - Karan's best pricing advice   Key Takeaways: “Pricing sits at the heart of the organization.” - Karan Sood “It's [pricing] not guesswork, but it's guesswork with a framework in a way that there's no one perfect price.” - Karan Sood “I don't worry about that price per se anymore because I know with the right leverage with the customer and internally in the organization, I can move that needle.” - Karan Sood   People/Resources Mentioned: Philip Kotler: https://www.pkotler.org Robert Dolan:https://www.hbs.edu/faculty/Pages/profile.aspx?facId=6449 Thomas Nagle: https://www.linkedin.com/in/thomas-tom-nagle-2bb2288/ Yellow Pages: https://www.yellowpages.com   Connect with Karan Sood: LinkedIn: https://www.linkedin.com/in/soodkaran/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
10/9/202331 minutes, 28 seconds
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Blogcast: Defining Value-based Pricing

This is an Impact Pricing Blog published on August 25, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/defining-value-based-pricing/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
10/6/20235 minutes, 4 seconds
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Pricing Table Topics: Ace of Clubs – Nobody Cares About Your Product

This one is the Ace of Clubs from the Impact Pricing card deck.  Nobody cares about your product. Let's use an example. Let's pretend that you're in the marketplace for a new car, and you're thinking to yourself, Hey, I could go buy a Tesla or some other electric car, or I could buy a more traditional gas powered car.  And so, are you really focused on what are the features of the electricity, of the batteries? Are you really focused on, Hey, if I buy electric then I have electric. You actually don't care.  Here's what you might care about. You might care about the fact that electric cars, especially Teslas, have amazing acceleration. They come off the line super quickly. You may care about the fact that you're not burning fossil fuels and you're not polluting your city. These are things that you value.  But you know what you don't care about? You don't care about the fact that it's electricity or if it's gas. You care about the things it does for you. How it impacts your life, how it impacts your world, how it impacts your self perception. These are all things you value. And so, when we're selling a car, are we going to sell, Hey, this is an electric car. Or are we going to sell, Hey, this is really fast. Or, Hey, this really helps the environment, and don't you want to be environmentally conscious.  In the end, buyers buy value. They really don't care about your product. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our Impact Pricing playing cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
10/4/20232 minutes, 35 seconds
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Setting and Optimizing Pricing for Your Veterinary Business with Robert Ribciuc

Robert Ribciuc is the Managing Partner at EBITDA Catalyst. He helped establish, grew, and managed a successful advisory/consulting firm focusing on pricing strategy and analytics, go-to-market optimization, and revenue management for middle-market corporate and private equity portfolio (PE) clients in diverse industry verticals. In this episode, Robert shares the need to understand the veterinary business as a whole, from the service to the non-service products to come up with the best pricing strategy.   Why you have to check today's podcast: Understand how veterinary practice is different from other industries Consider the use of good, better, best pricing strategies when dealing with veterinary services and products Learn to holistically understand the veterinary business from the two sides -- the service and the non-service aspect to create best pricing strategies   "The hypothetical practice where the veterinarian also acts as the practice manager which the more you go up in size you have multiple practices, and then you get to these corporate entities, they try to avoid that like the plague." - Robert Ribciuc   Topics Covered: 02:31 - Robert's thoughts on what is said as unreasonable expenses in taking care of pets 07:07 - Understanding the dynamics of the veterinary practice as totally different from other industries 11:49 - How are the bigger veterinary companies leading when it comes to price increase? 14:22 - Payment schemes to consider for veterinary expenses 15:22 - How should veterinarians deal with pricing  17:19 - Staying in the veterinary business for long-term 18:17 - The concept of having a practice manager responsible for pricing, instead of the practice owner [implementing the good, better, best pricing] 22:01 - How to effectively manage pricing for the diverse range of services and products offered by a veterinary practice  27:49 - His definition of business success   Key Takeaways: "One of the trends we should talk about is adoption or non-adoption of insurance in this space and other types of concepts from pricing like subscription or wellness plans, where instead of having that one time pain that is potentially dramatic and brings you to tears, you have a tiny bit of pain every month, but hopefully short of tears." - Robert Ribciuc  “If you are one of these practices and you're selling a product, you take the case of medication that's being sold. And some of these practices sell some of the medication physically in the practice. And then there are providers like vet source, which is a way to have your online pharmacy that's like your practices ordering portal for your practice customers, that's a pretty significant part of revenue for a practice. And so there are questions over there. How do you get sophisticated with pricing in that space?” - Robert Ribciuc    People/Resources Mentioned: Blue Pearl Emergency: https://bluepearlvet.com Banfield Pet Hospital: https://www.banfield.com Mars: https://www.marsveterinary.com General Mills: https://en.wikipedia.org/wiki/General_Mills Blue Buffalo: https://bluebuffalo.com VHMA: https://www.vhma.org/home   Connect with Robert Ribciuc: LinkedIn: https://www.linkedin.com/in/ribciuc/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
10/2/202332 minutes, 36 seconds
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Pricing Table Topics: Ace of Diamonds – Value-based Pricing is a Goal and an Attitude

This one is the Ace of Diamonds from the Impact Pricing card deck.  Value-based pricing truly is a never ending journey. Think about what it means. It means we're going to charge what a customer is willing to pay. But you can't read your customer's mind. You have no idea exactly how much someone's willing to pay you. And so we can make decisions inside our company to get us closer and closer to that number. We can do experiments. We can do interviews. We can, by the way, sell more value, communicate value better, increase that willingness to pay. And so everything we do should be focused on how much is that customer willing to pay. But because we can't read their mind, we can't be perfect. And if we can't be perfect, that means we can always get better. My recommendation is don't pretend that we have value-based pricing done. Consider value-based pricing as an attitude, it's the goal. It's the journey that we're on to get better and better at capturing more of the value we deliver to our customers. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our Impact Pricing cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
9/29/20232 minutes, 14 seconds
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Pricing Table Topics: Ace of Hearts – Adopt Value-based Pricing

This one is the Ace of Hearts from the Impact Pricing card deck.  It is true, the single most profitable pricing decision any company can make is to adopt value-based pricing. Now value-based pricing is hard to do, but it has a really simple meaning. It means charge what your customers are willing to pay.  If you had the ability to read your customer's mind and you knew exactly the most that they would pay for your product, then you could charge that and you'd win the deal. And you couldn't have won it at a higher price. And if you charged a lower price, then you left money on the table. So that's absolutely the optimal approach.  Of course, if our salespeople do a better job at communicating value, then we could increase how much our customers are willing to pay. So this isn't the whole deal, but understand the concept is, we want to be able to charge what our customers are willing to pay. And to do that, it's really an attitude inside our company.  We should be thinking instead of, hey, we charge based on our costs and we charge based on our time. We charge based on the fact that prices or costs went up. All of these things can impact how much a customer is willing to pay, but the single thing that should be driving our pricing decisions is thinking really hard about the willingness to pay of our buyers. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
9/27/20232 minutes, 29 seconds
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#CLASSIC Trash the Timesheet: Exploring Opportunities in Subscription Businesses with Ronald J. Baker

Ronald J. Baker is the founder of VeraSage Institute, a reformed CPA and cost accountant who has changed his mind on the value of timesheets and cost accounting. His quest is to bury the billable hour and timesheets.    He is also a radio talk-show Host, The Soul of Enterprise: Business in the Knowledge Economy heard on www.voiceamerica.com.  In this episode, Ron let us know why he changed his mind when it comes to the use of timesheets when setting up pricing. Hear his reasoning about why you should also get rid of timesheets. He offers profound insights, as well as examples and explanations, into how certain pricing value and cost models are appropriate for particular industries.    Why you have to check out today’s podcast: Learn why many companies in accounting and the automobile industry are switching to subscription pricing Discover how timesheets cause leaders to focus on the wrong metrics, especially in pricing and value setting No timesheets? Is it possible?    “Even if you’re a solo entrepreneur, have somebody else help you with pricing because it will put a spine in you and you won’t give yourself away.” – Ronald J. Baker   Topics Covered:  02:44 – Talking about four defenses for timesheets in relation to Pricing  04:41 – Taking into consideration the Cost of Goods Sold in setting the price  07:22 – Difference between a metric and measurement type of cost allocations  09:09 – Opportunity Cost and Sunk Cost  10:39 – Is time really considered in setting up pricing?  14:31 – Project management as a way of making better decisions in the future  15:47 – The best advantage of niching your expertise on  18:31 – The start of subscription pricing in the accounting world  21:30 – Insurance classified as subscription pricing  24:08 – What’s the best thing about hiring an accounting firm rather than accounting staff for your business  27:48 – His thoughts on cars leaning towards a subscription model  29:50 – Ron’s pricing advice   Key Takeaways:  “Keep in mind that I don’t need to see timesheets to know your firm’s costs. I need to know, I need to see your GL, your income statement and I need to know what your labor and all of that is. I’d much rather track revenue per person or labor cost per person, profit per person in a professional firm because that’s a true measurement.” – Ron Baker  “Even if they’re just starting out as a sole solo. Don’t have any employees. I still think they can put a price on things consistent with their opportunity cost and what they want, willingness to accept and function fine, and this is an integral part of this, as long as they step back after the job is completed and do an after-action review and learn from it.” – Ron Baker   “If you’re niched, if you specialize, it’s much easier to know what something’s going to take once you build up some experience.” – Ron Baker  “A subscription model is a way to lock customers in for life. So in value pricing to Oh you’re pricing, not the customer. And this is the subtle difference, but bear with me, you’re pricing the relationship and you're pricing the portfolio because you’re looking at it as a portfolio rather than a project or just a customer. You’re actually looking at the entire portfolio.” – Ron Baker  “We’re too busy. I think we confuse being busy with being effective and being profitable. And I’ll see a correlation there.” – Ron Baker    People/Resources Mentioned:  Bain & Company: https://www.bain.com/ McKinsey and Company: https://www.mckinsey.com/ Porsche: https://en.wikipedia.org/wiki/Porsche Canvas + Fair: https://drivecanvas.com/ Ed Kless: https://www.linkedin.com/in/edkless TSOE Episode #200: Interview with Reginald Lee: https://www.thesoulofenterprise.com/tsoe/lee2 Lies, Damned Lies, and Cost Accounting: https://www.amazon.com/Lies-Damned-Cost-Accounting-Management/dp/163157065X   Connect With Ron Baker:  VeraSage Institute: https://verasage.com/ LinkedIn: https://www.linkedin.com/in/ronbaker1 Twitter: https://twitter.com/RonaldBaker Email: [email protected]  The Soul of Enterprise: https://www.thesoulofenterprise.com/   Connect with Mark Stiving: Email: [email protected]    LinkedIn: https://www.linkedin.com/in/stiving/
9/25/202332 minutes, 19 seconds
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Pricing Table Topics: Ace of Spades – Pricing Captures Value

This one is the Ace of Spades from the Impact Pricing card deck.  First, companies really do exist to create value for customers.  Think about what you do as a business. Everything you do is to get a customer to pay you money. And the only reason a customer would ever pay you money is if you are delivering more value to them than they're receiving. And so, our entire company needs to be focused on how do we create more value for customers? How do we deliver more value? How do we communicate the value?  But we spend all this time creating, communicating value, pricing is the one thing that we do that captures the value that we're able to create and communicate. So, when a buyer chooses to buy our product, they pay the price that we're asking, and that happens to be the transaction value. That's how we capture the value of what we deliver to our customers. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
9/22/20232 minutes, 2 seconds
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Blogcast: Pros and Cons of Price Variance

This is an Impact Pricing Blog published on August 17, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pros-and-cons-of-price-variance/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
9/20/20232 minutes, 27 seconds
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Customer-Centric Selling to Close More Deals with Carole Mahoney

With a decade of experience as an author, speaker, coach, and trainer, Carole Mahoney helps entrepreneurs, founders, and salespeople grow their businesses with a collaborative and science-based sales formula. In this episode, Carole shares how to make an engaging and collaborative sales conversation that makes your potential buyers feel valued and heard. In doing so, you transform your sales conversations into positive and fruitful interactions.   What you will learn from this episode: Learn about this exercise called 'Questions and Periods Game', how to go about it and how it works with your clients Discover the step-by-step process of doing the 'Questions and Periods Game' through a role play demonstration of Carole and Mark Find out the essential principles you need to know about the art of selling   "Selling isn't something we do to other people. It's something we do with them. And I think that's a fundamental shift that we need to start making in sales." - Carole Mahoney   Topics Covered: 01:17 - Synopsis of her book 'Buyer First' 03:34 - The best way to look at sales 06:03 - Carole coaching Mark on sales 11:57 - A sales conversation role play between Mark and Carole 16:05 -What is the 'Question and Periods Game' that she used to throw phenomenal questions at Mark? 20:30 - How to do the sales call without having to 'sell you' but to 'help you' 22:55 - Carole's valuable thoughts on Mark's sales technique 26:18 - How to handle a reply to a client's question at the end of the sales call, 'What do you think the next step should be'? 27:15 - What you should not fail to ask towards the end of the sales conversation   Key Takeaways: "Selling isn't something we do to other people. It's something we do with them. And I think that's a fundamental shift that we need to start making in sales." - Carole Mahoney "The more you drill down into a specific answer, the more you make them think and the more they start to wonder, maybe I don't know the answer to that. And then you find the opportunity to be able to offer an insight to them when you find out what insight matters most to them." - Carole Mahoney "When we talk about what we think, dopamine gets released in our brain. And so dopamine is that pleasure center. Like, we want more of that. That's why so many of us tend to get into talking about what we know instead of asking more questions. If we can get our buyers to talk more than we do, they're getting the dopamine released in their brains and they feel good about the conversation." - Carole Mahoney "Knowing who else can say no or who else can say yes and who else is going to be impacted by this [decision] is a critical question to ask towards the end of a call for your next step." - Carole Mahoney   People/Resources Mentioned: Buyer First: Grow Your Business with Collaborative Selling by Carole Mahoney: https://carolemahoney.com/books/buyerfirstbook/   Connect with Carole Mahoney: LinkedIn: https://www.linkedin.com/in/carolemahoney/ Website: https://www.unboundgrowth.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
9/18/202331 minutes, 46 seconds
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Blogcast: Defining Value

This is an Impact Pricing Blog published on August 10, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/defining-value/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
9/15/20232 minutes, 45 seconds
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Blogcast: Which Business Do You Want?

This is an Impact Pricing Blog published on August 3, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/which-business-do-you-want/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
9/13/20231 minute, 59 seconds
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Double Your Price, Boost Sales, and Skyrocket Profitability! with David Falzani

David Falzani is a CEO at Polaris Associates and a Professor at Nottingham University. In this episode, David discusses the strategy for driving higher pricing by understanding the value delivered to customers. He also dispels the myths surrounding the notion that high pricing lowers sales, sharing the results of experiments conducted with various companies that prove otherwise.   What you will learn from this episode: Learn how to achieve profitability without constantly chasing pricing Find out the underlying reasons for underpricing and dispel common misconceptions about the negative impact of higher prices on sales Discover experiments where doubling your price yields significantly higher profitability compared to low pricing strategies   "Think dynamically about price and do it often." - David Falzani   Topics Covered: 01:42 - Expounding on 'sustainable wealth creation' 02:54 - What caught his interest in pricing 04:36 - Three reasons why underpricing exist 06:48 - Emotional baggage and fear that comes with underpricing 08:13 - Frequency of price changes and increase 09:37 - 12 exercise the book suggests you can do to revisit your pricing strategies 12:13 - What makes companies lose confidence in pricing higher 14:37 - How to be profitable without chasing price all the time 17:01 - A case of a perfect example of understanding the relationship of pricing and customer value: Apple versus Android 18:21 - Why double your price? [And experiment you can do] 22:59 - Light double your price [an experiment for the more risk -averse] 24:29 - Looking at the numbers in terms of feasibility of price increase 26:57 - Busting myths about pricing higher 29:24 - David's best pricing advice   Key Takeaways: "The frequency of revisiting your pricing decisions. Every time you revisit it, do something different, use a different piece of analysis." - David Falzani "Don't just go and revisit the same comparison to competitors or if you are using cost- plus, which I hope you're not. Think about the frequency at which you are reviewing those pricing decisions." - David Falzani "The more you look at pricing, the more questions that are raised, the more you start to educate yourself about your own customers, your clients, the market, competitors, and all those dynamics." - David Falzani   People/Resources Mentioned: Thinking, Fast and Slow by Daniel Kahneman: https://www.amazon/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555   Connect with David Falzani: LinkedIn: https://uk.linkedin.com/in/davidfalzani   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
9/11/202331 minutes, 25 seconds
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Blogcast: Pricing, Usage, and Value Metrics

This is an Impact Pricing Blog published on July 27, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-usage-and-value-metrics/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
9/8/20233 minutes, 1 second
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Pricing Table Topics: Joker 2 – Buyers may not Measure Value in Dollars

This one is the Joker 2 from the Selling Value card deck.  Almost always when we're dealing with B2B customers, B2B business, value can be measured in additional profit. And that's one of the things I love about B2B business and pricing, is because we know our price has to be related to how much additional profit will they make when they use our product, or when they use our product relative to a competitor's product. But it turns out, sometimes, buyers inside our customers don't really care about profit. Imagine that you're selling a piece of medical equipment and you're talking to a doctor in a big hospital. Now the doctor actually doesn't care how much additional profit you're going to make the hospital. There's an administrator someplace who cares a lot about how much additional profit you're going to make the hospital. And so, we still need to understand the profit side of this conversation.  But from that doctor's perspective, they couldn't care less about profit. What do they care about? They care about the quality of the care for the patient. They care about efficacy rates. They care about how long the procedure might take. Things that really affect their world and things that matter to them. What we want to be able to do then, is as we go through our value conversations with a doctor, put value in the perspective of what that doctor cares about.  So, it's not always profit, a lot of times it is, but we need to understand what each buyer truly cares about and talk about value from that perspective. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
9/6/20232 minutes, 43 seconds
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Master Pricing Strategies with Data with Sebastian Baier

Sebastian Baier is the founder of Buynomics, an AI for ultimate customer-centric RGM decisions- in one SaaS solution. In this episode, Sebastian discusses how Buynomics' AI utilizes vast amounts of consumer behavior data to generate virtual customers, enabling the implementation of optimal pricing strategies.   What you will learn from this episode: Learn how to create a customer simulation to identify the key factors that drive the value of a product and develop effective pricing strategies for optimal results Discover how to create a customer model for B2B, even when limited data is available Learn how to effectively analyze and interpret customer data in terms of distribution rather than segment    "Collect data however ugly it might look." - Sebastian Baier   Topics Covered: 01:12 - What got him into pricing 02:47 - Buynomics and what it does 04:41 - Understanding customer simulation and segmentation in the way Buynomics work 08:03 - Talking about segments and distribution densities 12:24 - How Buynomics helps provide what-if analyses for pricing strategies 13:29 - Creating customer models for B2B when there are not enough data available 17:28 - Sebastian's thoughts on Mark's suggested solution for B2C clients 19:11 - Salesperson as a value driver for B2B customer simulation 19:48 - Sebastian's best pricing advice   Key Takeaways: "Even if you don't have great data [with B2B], you'll use the data because you have to have a model of the world." - Sebastian Baier “To make statistics work, you have to have a certain number of customers.” - Sebastian Baier "It's really very valuable just to start collecting the data, and look at them as you would as a consultant.” - Sebastian Baier   People/Resources Mentioned: Slack: https://slack.com/ Zoom: https://zoom.us/ Vodafone: https://www.vodafone.com/   Connect with Sebastian Baier: LinkedIn: https://www.linkedin.com/in/sebastian-baier Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
9/4/202321 minutes, 43 seconds
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Blogcast: Why Do They Buy?

This is an Impact Pricing Blog published on July 20, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/why-do-they-buy/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
9/1/20232 minutes, 46 seconds
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Pricing Table Topics: Joker 1 – An Indicator of Willingness to Pay

This one is the Joker 1 from the Selling Value card deck.  You heard earlier that there are really three types of buyer's value journeys. Those happen to be analytical, relationship, and trust.  In the analytical relationship, there's typically a lower level person who's doing a lot of side by side comparison between your product and a competitor's product, and our buyers are by far the most price sensitive in that situation. Or we could go all the way to the trust journey, and that is where they come to us. They ask us, "Hey, what do you do? How do you help us solve our problems?" They never even look at a competitive alternative. And in that situation, they're the least price sensitive.  The relationship journey is the one in the middle, where people would come to us and say, "Hey, how do you help us solve our problem?" We guide them. They build a great relationship. They really like us. And then they say, "Yeah, but we have to go look at competitive alternatives." We've built up enough goodwill and probably tweaked their thinking that we have the competitive advantage. And so, they're not going to be as price sensitive as they would be if they were in a relationship journey. But they're still more price sensitive than it was just a trust journey.  So, you could think of these three different journeys (the analytical, relationship, and trust) is how our customers go learn about the value of our products. But at the same time, it's how price sensitive are they going to be when it's time to negotiate the price. It's really important that we understand which journey each buyer is on. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
8/30/20232 minutes, 37 seconds
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The Relationship between Customer Value and Pricing Strategies with Ian Campbell

Ian Campbell is the author of Wall Street Journal Best Seller "The Value Sale". As Chief Executive Officer of Nucleus Research he is responsible for the company’s investigative research approach, product set, and overall corporate direction. He is a recognized expert on the return on investment (ROI) and total cost of ownership (TCO) analysis of technology and has written and presented extensively on a range of organizational topics and the importance of matching technology to business organizational objectives. In this episode, Ian shares how you can create optimal pricing by understanding how customers use your product and find value in them.   What you will learn from this episode: Learn how to quantify a product's value in measurable terms Find out the three value propositions you can derive from when helping people find and understand their product's value Discover how to restructure your conversations to help people recognize the value you offer and you get empowered to price that value   “Look at the customer value, how is the customer achieving value from your product and price according to that.”  - Ian Campbell   Topics Covered: 01:42 - How he got into pricing 02:23 - What Nucleus Research is all about 03:26 - Understanding value with how customers use the product rather than vendor claims 05:20 - Defining Value 06:48 - The challenge with quantifying ROI with non-monetary value [customers' happiness] 09:00 - Thoughts on Mark's statement about B2B being more cognizant of value they want to receive 10:05 - Translating 'happier employees' into quantifiable terms 11:19 - Selling risk and who bears the most burden in dealing with security threats 15:32 - What's it like selling for emotional reasons 19:14 - How emotional decisions relate to Danny Kahneman's decision-making theories 20:29 - Why he uses the three-year horizon [but what if a client insist on using a 5-year time frame] 24:00 - Why there are only three value propositions you can derive from 26:15 - Helping people [existing and new customers] find value in your product 28:22 - How to structure your conversation that people understands and find value in your product 29:50 - Ian’s pricing advice   Key Takeaways: "Technology is around delivering value, not necessarily what's the best, but what's the best for you and understanding that." - Ian Campbell "When you talk about value, we look at value in four different categories, and there are value categories that are for instance happier employees. And that's not something I can necessarily quantify, but for a customer and for a company, that could be something very, very valuable for them and that could be their objective." - Ian Campbell "Today, more than ever, it's important to draw a link between what you sell and how you deliver bottom line benefits. Otherwise, you're going to have a tougher time beating out not just your competitors, but all of the other projects they could be doing." - Ian Campbell "If you're selling with value, realize that value is a tool to help you sell. Value is not a consulting project, don't turn it into a consulting project. Turn it into a tool that helps you close the deal." - Ian Campbell   People/Resources Mentioned: Daniel Kahneman: https://en.wikipedia.org/wiki/Daniel_Kahnemanhttps://en.wikipedia.org/wiki/Daniel_Kahneman Salesforce: https://www.salesforce.com Gartner: https://www.gartner.com/enhttps://www.gartner.com/e Forrester: https://www.forrester.com/boldhttps://www.forrester.com/bold   Connect with Ian Campbell: LinkedIn: https://www.linkedin.com/in/iancampbellnucleusresearch/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
8/28/202332 minutes
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Blogcast: It’s Too Expensive!

This is an Impact Pricing Blog published on July 13, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/its-too-expensive/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
8/25/20232 minutes, 41 seconds
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Pricing Table Topics: 2 of Diamonds – Involve Finance with Monitoring the Value-based KPIs.

This one is the 2 of Diamonds from the Selling Value card deck.  I'm often asked who should own pricing, and one of the departments that often comes up is finance. And of course, I'm not a huge fan of finance owning pricing. And the biggest reason is finance doesn't truly understand the value of our products. Usually that's going to be someone in product management, product marketing, or even sales, which I'm not a fan of them owning pricing either. However, finance so much wants to be involved with pricing. It's so crucial to their projections. It's so crucial to company growth, which they care a lot about. They really want to be involved with pricing, even though they don't understand value. So, how do we get them involved in pricing?  That's pretty simple. Finance has a bunch of quant people. They have access to every piece of data inside the entire company, and they have the desire to make us or help us do better in our pricing. And so, let's figure out what are the KPIs, the key performance indicators, that we really want to track inside our company. And let's ask finance to help track those, keep us on track, make sure that we don't see any anomalies. We know what the trends are.  Finance is a fantastic department to help us manage our KPIs. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
8/23/20232 minutes, 25 seconds
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Discover How to Know Your Value with Amy Riley

Amy L. Riley is an internationally renowned speaker, author and leadership development consultant. She’s worked with organizations such as Deloitte, Cisco Systems and Aon Hewitt and has over 20 years of experience working with leaders at all levels. In this episode, Amy shares effective ways of identifying your strengths, finding solutions to people's problems, and quantifying the results of your solutions. By doing so, you can accurately assess your ability to bring about transformation for your clients and determine your true worth.   What you will learn from this episode: Learn to know your strength and what value you bring so you know your worth Discover the benefits of receiving feedback to identify areas for improvement and areas to maintain to enhance your leadership skills Find out how to develop people skills so you become a more effective leader   "Encourage leaders to get feedback all the time." - Amy Riley   Topics Covered: 00:57 - What Amy is helping people with 02:09 - The value you bring--what's your worth? 04:22 - Best means to identify your strengths 06:49 - How does feedback benefit you as a leader and how to deal with self-delusion? 09:49 - Figure out your leadership legacy 10:52 - Fighting to be right versus fighting to be effective 11:49 - The thing with leaders admitting their mistakes 12:43 - What is a pivot and why pivot? 13:35 - The easy ways to find out where your strengths lie 14:50 - How to develop effective people skills 17:42 - Why the need to be open to feedback 20:00 - Amy sharing what her strengths and what problems she helps solve 24:22 -The potential outcome and its financial value that can be attained with Amy's expertise    Key Takeaways: “The value that we bring is inherent in our strengths." - Amy Riley "When we're looking to that leadership legacy for guidance, then we act bigger and bolder than any of our normal human considerations that might hold us back." - Amy Riley "If you do find yourself in those moments where you're fighting to be right instead of fighting to be effective, do give yourself some compassion, because we're human beings, and that's a human tendency.” - Amy Riley   People/Resources Mentioned: The Courage of a Leader®: How to Inspire, Engage and Get Extraordinary Results by Amy Riley: https://courageofaleader.com/products/   Connect with Amy Riley: Website: https://courageofaleader.com/ LinkedIn: https://www.linkedin.com/in/amyshoopriley/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
8/21/202327 minutes, 42 seconds
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Pricing Table Topics: 2 of Clubs – Salespeople with Authority to Discount

This one is the 2 of Clubs from the Selling Value card deck.  Salespeople are going to use every single tool they have available to them. Absolutely, they're going to use value selling if we've taught them how, and they understand, and they're doing a great job. But even if they're using value selling, it's very easy for them to offer discounts. And there's this attitude or belief that offering discounts helps close a deal faster. And maybe it does. Maybe when a customer or a buyer asks you for a discount, it takes longer to say no and explain why. And we could have just said yes and close the deal and we're done.  Wouldn't that be great if it worked that way? But here's the key. Every dollar that we discount comes straight off of our profit. We still have to cover all of our costs, and so our margin just got shrunk by more than our revenue did on a percentage basis. So, if we want our salespeople to not rely on price, we have to make it painful for salespeople to offer discounts.  How do you do that? Create a compensation plan that as they give bigger discounts, the percentage or the size of their deal goes down faster than the revenue goes down because salespeople are incentivized to close deals as fast as possible. And we want to make sure they're incentivized to close deals quickly at the highest possible price. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
8/18/20232 minutes, 34 seconds
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Pricing Table Topics: 2 of Hearts – The Best Response to an RFP Is Not to Bid

This one is the 2 of Hearts from the Selling Value card deck.  When you get an RFP, you have to decide, are you going to bid or not. Believe it or not, that's actually a decision you get to make. You do not have to respond to every RFP that comes through. And my advice, if you are not involved in the creation of the RFP, or at the very least, if you cannot have conversations with the decision makers or executives of the group who created that RFP, you have a very low chance of winning. And so, the time and energy that you spend replying to the RFP makes you feel like you're doing work, but odds are really good you're not going to win that deal. There's somebody else that has already built a relationship with the client, understands exactly what the client wants, is able to create a response to that RFP that fits them almost perfectly. They've built the rapport so the client's going to give them the benefit of the doubt no matter what.  If you're going in blind to an RFP, you're probably not going to win.  Let's test that. From here on out, every time you respond to an RFP, just keep track. Did I help write this? Do I know the leaders? Do I get conversations with the executives? And if the answers are no, and you go ahead and bid, see how many of those you actually win. And I will bet you the percentage of those is so low you realize it just isn't worth your time to bid RFPs where you're not already involved. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
8/16/20232 minutes, 39 seconds
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Challenges of Pricing AI with Steven Forth

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business designed to help companies create and capture value. In this episode, Steven discusses the challenges of pricing AI, primarily due to the limited availability of data. He emphasizes the importance of shortening the time required to build value models in order to easily establish pricing.   What you will learn from this episode: Discover the complaints and challenges associated with pricing AI Enhance transparency in establishing the price point with creating value models Find out the most recent advancements in AI pricing concerning language models and software, which greatly enhance productivity   "Once you have a good value model, coming up with pricing is maybe not trivial but it's certainly much easier."  - Steven Forth   Topics Covered: 01:15 - Discussing complaints about AI through the Value Models 07:57 - Steven's added thoughts to Mark's suggested solution to achieve pricing transparency [limitations in creating value models] 11:43 - The need for more trainings for language models used in pricing 14:25 - What is Copilot by Microsoft and what it is capable of doing that can help salespeople 17:04 - How is Copilot might disrupt the market especially Google Workspace user 17:50 - Survey of people's willingness to pay $30 a user for Copilot [and whose group is more willing to pay more] 22:20 - How were the users segmented, are they all Copilot users, and finding out people's reaction to AI 23:37 - The amazing capabilities of these two AIs 24:57 - What could happen if Mark Stiving will use AI to write his fourth book [The need for great prompt engineering] 28:12 - How are AIs going to be priced 29:59 - Microsoft Copilot as a 'Will I' question   Key Takeaways: "If you can build a value model and validate a value model, then you can fairly easily, I believe, derive pricing from the value model." - Steven Forth "We should be able to customize a language model based on our training and integrate mathematical AI from a place such as Wolfram/Alpha to greatly scale up our ability to build value models so that we could legitimately do a thousand a year or so." - Steven Forth   Resources/People Mentioned: Craig Zawada: https://impactpricing.com/podcast/ep95-defining-no-touch-and-self-serve-pricing-with-craig-zawada/ PROS: https://pros.com/ Vendavo: https://www.vendavo.com/ Zilliant: https://www.zilliant.com/ McKinsey: https://www.mckinsey.com/ Wolfram/Alpha: https://www.wolframalpha.com/ iGenius: https://www.igenius.ai/ Hugging Face: https://huggingface.co/ OpenAI: https://openai.com/ Figma: https://www.figma.com/ Notion: https://www.notion.so/product   Connect with Steven Forth: Email: [email protected]   LinkedIn: https://www.linkedin.com/in/stevenforth/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
8/14/202331 minutes, 34 seconds
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Blogcast: Next Book Title?

This is an Impact Pricing Blog published on July 6, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/next-book-title/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
8/11/20232 minutes, 46 seconds
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Pricing Table Topics: 2 of Spades – Relative Value Conversations

This one is the 2 of Spades from the Selling Value card deck.  You've heard me talk about value conversations before, where value conversations are really the conversation we have with a customer or potential buyer, so they can determine how much additional profit they're going to make when they use your product. And that's awesome when they're only making a 'Will I' decision. Am I going to buy your product or not? Am I going to buy a product in your category or not?  But what happens when they say, "Am I going to buy your product or somebody else's product?" Now what we want to do is understand our differentiation because value in that case comes from the price of our competitor's product plus the value of our differentiation. We need to determine the value of our differentiation. Or said better, we need our customers or buyers to determine the value of our differentiation.  And that's what a relative value conversation is. We want to see what's our differentiation relative to our competitors, and then go through the exact same steps we would with a normal value conversation to help the buyer determine if you have this problem that this differentiator solves, what's the result you might expect? How much additional value do you think you would get? And now we're putting a dollar value on the differentiation.  This is powerful when you're competing. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
8/9/20232 minutes, 28 seconds
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Brainstorming the ‘Ultimate Pricing Book Title’ with Sebastian Wrobel

Sebastian Wrobel is an energetic and passionate professional leader, helping companies achieve value and pricing excellence. Pushing digital transformation into lasting integration. Experienced in working closely with the C-suite and senior stakeholders to elaborate and drive major profit & growth optimisation plans. Building high performing teams by leveraging a collaborative and data driven leadership approach. In this episode, Sebastian provides valuable insights on how to create the perfect title for a pricing book. The goal of which is to capture the attention of individuals driving pricing within a company.   What you will learn from this episode: Understand the discovery process of value generation to come up with best pricing strategies Gain a deep understanding about value and pricing as Mark and Sebastian carefully examine various book titles on the subject Understand the discovery process around value and pricing   "Start your [pricing] journey wherever you are, and accelerate on your journey wherever you are. The investment is paying off, always." - Sebastian Wrobel   Topics Covered: 01:17 - A quick fun story on how he got lost for two days in the mountains 01:55 - What got him into pricing? 03:02 - Valugram as a company -- what it does 07:30 - What most companies are missing out on in regard to value and pricing 08:04 - Understanding the 'discovery process' 11:06 - Thoughts on value and pricing as understood by experts in their own fields 13:31 - Gaining business confidence 15:59 - Challenging the idea behind this title for a book: The Secret to Skyrocketing Profit 18:45 - Feedback on this title - Leveraging Value: CEO's Blueprint for Driving Profits 22:40 - Will addressing CEOs in the book title encapsulates all other people who are driving pricing other than the CEOs? 24:53 - An analysis of the title - The Power of Value: The CEO's Secret Weapon to Driving Profits 30:57 - Sebastian's pricing advice 31:25 - How to connect with Sebastian   Key Takeaways: “Value selling is not applicable to all products. Neither all client segments. Where it is applicable, you should do it properly.” - Sebastian Wrobel "Gartner study shared that this is the critical aspect about winning deals, enabling buyers to make a decision in the right one." - Sebastian Wrobel "As pricing people, we tend to think in profits. But for me, leveraging value is more. Not only profit, but it's about driving revenue, top line growth, and also customer loyalty." - Sebastian Wrobel   Connect with Sebastian Wrobel: LinkedIn: https://www.linkedin.com/in/sebastian-w/ Website: https://pricingworks.io/ Website: https://www.valugram.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
8/7/202332 minutes, 15 seconds
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Blogcast: Right or Effective?

This is an Impact Pricing Blog published on June 29, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/right-or-effective/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
8/4/20232 minutes, 52 seconds
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Pricing Table Topics: 3 of Diamonds – Prospect for Buyers Who Get More Value from Your Solution

This one is the 3 of Diamonds from the Selling Value card deck.  The question now, as we're doing our prospecting, is to say which prospects will get the most value. We've talked in the last few weeks about finding prospects who realize they have a problem, finding prospects who we know have the problem, finding prospects who prioritize solving the problem. Now what we're saying is, let's find the prospects who get the most value out of solving that problem. When we think about it, if a customer gets a ton of value from solving the problem, they're much more likely to say yes and move forward than somebody who gets a small amount of value from solving the problem.  So, one way to think about that, as a pricing expert, I'll give you a quick hint. I work with software companies, I work with hardware companies. And sure, I love working with all of them. And I could work with software companies because there's great flexibility in the way they create their products or stick features into product options, and I love that.  But when you think about a hardware company, the margins for hardware companies are so small and they have real hard costs. So, if we could improve their pricing by just a little bit, the percent profitability goes up dramatically. And so I would say, from my perspective, helping hardware companies, they have higher value in solving a pricing problem than a software company does.  How does it work in your business? Which of your customers get the most value out of solving the problem that you solve. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
8/2/20232 minutes, 45 seconds
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Maximizing Value in Retail Pricing with Kiran Gange

Kiran Gange founded RapidPricer and is currently working on automated pricing and promotions for retailers using image processing, spectral images, IOT data and artificial Intelligence. In this episode, Kiran shares a dynamic pricing strategy for retailers that increases profits while providing greater value to customers.   What you will learn from this episode: Develop a dynamic pricing strategy that prioritizes maintaining long-term customer trust rather than solely focusing on profit Discover opportunities for retailers to implement dynamic pricing strategies Learn about a pricing strategy that reduces food wastage in the retail industry   "Take a look at your data to understand how customers are reacting to price changes." - Kiran Gange   Topics Covered: 01:16 - What inspired him to write the book 'The Expert Guide to Retail Pricing' 02:55 - The reason for suboptimal pricing in most retail companies he works with 06:13 - Pricing in B2B versus B2C as it relates to value associated with the product or service 07:51 - Explaining about the lagged reaction between the value and the price of the product 09:22 - Illustrating the work they do at RapidPricer when it comes to dynamic pricing 13:16 - What helps customers in their decision when choosing stores to buy from 15:05 - Frameworks used and discussed in Kiran's book 16:16 - Identifying products that are profit drivers or traffic drivers 17:45 - Determining individual product elasticity even without changing prices [plus a discussion on category and product elasticity] 20:30 - Seeing opportunities for retailers to do dynamic pricing [Costco having a brilliant customer level analysis] 22:30 - What is the ‘minimum margin rule’ 23:26 - How does pricing improve value 24:58 - Kiran’s best pricing advice    Key Takeaways: "There's so much more value to be achieved in actually selling the product at a lower price than to take this incremental profit and to lose the trust of the customer, which is much more important than your profit in the long run." - Kiran Gange "It was Jeff Bezos who once said that our elasticity numbers always show that people are inelastic, but that's not true in the long run. You don't want to take prices up and lose the customer's trust. You might as well use a system to build trust while reducing the wastage and increasing the customer satisfaction." - Kiran Gange "It's not about what the customer is going to see while he is already inside the store, but giving them a fair value where it matters." - Kiran Gange   People/Resources Mentioned: The Expert Guide to Retail Pricing by Kiran Grange: https://www.linkedin.com/posts/kirangange_retailpricing-booklaunch   Connect with Kiran Gange: Website: https://www.rapidpricer.com/ LinkedIn: https://www.linkedin.com/in/kirangange/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
7/31/202327 minutes, 36 seconds
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Blogcast: Help! What’s Bigger than Pricing?

This is an Impact Pricing Blog published on June 22, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/help-whats-bigger-than-pricing/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/28/20233 minutes, 15 seconds
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Pricing Table Topics: 3 of Clubs – Sell to Someone Actively Trying to Solve a Problem

This one is the 3 of Clubs from the Selling Value card deck.  It really is easier to sell to someone who's already trying to solve a problem or realizes they have a problem and wants to go solve it.  As I've mentioned previously, as a pricing expert, I believe that almost every company can use my services. Almost every company will benefit dramatically. And yet for me to go knock on a door of a company and say, "Hey, I'm a pricing expert. Would you like some help with your pricing," probably isn't going to be that fruitful because not many companies say, "Hey, I've got a pricing problem."  But as soon as someone says, "Hey, I have a pricing problem." Now, what do they do? They start to look for someone who could possibly solve that problem. Maybe they go to professional pricing society meetings. Maybe they do Google searches on how to find pricing experts. Maybe they look up content and see who the experts are that are writing about it. And then they reach out to me, or to one of my competitors. But the point is, when someone reaches out to me, they've already said to themselves, "Hey, I have a pricing problem. Maybe someone can help me fix it."  So, what about your business? If you know you can solve someone's problem, but they don't either know they have the problem or maybe they just know they have it but they haven't prioritized it. It isn't a big enough deal for them to go say, "Hey, I'm going to go fix that problem now." It's probably better if we can find a way to find customers who've already prioritized solving your problem. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/26/20232 minutes, 40 seconds
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Create Value Through Pricing with Robert Edwards

Robert Edwards specializes in delivering consulting and training for company executives to understand how to optimally price their products and services, monetize their products, maximize value generation and extraction from their product portfolio, and develop their promotions and competitive strategy to increase profit. He holds a PhD in Pricing and Competitive Strategy. In this episode, Robert shares how to simplify your pricing and effectively communicate its benefits and what value it generates.   What you will learn from this episode: Understand how to use price to generate value for your product or services Learn to use pricing to attract the customers you want Find out about the connection between behavioral economics and pricing   "Creating value for your pricing could be an extra dimension to what we talk about regularly when we're thinking about designing our products and pricing those products."  - Robert Edwards   Topics Covered: 01:25 - How he found his route into pricing 03:15 - Discussing the idea about complicated and simple pricing 04:55 - How Ryanair creates a perception of simple pricing 05:55 - Why make your pricing simple 07:04 - Robert's important thoughts on creating value for your pricing 08:48 - How to add value through pricing 10:42 - LinkedIn as an example in the way of creating value and not just extracting value 14:34 - Thinking in terms of the buyer composition and not just the number of units bought 16:35 - Examples that uses price to attract the customers you want 19:50 - An example that uses pricing as an attention grabber to make all else reasonable 21:09 - A case of sellers focusing on different dimensions in attracting customers and not just pricing 22:57 - How pricing and behavioral economics tie into each other 25:36 - Considering behavioral economics at the beginning rather than at the end of the pricing process 26:18 - Understanding the pricing strategy around rebates 27:01 - Using value-based pricing and having the clarity of message why you're pricing in such a way   Key Takeaways: "I would definitely recommend in a lot of cases simplifying your prices adds value to the products and service that you're offering because consumers have a really strong preference for this as well." - Robert Edwards "Behavioral economics is increasingly at the heart of real pricing strategies because you can design a pricing strategy with rational consumers in mind, and it completely does not work the way you intended because consumers have these biases and they're susceptible to framing effects." - Robert Edwards "A lot of the companies that I speak to, there's an opportunity to add value to their product by using a different pricing metric. And the only reason that pricing metric is really valuable is because of the behavioral biases of the consumers." - Robert Edwards   People / Resources Mentioned: Ryanair: https://www.ryanair.com/gb/en LinkedIn: https://www.linkedin.com/ Subway:https://www.subway.com/en-us   Connect with Robert Edwards: LinkedIn: https://www.linkedin.com/in/edwardsra/   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/24/202329 minutes, 53 seconds
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Blogcast: The IKEA Effect and Pricing

This is an Impact Pricing Blog published on June 15, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-ikea-effect-and-pricing/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/21/20232 minutes, 24 seconds
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Pricing Table Topics: 3 of Hearts – Prospect in a Pool of Buyers Who Have the Problem

This one is the 3 of Hearts from the Selling Value card deck.  As you're doing your prospecting, you have to decide who you're going to reach out to for the prospecting. And since we know that buyers only buy products to solve problems that they have, what we should be thinking about is, well, where's the community or the marketplace of people that actually have this problem. So, if I were a moving company and I were trying to find companies that were trying to move, then there may be a way to say, "Hey, I want to go to commercial Realtors because I know commercial Realtors are aware of companies who are moving." And so now I can get commercial Realtors to give me potential names or customer possibilities and that's where I might go prospect.  So, when you think about what your product is, you want to think about, where are the people who actually have the problem that I solve? As I mentioned last week, I'm lucky in that I think all companies have pricing problems. But notice I only talk to companies. I don't talk to consumers because consumers don't have pricing problems. Why would I ever prospect in a pool of consumers?  So, prospect in that pool of buyers who you know have the problem that you can solve. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/19/20232 minutes, 22 seconds
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Minimize Churn and Boost Your Net Dollar Retention with Karen Chiang

Karen Chiang is a co-founder and managing partner of Ibbaka, a company that provides software and expertise to enable business growth by optimizing revenue performance through customer value management and talent optimization. In this episode, Karen discusses the importance of linking your pricing to value and creating pricing packages that accurately reflect the value provided to consumers.   What you will learn from this episode: Understand the concept of net dollar retention in relation to your customer base and as a means of measuring your revenue from operations Learn how to effectively package your offers by linking value to pricing Explore these net dollar retention levers to better understand the value your customers are seeking   "Getting to a value-based mindset is extremely important in order to improve your pricing power." - Karen Chiang   Topics Covered: 01:19 - How she got her into pricing 02:33 - Defining 'net dollar retention' 04:48 - Pricing as it relates to net dollar retention 09:18 - Linking pricing to value [where churns are concerned] 11:25 - Strategy to keep half a customer rather than losing completely 13:56 - What you must think about in the design of your offer 15:03 - What is product packaging and how it differs from cross-sell or upsell 18:23 - Pricing models and various packaging designs 19:32 - What a cross-sell and upsell are in terms of using the good, better, best 25:12 - Karen's best pricing advice that can impact one's business 26:29 - Net Dollar Retention levers by level of importance 29:04 - Usage based pricing as part of net dollar retention levers   Key Takeaways: "Pricing has to be linked to value. When you think about it, we want to come up with a pricing method or approach that really tracks the value that is being generated." - Karen Chiang "There always has to be an understanding of what you are negotiating. What will you give up in your package to make it more feasible for that discount? That's why it's actually a shrinkage in the package itself." - Karen Chiang "From the get-go and from the design, when we think about the design of our offers, we really have to be more cognizant of, what are the different components that go into that entire offer?" - Karen Chiang "A good, better, best strategy is one where you try to get people into a certain level, starting with good and you're trying to increase their growth and package by getting them to a better package then a best package." - Karen Chiang   People / Resources Mentioned: Steven Forth: https://www.linkedin.com/in/stevenforth   Connect with Karen Chiang: LinkedIn: https://www.linkedin.com/in/karen-chiang-2623241/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
7/17/202333 minutes, 48 seconds
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Blogcast: Value-Based Pricing is an Attitude

This is an Impact Pricing Blog published on June 8, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/value-based-pricing-is-an-attitude/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/14/20232 minutes, 46 seconds
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Pricing Table Topics: 3 of Spades – People Who Are Easier to Prospect

This one is the 3 of Spades from the Selling Value card deck.  Of course, salespeople, marketing people, we have to do prospecting. The question becomes, who do we look for as prospects to move into our sales funnel?  Well, now that we know that people really have to solve problems, that's the reason they buy our products. The question now is, do we think it's easier to sell to people who already know they have a problem, or to people that we have to convince they have a problem?  You often see advertising like this where people will say, "Hey, come solve this problem." And now what's happening is people are self-selecting and, "Oh, yeah, I've got that problem," so they're trying to find those people. On the other hand, sometimes we have to convince somebody they have a problem. I find it interesting, I used to run a company a long, long time ago, and my cell phone number still is the phone number that I had when I had that company. And I'll get calls from moving companies that the opening line is, "Hey, I heard that Home Director is moving." Well, it turns out I don't run Home Director. Home Director doesn't exist anymore. Home Director's not moving. But that was a way for them to quickly prospect and find out, "Hey, do I have a company and is the company moving?" Because if the answer that's yes, I've got a problem. And if the answer that's no, then they don't have a problem. So they're trying to figure out relatively quickly, am I somebody that they might be able to sell to or not? So think about, when you're prospecting, are you prospecting to people who already know they have a problem? Or are you looking for people and then trying to convince them they have a problem?  As a pricing person, I have to tell you, I think every single company has a problem. But it's insane for me to try to go to a company and convince them they have a problem. And it is so much easier for me to work with companies who come to me because they know they have a problem. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/12/20233 minutes, 7 seconds
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Embracing Outcome-Based Pricing and Ditching Hourly Billing with Jonathan Stark

Jonathan Stark is a former software developer who is on a mission to rid the world of hourly billing. He is the author of Hourly Billing Is Nuts, the host of Ditching Hourly, and writes a daily newsletter on pricing for independent professionals. In this episode, Jonathan highlights the drawbacks of billing hourly which can reduce your value to just a commodity. Instead, he suggests pricing your services based on the outcome you deliver, thereby providing maximum value to your clients.   What you will learn from this episode: Discover the top reasons behind the shift away from hourly billing Find out the advantages of choosing outcome-based pricing over hourly billing Uncover why positioning your service effectively can have a significant impact on your pricing strategy   "Positioning is critically important for any kind of upward lift on your fees." - Jonathan Stark   Topics Covered: 01:04 - What got him into pricing 03:35 - The problem with having an hourly rate 06:11 - Pricing uncertainty in the case of a car diagnostic 08:45 - What makes it better charging fixed price upfront 10:33 - Why positioning your service is crucial in pricing 12:59 - What hourly rate appears to be on the label 16:15 - Touching on the 'Experience Economy' [pricing transformation] 19:06 - Formula for value or the maximum price 21:36 - The best reason to not use hourly prices 24:22 - Solving the scope problem with knowing the desired goal 29:21 - Jonathan’s pricing advice 30:38 - How to connect with Jonathan   Key Takeaways: "If you sell somebody an hour, you cannot make it more efficient. It takes an hour to deliver it. It artificially limits your income." - Jonathan Stark “The way I do it [on the scope problem], I don’t scope first, I scope last.” - Jonathan Stark   People / Resources Mentioned: Alan Weiss: https://alanweiss.com/about-alan-weiss/ Joseph Pines: https://strategichorizons.com/pine-and-gilmore/joe-pine/ How to Measure Anything: Finding the Value of Intangibles in Business by Douglas Hubbard: https://www.amazon.com/How-Measure-Anything-Intangibles-Business/dp/1118539273   Connect with Jonathan Stark: Website: https://jonathanstark.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
7/10/202332 minutes, 15 seconds
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Blogcast: Commit to Expand

This is an Impact Pricing Blog published on June 1, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/commit-to-expand/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
7/7/20232 minutes, 49 seconds
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Pricing Table Topics: 4 of Diamonds – Walking Away from a Negotiation Takes Guts

This one is the 4 of Diamonds from the Selling Value card deck.  Wow, walk away from a negotiation, ouch! We're essentially saying, "No, we're not going to negotiate anymore. Take the deal that we've given you or not. Totally up to you." And what happens when we do this?  First off, we're at risk of losing the deal, and that's painful. Especially, if you're in sales and you're paid to get revenue. You've got to meet a quota, your commission comes from that. But it turns out, from a company perspective, oftentimes that's a really smart thing to do.  First off, maybe it's the wrong customer for you. Maybe they need a deep, deep discount because they really don't get the value from your product that they should be getting. Or maybe that they're just negotiating and if you walk away, they come back and say, "Okay, we'll take it." And so, now you've made the sale.  Or, what if you even lose the deal? But because you lost that deal, word gets out, especially to channel partners, other salespeople, we're not willing to accept a deal below this specific price. And now everybody's working harder to sell value and make sure that we get the prices that we actually deserve.  This is hard. But if you end up losing deals because you walk away, my recommendation is track the profitability of the deals if you would've won them at this lower price and compare that to the profitability of the deals you win because you didn't lower the price. And even if you win more deals with lower prices, you probably make less margin and less profit. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
7/5/20232 minutes, 44 seconds
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Revolutionize Your Pricing Strategy: Unlock the Power of Collaborative Conversations with Carole Mahoney

Carole Mahoney is an author, speaker, coach, and trainer taking a cognitive approach to sales success. In this episode, Carole shares how salespeople should initiate a pricing conversation that should be 'Not Be About Me' and quantify the cost of not doing something. That way, buyers make a decision for fear of negative business impact.   What you will learn from this episode: Discover a powerful pricing conversation technique that focuses on addressing potential objections and inspires people to take action by tapping into their fears of negative outcomes Find out how salespeople add value and uncover urgency for people to make a decision Understand why salespeople need to create a ‘dirty laundry list’ and include them in their conversation "The biggest piece of advice for finding value in a conversation and talking about pricing is to make it a collaborative conversation." - Carole Mahoney   Topics Covered: 01:30 - How she found a career in pricing 02:20 - Salespeople find it uncomfortable talking about money and pricing matters 03:46 - Pricing conversation that’s more about contrasting and quantifying the cost of doing nothing  06:36 - Not articulating enough the fear of loss 07:49 - Letting buyers articulate the real problem [and getting them to ask these important questions] 08:36 - The Seinfeld-comedy-series inspired technique of pricing conversation 10:16 - Adding value and uncovering urgency 11:30 - Creating a dirty laundry list 14:17 - What makes it advantageous for salespeople to share their laundry list amongst themselves 15:48 - Providing measurable business value while addressing potential negative outcomes 16:59 - Creating a constant reminder to salespeople with a t-shirt that reads: Not About Me 20:43 - Pricing advice that can have the biggest impact in one's business   Key Takeaways: "If selling is an exchange of value, then the pricing conversation is the proof of value actually exists." - Carole Mahoney "Ask questions that address why they might say no, not why they might say yes, you need both. You need to be able to draw the contrast." - Carole Mahoney "It's not necessarily the salesperson's job to make it painful to the buyer. It's the salesperson's job to ask the questions to uncover if the pain to the buyer is great enough to take action, to make a decision and then to implement a solution." - Carole Mahoney   People / Resources Mentioned: Buyer First: Grow Your Business with Collaborative Selling by Carole Mahoney: www.unboundgrowth.com/buyer-first-book   Connect with Carole Mahoney: LinkedIn: https://www.unboundgrowth.com/ Website: https://www.unboundgrowth.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
7/3/202322 minutes, 53 seconds
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Blogcast: Quick and Dirty Pricing Research

This is an Impact Pricing Blog published on May 25, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/quick-and-dirty-pricing-research/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
6/30/20232 minutes, 27 seconds
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Pricing Table Topics: 4 of Clubs – Learn the Competitive Situation Before Negotiating

This one is the 4 of Clubs from the Selling Value card deck.  It turns out that procurement people often lie to us. And it's their job, not necessarily to lie, but it's their job to get a better price.  And what often happens is they'll say to you, "Hey, you're up against these other two or three competitors. In this situation, you have to lower your price if you expect to win this deal." And it turns out oftentimes that's not true. Oftentimes, you're not up against two or three different competitors.  Back many, many years ago when I was in sales, I recall procurement people actually saying, "You're up against this other competitor." And it turns out the competitive product they were looking at wasn't even similar to the product that I was offering. And so, it was obvious to me that they were just lying.  And in fact, I experienced this extremely clearly when I was on the buying situation. I was part of a committee and we'd chosen a software application that we wanted to purchase. And I was in the meeting when procurement said to the company that we were going to buy from, "You're up against these other two competitors, you better sharpen your pencil." And I knew for a fact that wasn't a true statement.  So, please be careful and the way you know is, go back to the committee. Find out if the committee selected you or selected you as one of several different possible alternatives. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
6/28/20232 minutes, 28 seconds
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Why You Need to Engage to Have Value Conversations with John Ray

John Ray is a Pricing and Business Development Coach for Professional Services Firms, and a Podcast Host and Producer. In this episode, John shares optimal strategies for positioning your value proposition to attract the best fit clients for your business.   What you will learn from this episode: Discover how to craft a compelling value proposition by identifying the unique value that your clients perceive in your offerings Learn about the importance of continuing value conversation Overcome the fear of pricing the value you provide to your clients   "Develop your options around that client and let them choose. And you'll find out your pricing suddenly improves." - John Ray   Topics Covered: 01:15 - How he got himself into pricing 02:10 - Who is his ideal client? 03:59 - Insights on solopreneurs making their business work even if they don't necessarily plan on being a business owner 05:28 - The feeling of fear and inadequacy in pricing in a lot of solopreneurs 06:11 - It's not all about expertise but the value you deliver 08:13 - Suggested value proposition to this case: Roger [the client] loves the fact that I calm him down when he gets notice in the mail, I'm trying to win some new business 09:01 - The importance of continuing value conversation 11:10 - One way to lead a value conversation and for people to dig deep with you 11:47 - Optimal win rate or rejection rate and the significance of having a value conversation 15:25 - Benefits of accepting all clients when you're just starting out [and advantages of niching] 18:42 - Turning the intangible value you have into a tangible range of values for the client 20:47 - Price effectively or end up costing your business 24:10 - John's thoughts on this: If I'm bidding and there's no competition or there is competition 26:11 - John’s pricing advice   Key Takeaways: "By definition you'll be getting better clients by that measure [35% win rate]." - John Ray "The great thing about a value conversation, it's a net that allows the great clients in that fits you well, and keeps out the ones that are not great fits." - John Ray "You don't lean on what you think you're worth, you lean on what the value that you've been able to uncover in that conversation." - John Ray   People / Resources Mentioned: Ron Baker: https://impactpricing.com/?s=Ron+BAker Allan Weiss: https://alanweiss.com/shop/books/hardcover/value-based-fees-3rd-edition/   Connect with John Ray: LinkedIn: https://www.linkedin.com/in/johnray1/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
6/26/202328 minutes, 40 seconds
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Blogcast: What if They Find Out?

This is an Impact Pricing Blog published on May 18, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/what-if-they-find-out/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
6/23/20232 minutes, 13 seconds
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Pricing Table Topics: 4 of Hearts – Gives and Gets

This one is the 4 of Hearts from the Selling Value card deck. This concept of asking for something anytime we're going to give a discount, we simply refer to it as gives and gets. We don't give anything without getting something. And so, what should we be getting when we're giving something? Well, surely we could get almost anything. What we really want to do is get the things that protect the profit of the company. And what are those things? If you think about all of the different items that you might be able to claw back from a customer. For example, it might be who pays for delivery. It might be how long the delivery takes. It might be when we schedule it. There's many, many different things we might be able to claw back. What we want to do is, think about how much does it cost us to deliver that thing to the customer so that if we claw it back, if we take that back from our customer, we're actually saving us costs on our side. Now, a couple quick thoughts. You know that, first off, I'm a pricing person, but in truth, we're thinking about how do we get the best margin for the company. And secondly, you've heard me say over and over again that costs don't matter to pricing, but costs do matter to profit. And if we're talking about a one-on-one situation and we have to give up some kind of discount, then let's try to get something in exchange that lowers our costs. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
6/21/20232 minutes, 28 seconds
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Drop Pilot's Game-Changing Pricing Strategies with Michael Hammersley

Michael Hammersley co-founded and invented a payment system designed to locate the market price of any consumer good. He authored the utility patent that protects the invention. In this episode, Michael discusses the platform he co-founded, a dual-sided marketplace of buyers and sellers that helps businesses reach a pricing competitive advantage.   Why you've got to check out this podcast: Discover what Drop Pilot platform is Find out how it can benefit both sellers and buyers in determining the best price possible Learn to figure out the best pricing your customers are willing to pay   "Find out what your customer is willing to pay before you sell them the product." - Michael Hammersley   Topics Covered: 01:34 - How he started his career in pricing 02:21 - What's so interesting about analyzing pricing potential as a distressed fund 02:55 - Getting to know what Drop Pilot is and what dual-sided marketplace mean 04:00 - Is Drop Pilot a marketplace or research area and what benefit does this platform have for the sellers? 05:26 - What kinds of businesses work with them and what it means to have multi-unit transactions? 06:18 - Buyer's benefit in using Drop Pilot and explaining the research aspect of the platform 08:34 - Proprietary payment system's role in the marketplace  and where his coaching focuses on in regard to the platform 11:01 - How to get people to bid with B2B businesses 12:56 - What is a Drop Day? 18:17 - Is the platform representing the real market? 19:11 - How the whole idea about Drop Pilot started and dealing with scalping issues 20:36 - Michael’s best pricing advice that impact’s one’s business   Key Takeaways: "We have a lot of repeat droppers who each time they come up with a new product, they'll come back, release it with us, figure out how to price it, and then sell it on their own website." - Michael Hammersley "If you want to figure out customer willingness to pay for a pricing tool, you really have to generate those numbers on your own based on estimations." - Michael Hammersley “If you want to look at the pricing analytics and you want to find out what your customers are willing to pay, it actually makes more sense to operate in a pressurized environment because you get the highest and best price.” - Michael Hammersley “What you would want to do is take a look at the analytics and find the clusters of where the most bids came in like what the most common bid was, and then use that as a reference point to set your retail price." - Michael Hammersley "One thing that our algorithm or our platform actually does is it completely prevents the use of scalping bots." - Michael Hammersley   Connect with Michael Hammersley: LinkedIn: https://www.linkedin.com/in/michael-r-hammersley-77285225b/   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
6/19/202322 minutes, 7 seconds
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Blogcast: Price Segmentation in TIOLI Markets

This is an Impact Pricing Blog published on May 11, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/price-segmentation-in-tioli-markets/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
6/16/20233 minutes, 12 seconds
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Pricing Table Topics: 4 of Spades – Determine Purchasing Power Before Negotiating

This one is the 4 of Spades from the Selling Value card deck. Every time a salesperson gets in front of a procurement officer, a purchasing agent, however they're called, the purchasing agent will act price sensitive. Their job is to get a better price for their company.  And so, they will always tell you that your price is too high, they need a discount. And you have to decide as a salesperson, do you want to give it to them? And here's the trick, does the purchasing agent actually have any power or authority to influence the decision process?  If you're selling a commodity, and they could go to three, or four, or 10 different sources to get essentially the exact same thing, and those are all approved sources for the manufacturing capability, procurement has a lot of power. You need to do a great job at making sure procurement stays happy and figure out what it really takes to close that deal.  On the other hand, if you're selling a piece of capital equipment and you've had a long sales cycle selling to a relatively large committee of people who've been debating, what's the best solution for us? And then they take that to procurement so the purchasing can go buy it. It turns out, procurement has almost no power.  They'll pretend to have a lot of power, but they really don't. The decision was made by the committee. And so, we don't have to give big discounts to procurement in situations like that. Here's the problem, it takes guts.  So, do you have the guts? We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
6/14/20232 minutes, 40 seconds
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Procurement and Sales in Impact to Value Pricing with Jens Hentschel

Jens Hentschel's passion is B2B relationship management and is especially interested in the interaction between the two sides at the negotiation table: buyers and sellers, suppliers and customers, sales and procurement professionals. In this episode, Jens delves into the role of procurement in guiding the internal stakeholder's buying journey on the supply side, while the sales professional assists in facilitating a value-based negotiation.   Why you have to check out today’s podcast: Gain a comprehensive understanding of procurement's involvement in the sales process using the direct and indirect spend terminologies Recognize the significance of involving procurement at the outset of the negotiation process Learn how procurement and sales can create a mutually beneficial scenario in pricing value   "When you get into that situation where you have been put on the spot in that negotiation, don't budge on price." - Jens Hentschel   Topics Covered: 01:16 - How he got into pricing 03:04 - Jens important thoughts about Mark's bad impression of procurement 07:27 - A case where it's all about price [on the procurement side] and not a win-win situation 11:12 - Understanding procurement's role in the sales process using the direct and indirect spent terms 15:00 - Why the need to involve procurement early on in the sales process 17:57 - Identifying the right procurement person and establishing the initial conversation 20:49 - A procurement's participation in the customer's buying journey 22:22 - Discussing the concept of supplies vendors list 25:00 - The role that price play in making it to the vendor's list 27:12 - Jens impactful pricing advice   Key Takeaways: "What we are trying to preach is, involve them [procurement] right away because 90% of what your customers spend is managed through a procurement process." - Jens Hentschel "Something that I can only recommend to anybody to do is, interact with them [procurement] early, provide them with value insights that they're not able to gather themselves. That's how you start building that relationship." - Jens Hentschel "My thinking is, the procurement professional is the enabler of the buying journey of the internal stakeholder. And they can do it best by having a salesperson on the supplies helping them to be that facilitator." - Jens Hentschel "Where really value is created is where the sales professional on the supply side and the procurement professional on the customer side really work hand in hand to promote a solution." - Jens Hentschel   Resources/ People Mentioned: Procter and Gamble: https://en.wikipedia.org/wiki/Procter_%26_Gamble   Connect with Jens Hentschel: LinkedIn: https://www.linkedin.com/in/jenshentschel Website: https://www.fivis.io/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
6/12/202329 minutes, 39 seconds
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Blogcast: Price Segmentation by Negotiating

This is an Impact Pricing Blog published on May 4, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/price-segmentation-by-negotiating/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
6/9/20232 minutes, 20 seconds
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Pricing Table Topics: 5 of Diamonds – Give Salespeople Discount Authority

This one is the 5 of Diamonds from the Selling Value card deck.  We typically give our salespeople some level of discount authority. And the reason we do that is, let's say they walked in, and they asked the factory, or headquarters, 'Hey, could I have a 5% discount?' And we always say yes to that. Then all we've done is slowed down the sales process.  Instead, we give them some level of discount authority. Knowing that, you know, if you come in for 5% or less, I'm going to give it to you anyway. So, you just have permission to go give 5% or less. The problem, of course, is that salespeople typically give the max that they're allowed to give.  There's all these different levers that they could pull. They could sell value, and they can discount price. And discounting price is one of those levers that they're going to pull because it's easy. See how easy it is for me to discount the 5% and it doesn't hit my commission that much. So, it's okay for me to give that 5% discount.  What we want to do as a company is sit back and say, what are the right levels of discount authority? What should I let my salesperson discount to? What should I let my sales managers discount to, my sales directors discount to? There are different levels, and we want them to be incented to discount as little as possible. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
6/7/20232 minutes, 21 seconds
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Monetization-Driven Growth: What It Means and How It Works with Alessandro Monti

Alessandro Monti is a pricing enthusiast and expert on all topics related to monetization, conversion, upselling, digital pricing, price management, and business and pricing history. In this episode, Alessandro highlights the importance of adopting a monetization-led growth approach for your business and emphasizes the need to start implementing this strategy early on in your business.   Why you have to check out today’s podcast: Learn to redefine growth in the sense of making it profitable and sustainable Discover the importance of a monetization-driven growth strategy for the long-term success and sustainability of your business Find the ideal pricing metric for your business to attain optimal product-pricing-market fit and achieve success   "Choosing the appropriate price metric seems to be probably one of these game-changing moments for your businesses." - Alessandro Monti   Topics Covered: 01:32 - What brought him to pricing and what made him choose SKP 02:43 - Why he believes in supply and demand 06:01 - Delving into the concept of "growth at any cost" and shifting our focus away from it 08:31 - Defining digital industry and turning away from this 'growth at any cost' mentality 09:36 - Redefining growth 12:25 - Challenging the tools and techniques to get to this ultimate growth 14:49 - Deciding between freemium and free trial [and starting monetization-led growth early on in the business] 20:25 - Extracting value to monetize a product and what is true business success 23:03 - Alessandro's best pricing advice that impacts anyone's business 24:05 - Finding the best pricing metric to use   Key Takeaways: "Let's redefine growth in the sense of let's make profitable business." - Alessandro Monti "We don't need the free, just for the sake of having free because there is value in having free users. But besides that, I think you need to seek the conversion and the monetization as early as possible." - Alessandro Monti "It's growth understood as profitability using all of our modern monetization techniques and there's room for alternative content." - Alessandro Monti   People / Resources Mentioned: Taylor Swift: https://www.taylorswift.com/   Connect with Alessandro Monti: LinkedIn: https://www.linkedin.com/in/profmonti/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
6/5/202327 minutes, 3 seconds
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Blogcast: Simplify Your Pricing

This is an Impact Pricing Blog published on April 27, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/simplify-your-pricing/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
6/2/20233 minutes, 37 seconds
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Pricing Table Topics: 5 of Clubs – Gain Higher ASPs and Margins

This one is the 5 of Clubs from the Selling Value card deck. Most salespeople are paid on commission, and typically that commission is a percentage of the revenue. So, 2% of the revenue, 5% of the revenue, somewhere in that ballpark. The problem is, that incremental revenue, if I want to grow my revenue by 1%, the salesperson is only going to get 2%, or their commission rate, of the 1%. And it's a really, really tiny number. However, for the company, that 1% could be a really big number especially if your overall margins are relatively small, because that incremental 1% of revenue is a hundred percent profit. But we don't incentivize our salespeople to get that next 1% very much. Ideally, what we would do is, we would create a sales incentive structure so that covering costs, maybe they don't make anything, but anything from cost to list price, the amount of commission, the amount of incentive payment they get goes up for the higher the price they get.  I, typically, like to have a target price. I also have a list price and a floor price. And I'll set three different commission rates. Anybody who can sell at list gets a really high commission rate. Anybody who sells at Target or above gets a mid-level commission rate. Anybody who sells above the floor and below the target, it's a really low commission rate.  But the key is, we want to give our salespeople incentives to negotiate for that last 1%. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/31/20232 minutes, 49 seconds
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Mastering the Art of Negotiation with Andrew Bailey

Andrew Bailey is a Value Pricing and Price Negotiation Specialist. He is the founder of Commercial Strategy 4. He helps you unleash your pricing power to sell more, more often, and at a higher price to achieve the profits you deserve. In this episode, Andrew shares his strategy for value-based pricing negotiations to help you achieve the highest possible pricing for your product or service.   Why you have to check out today's podcast: Explore how you can present alternative options during negotiations by combining price and value selling strategies Discover one great technique for setting the stage and preparing the buyer's mindset for a pricing value conversation Uncover a more effective approach to pricing instead of simply relying on discounts   "Improve your prices and just get really good at customer conversations." - Andrew Bailey   Topics Covered: 01:14 - How he started in pricing 03:40 - Important consideration for negotiation 04:58 - Defining value for clients and questions to ask to understand the value you're delivering 09:21 - Dealing with procurement people versus the pricing committee as you go through value discovery process 12:32 - Key insights on opposing viewpoints between procurement and committee 14:28 - Practicing real-life price negotiations 16:36 - Pricing and value negotiation strategy that people rarely do but should be considered 24:08 - The biggest mistake in pricing negotiations and what should be done instead 27:53 - Andrew's best pricing advice to impact one's business   Key Takeaways: "Ultimately, your ability to achieve the results that you want in pricing and negotiating is focused around your negotiating strength." - Andrew Bailey "What I talk to people about is understanding what's really important to customers, what matters to them." - Andrew Bailey "Don't try to make a whole long list of things that you can do for your clients and customers. It's probably two or three things that's really important to them. Just focus on that. That's a great place to get to." - Andrew Bailey "We can give some discount and then we agree to it without really thinking about, could we do this differently? Is there a better way, is there more value here than simply that price and that quantity?" - Andrew Bailey   Connect with Andrew Bailey: LinkedIn: https://www.linkedin.com/in/pricingmentor/?originalSubdomain=uk Email: [email protected]   Connect with Mark Stiving:   Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/29/202330 minutes, 5 seconds
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Blogcast: Nobody Cares About Your Product

This is an Impact Pricing Blog published on April 20, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/nobody-cares-about-your-product/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/26/20234 minutes, 22 seconds
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Pricing Table Topics: 5 of Hearts – Blame Costs When You Increase Prices

This one is the 5 of Hearts from the Selling Value card deck. It's true, customers hate price increases. Heck, I get an annual price increase from Intuit for my QuickBooks, and I hate it. But there's nothing I can do about it. I just have to sit around and stew about the fact that I really despise that Intuit raises my price every year.  However, when we blame costs, then people hate us a little bit less. So, we know as pricing people, as salespeople, we know that our prices really have nothing to do with our costs. But our customers don't really know that, and our customers believe the cost drive pricing. So therefore, if we're going to raise prices, the only real reason customers accept is that our costs went up. Imagine if Intuit sent me that email every year, and instead of it said, 'Hey, we're raising your price by $8, $10,' whatever it happens to be. Instead they say, 'Hey, our costs have gone up this year. We need to pass that on. We're going to increase your price by $10.' sure, I still dislike it. But I dislike it a little less. It's like they have a reason other than, 'Hey, I want you to pay more so that I can make more money.' So, think about blaming costs when you increase prices. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/24/20232 minutes, 29 seconds
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Interdepartmental Cooperation as Key to Developing an Unbeatable Pricing Strategy with Darlene Nordstrom

Darlene Nordstrom is an accomplished pricing professional with experience in developing and implementing worldwide software pricing and licensing strategies spanning traditional on premise, cloud and software as a service (SaaS) offerings. Broad financial knowledge including revenue recognition, standalone selling price, return on investment, profit and loss statements and various analyses such as profitability, variance, impact, market and competitive analyses. In this episode, Darlene highlights the crucial role of interdepartmental collaboration in developing a robust pricing strategy. Additionally, she stresses the importance of having a designated pricing specialist to oversee the entire process.   Why you have to check out today’s podcast: Find out why interdepartmental cooperation makes a successful pricing strategy What added value does a pricing person bring to the table with departmental integration notwithstanding Learn why you should be discerning when creating short-term and long-term pricing efforts   "Cross-functional collaboration - to me that is key. What's been successful in my 15 plus years of doing pricing is having that cross-functional collaboration where everyone feels like they have a voice." - Darlene Nordstrom   Topics Covered 01:30 - What prompted her to pursue a career in pricing? 02:15 - Pricing as a team effort and a collaborative endeavor 04:49 - How does a collaborative effort in pricing look like in IBM? 05:29 - Discussing the process in reaching a pricing decision 07:18 - Which pricing decisions need this complicated process of decision making? 08:52 - Why the need for a pricing person when there is already a collaboration with other departments? 11:50 - What added value does a pricing team bring to a corporation? 12:52 - Important considerations to think about in terms of creating short and long-term efforts in pricing 15:17 - Partnering with financial folks to do the analytical part of interpreting data and KPIs 17:14 - IBM as a premium price leader doing the competitor-based pricing 18:57 - Talking about the differential value in a competitor-based pricing 20:57 - How hard was it changing a pricing metric for a product and when do you consider changing it? 22:58 - Darlene's pricing advice that could impact one's business   Key Takeaways: "You don't set your price once and done, you just keep reiterating it. And the pricing team is responsible for providing those meaningful insights." - Darlene Nordstrom "What you shouldn't do is make short-term decisions that will impact your long-term goals. Being short-sighted and reacting, you don't want to end up in a price war and react because a competitor did something." - Darlene Nordstrom "You always have to be thinking in terms of that end goal in mind and work backwards, and maybe there are some iterative steps that you could take to get to that end goal. I'd be careful about making some short-term decisions that impact your long-term goals.” - Darlene Nordstrom   People / Resources Mentioned: IBM: https://www.ibm.com/   Connect with Darlene Nordstrom: LinkedIn: https://www.linkedin.com/in/darlene-nordstrom-96ab4220/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
5/22/202324 minutes, 57 seconds
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Blogcast: Lessons from a Cute Story

This is an Impact Pricing Blog published on April 13, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/lessons-from-a-cute-story/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/19/20233 minutes, 38 seconds
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Pricing Table Topics: 5 of Spades – Value Tables

This one is the 5 of Spades from the Selling Value card deck. A value table consists of four columns: the solution, the problem, the result, and the value, typically in dollars. And when we do this, we think of creating the information, or the data in each cell for a typical customer.  But we would never walk into a customer and say, 'You should expect to make a million dollars by buying this product.' Or we would never walk into a customer and say, 'We would expect you to have 3% more productivity if you buy our product.'  Instead, when we think through all of the columns in a value table, and where additional profit comes from, and where additional productivity or reduced turnover, or whatever other effects we're going to have for our customers, then all we've done is say, 'This is a possible scenario.'  But if we understand what those are, then when we go in and start having conversations with our buyers, and we say, 'What problems are you trying to solve?' Or, 'What results might you be looking for?' We already know how to take those problems, turn them into results. Those results turn them into profit dollars to the customer. So, I think of a value table more as a roadmap, as a conversation starter. As a way to say, 'Here's where I think the dialogue may be going.' But it certainly isn't the sales pitch we walk in with. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/17/20232 minutes, 25 seconds
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Association Pricing: Leveraging Value as the Driving Force for Pricing Success with Michael Tatonetti

Michael Tatonetti is the Founder and CEO of Pricing for Associations. He is also a Pricing and Value Speaker and Consultant and a Certified Association Executive as well as a Certified Pricing Professional. In this episode, Michael discusses the importance of aligning pricing and value with the mission of associations and non-profit organizations. He emphasizes that value should be the central factor in creating a pricing strategy, as it resonates more with members and strengthens their connection to the organization.   Why you have to check out today’s podcast: Discover the three factors that distinguish associations from traditional subscriptions and find out their similarities in some aspects Find out how to price an association and why these two components of value and price tie in together to create the best pricing Learn how associations communicate better value in their pricing and the formula you can use to best convey your pricing   "Focus on the value. Always put the value before the price." - Michael Tatonetti   Topics Covered: 01:01 - How he started a career in Pricing 02:36 - What differentiates non-profit associations from subscription businesses? 03:59 - How does competition feels different in an association space? 05:37 - Looking at an associations membership bylaws, pricing objectives, their competitive positions in the space 07:16 - Three things that makes an association different from subscription business and what makes them the same with it 10:15 - What to consider when shifting from annual to monthly billing for associations and what he advocates as the biggest thing that differentiates association from subscription 12:32 - Pricing an association and when does he consider competitors when pricing? 15:08 - Questions to ask to come up with the best pricing 17:17 - Using Van Westendorp to help in data analysis for pricing [and the number of samples needed for this tool] 18:17 - Michael letting Mark share his own idea of the right number of responses needed for Van Westendorp data analysis 20:49 - Relying on value and not on cost when communicating pricing 24:38 - Michael's best pricing advice that could impact any business   Key Takeaways: "Most subscriptions, not all, of course, run on like a monthly basis. Of course you can do annual, but most of them, you think in monthly terms where most associations are billing annually." - Michael Tatonetti "Most subscriptions for profit are able to just auto-bill where some associations, depending on state, cannot auto-bill, they can opt in, but for some they cannot." - Michael Tatonetti "Associations are typically divided into one of two categories, either organizational or individual. They're typically called trade or individual, trade is organization. Now, when you have an organization, then yes, typically they're not going to have it on renew." - Michael Tatonetti "I think of traditional subscriptions as an individual, I sign up and then I cancel when I want. Where with associations, there's typically more thought-power that goes into the decision to continue year over year." - Michael Tatonetti "I lean in on value a lot. I typically will not do work with an organization on just price. I typically require that we're doing value and price because most organizations don't change their value too often." - Michael Tatonetti   People / Resources Mentioned: Robbie Kellman Baxter: https://impactpricing.com/podcast/ep94-powerful-pricing-insights-from-a-subscription-expert-with-robbie-kellman-baxter/ Van Westendorp: https://en.wikipedia.org/wiki/Van_Westendorp%27s_Price_Sensitivity_Meter   Connect with Michael Tatonetti: LinkedIn: https://www.linkedin.com/in/drtatonetti/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
5/15/202325 minutes, 51 seconds
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Blogcast: You Have the Curse of Knowledge

This is an Impact Pricing Blog published on April 6, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/you-have-the-curse-of-knowledge/ [powerpress] If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/12/20233 minutes, 38 seconds
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Pricing Table Topics: 6 of Diamonds – Possess Acumen About Your Buyer's Business

This one is the 6 of Diamonds from the Selling Value card deck. If you are having value conversations, you're focusing on, what's the problem the client's trying to solve? What's the result they might expect to achieve?  And if that result is quantifiable and we're selling to a company, then almost certainly you can turn that quantifiable results into incremental profit to that company. But in order to do that, we have to understand the business of our customers.  I remember a long, long time ago when I was in sales, we were selling automatic test equipment and we had a device that was more accurate. But in order for the test equipment that was more accurate to have value to the client, we had to show, how does this more accurate tester generate more profit? Well, the answer was, in order for a semiconductor manufacturer to ensure that a part was of a specific speed, they had to take in the accuracy of the test equipment. And so, if a test equipment was less accurate, they would build a bigger guardrail. And if a test equipment was more accurate, they could have a smaller guardrail, which meant more parts would pass the test. And those more parts passing tests were sold at higher prices, meaning they made more profit. The point is, if we don't understand the business of our customers and we don't understand how they're going to make additional profit, then it's really hard for us to help our clients say, here's why this capability generates more profit for you. And when we're able to do that, then clients are much more likely and willing to buy from us. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, and read the saying. Then, talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/10/20232 minutes, 44 seconds
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Revolutionizing Your Price Segmentation Strategies in Subscription Pricing with Robbie Kellman Baxter

Robbie Kellman Baxter is an Advisor to the world's leading subscription-based companies, a Keynote Speaker and Author of The Membership Economy and The Forever Transaction. She is also the Host of Subscription Stories Podcast. In this episode, Robbie discusses the significance of upholding ethical standards when implementing a subscription business model, as it greatly affects the company's long-term viability.   Why you have to check out today’s podcast: Learn about the unethical practices in subscription pricing and their long-term implications for your business Find out effective price segmentation strategies that can be applied to your subscription-based business model Know why these companies are the best models when it comes to subscription pricing   “Have a rationale for your pricing structure that you would be comfortable showing to a loved one who is a customer.” - Robbie Kellman Baxter   Topics Covered: 01:49 - What drove her entry into Pricing 04:28 - Why some companies make it hard for subscribers to cancel and what is it's negative implication in the long run 08:12 - Bad karma as a consequence of hiding a cancellation button  09:20 - Discussion around an advancing legislation on making it easier to cancel subscriptions anytime 11:11 - Understanding price segmentation in a subscription pricing 17:20 - How she negotiates when buying a car, for instance, knowing someone else paid a different price for that 19:20 - Price segmentation discussion around Everyday-Low Price[EDLP] versus High-low Price 21:09 - Discussing pricing segmentation used by Netflix and news organizations 23:25 - Another price segmentation point of discussion [based on where you live and how busy these areas are] 26:06 - Case in point at Macy’s on price differential as the topic of discussion 27:51 - What makes her price sensitive even when she’s non-price sensitive 29:20 - Robbie’s best pricing advice   Key Takeaways: "I tried to explain to them how [putting some friction into your cancellation process] in the short-term does work, in the long term, it kills your business. It kills your reputation, it ruins the trust." - Robbie Kellman Baxter “Whatever it took to get you in there, it should take you out. If you can sign up any day of the week, any time of day, you shouldn't be required to cancel Tuesdays between two and four.” - Robbie Kellman Baxter “Where I come down on differentiated pricing or segmented pricing is if you can explain it to somebody. If your mother would be okay with being on the high end of that pricing and understanding why you're doing it, then I'm okay with it.” - Robbie Kellman Baxter   People / Resources Mentioned: SiriusXM: https://www.siriusxm.com/ Wells Fargo: https://www.wellsfargo.com/ Suzi Watford: https://www.linkedin.com/in/suzi-watford-18547817/ Dow Jones Wall Street Journal: https://en.wikipedia.org/wiki/Dow_Jones_%26_Company Booz Allen: https://www.boozallen.com/ Macy’s:https://www.macys.com JCPenney: https://www.jcpenney.com/ Netflix: https://www.netflix.com/   Connect with Robbie Kellman Baxter: Website: https://robbiekellmanbaxter.com/ LinkedIn: https://www.linkedin.com/in/robbiekellmanbaxter/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
5/8/202330 minutes, 48 seconds
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Blogcast: Ford Patents Feature with Negative Value

This is an Impact Pricing Blog published on March 30, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/ford-patents-feature-with-negative-value/ [powerpress] If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/5/20233 minutes, 5 seconds
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Pricing Table Topics: 6 of Clubs – Have Value Conversation with All Potential Clients

This one is the 6 of Clubs from the Selling Value card deck. First, let's talk about an analytical journey. These are those people who, once they realize they have a problem that they might want to go solve, they spend a bunch of time doing their own research, probably on the internet, figuring out what are the different options, where they might buy it, what are the price points? These are the most price sensitive buyers we can deal with. And yet, if we get an opportunity to talk to them as a salesperson would talk to a potential client, we could be sitting there saying, Hey, here's why our product is better than our competitor's product. But my recommendation would be to make sure we have the value conversation about the inherent value of solving the problem. If we have that conversation, it may be that the buyer didn't realize that there were a lot of other opportunities or a lot of other places where there's value if they buy a product like this. The person might begin to trust the salesperson more and say, Hey, this person's really looking out for my best interest. The buyer is more likely to buy because we're showing them more and more value. So, for a lot of different reasons, it makes sense for us to make sure that we're going back to, let's call it "first principles". We're going back to help our buyers understand what's the value of solving the problem. And in the meantime, we also need to talk about how we are differentiated and possibly better than competitive alternatives. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
5/3/20232 minutes, 30 seconds
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Revolutionize Your Pricing Strategy with 8D Problem-Solving Technique with JD Dillon

JD Dillon is the Chief Marketing Officer, Communications Leader, and Pricing Professional at Tigo Energy. In this episode, JD shares his 8D problem-solving technique that helps create a solid pricing strategy in place.   Why you have to check out today’s podcast: Understand what the 8D technique of problem solving is and where you can specifically apply it to Learn how to figure things out and find solutions logically rather than emotionally Discover about the 'Five Why' in verifying the root causes of a problem   "If you are in a situation where there's a price reduction, try to do two or three other things first." - JD Dillon   Topics Covered: 01:15 - How JD’s Pricing journey started 02:21 - Updates about T.J. Rodgers 03:23 - Overview of what the Eight-D problem-solving technique is all about 04:12 - How does a quality program relate to pricing? 05:32 - What goes on in D-Zero? 07:32 - Where do we ideally apply Eight-D to? [Showing a case study] 08:51 - D-One: What happens here? 10:24 - How do you go about D-Two? 12:36 - Action steps you need to do in D-Three 14:49 - Finding the root causes with D-Four and using the 'Five Why' technique 17:36 - How do you verify permanent corrective action in D-Five? 18:49 - Getting everything executed in D-Six 20:05 - Digging deeper into D-Five and [culture and internal processes] 20:58 - Preventing recurrence in D-Seven 22:48 - D-Eight: Congratulating the team 24:23 - How often do you perform the Eight-D process? 26:55 - JD's best pricing advice 28:25 - Connect with JD   Key Takeaways: "Pricing is the quality metric for revenue." - JD Dillon "If you do it right [Eight-D process], it builds into the DNA of the company. And after a few years you've improved your DNA continuously and quite a bit." - JD Dillon "What I described is a thought process, that's all. You can do it in a meeting with people that know what they're doing. I can do it with somebody who's worked for me in the past and we can quickly go through the process in 10 minutes about one small little issue and then move on." - JD Dillon   People/Resources Mentioned: Ted Levitt: https://en.wikipedia.org/wiki/Theodore_Levitt T.J. Rodgers: https://en.wikipedia.org/wiki/T._J._Rodgers   Connect with JD Dillon: LinkedIn: https://www.linkedin.com/in/jd-dillon/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]   
5/2/202329 minutes, 9 seconds
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Blogcast: Discrimination or Segmentation

This is an Impact Pricing Blog published on March 23, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/discrimination-or-segmentation/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/28/20233 minutes, 1 second
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Pricing Table Topics: 6 of Hearts – Maintain a Comprehensive Value Table

This one is the 6 of Hearts from the Selling Value card deck. I work with clients frequently about creating these value tables. And what we essentially do is we identify, what are the best features in the product? What problem does that feature solve for the client? What's a quantifiable result that client may expect? And then, what's the amount of profit that client may be able to get when they achieve that result?  In a way, you could think of this as an ROI calculator. But the problem is, you can't go in with an ROI calculator and tell a buyer, 'Hey, you're going to go make this much money if you buy my product.' They don't believe you.  In fact, if you use the document and everything that we put on there, it's probably not accurate for every single customer. In fact, it's probably not accurate for any customer.  So, our recommendation is always, when you've created the value table, think of it as a thought process, this is where the value could be. And now we go talk to a buyer. And we understand, do you have this problem? 'Oh, yeah.' What kind of result do you think you might expect? 'Oh, let's see if we can figure out the profit to your company if you achieve that result.'  We use this as a map, as a document to help us understand where we're going, but we don't use the document to say these are the facts for any given client. So, we want to use the information, not the details of the document. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/26/20232 minutes, 31 seconds
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How Subscription Business Model is Revolutionizing Pricing with Joe Woodard

As the founder and CEO, Joe Woodard empowers small business advisors to transform small businesses. He works toward this vision as the host of the annual Scaling New Heights conference, the host of Woodard Alliance, the head of Woodard Institute and various speaking and writing engagements he performs throughout the accounting and bookkeeping professions. In this episode, Joe discusses how to design a subscription pricing model that prioritizes building strong relationships with clients, empowering them, and generating a long-term impact on their businesses. This approach also helps increase the lifetime value of clients.   Why you have to check out today’s podcast: Get an in-depth discussion on pricing result versus pricing transaction Understand how charging relationships works in a subscription pricing model Uncover how to price human connections that go beyond financial reasons   "Be bold with pricing. You are worth more than you think you are, and definitely more than your clients think you are." - Joe Woodard   Topics Covered: 01:29 - Talks about getting differentiated from the rest with his degree in classical Greek 03:37 - How his career path ended in Pricing 04:25 - What is so significant about the subscription business model? 06:16 - How do you price a relationship? 10:08 - Going in-depth into pricing for a relationship 13:40 - Measuring the service-provider-client relationship 15:12 - Going beyond financial outcomes when measuring the economics of relationship 16:25 - Discussions around Mark's objections: 'I don't see how you price for it [relationship] 17:02 - Pricing human connection that transcends economics 20:57 - The danger about price segmentation in relation to pricing relationship 22:03 - Pricing segmentation's end-goal in a subscription model 23:38 - Healthy subscription versus toxic subscription 25:48 - Driving customer lifetime value plus creating experiences for engagement 27:43 - Joe’s pricing advice 29:19 - Connect with Joe   Key Takeaways: “We're intensely focused on the customer's outcome, and our outcomes become a means to that outcome. And therefore, we are pricing the relationship we have with the client because it's about the outcomes we're driving in that relationship.” - Joe Woodard “I am delivering, within the context of a relationship, value. And part of that is, I’m giving you attention at the individual level. Not a newsletter, not cookie cutter answers. There's something where you're individually being touched.” - Joe Woodard “Relationship economics is about the business outcomes or the business benefits that are gained by being in a relationship.” - Joe Woodard “The intensity of the relationships increases based on the value that you've added in the amount of attention that you're able to give.” - Joe Woodard   People / Resources Mentioned: Ron Baker: https://impactpricing.com/podcast/ep44-ronald-j-baker-trash-the-timesheet-exploring-opportunities-in-subscription-businesses/   Connect with Joe Woodard: LinkedIn: https://www.linkedin.com/in/quickbooksadvisor/ Website: https://www.woodard.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
4/24/202330 minutes, 15 seconds
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Blogcast: Interesting Starlink Price Changes

This is an Impact Pricing Blog published on March 16, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/interesting-starlink-price-changes/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/21/20234 minutes, 28 seconds
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Pricing Table Topics: 6 of Spades – Make It Simple for Buyers to Decide

This one is the 6 of Spades from the Selling Value card deck. Make it simple for buyers to decide. One of my favorite sayings is, “A confused buyer won't buy.” If you think about it, we're all afraid to make mistakes. We don't want to make mistakes. And the more difficult we make the decision, the more likely somebody thinks, a buyer thinks, they might make a mistake. We want to make the decision really simple, really clear, really obvious, so that our buyers don't think they're making a mistake. There are two techniques that are really common in simplifying this decision process. One is Good-Better-Best. If you have a complex price list, a complex set of options, buyers get confused. They really don't want to make that decision. They don't want to make a mistake. But if you can simplify the decision into a good-better-best offering, it's so much easier for buyers to make that decision, and they're so much more likely to make it. Another place we often see the simple decision for buyers is called The Decoy Effect. This is a psychological aspect in pricing. But a decoy effect is essentially good-better-best, but it's where you make the better price and the best price really, really close to each other. And so, buyers look at that and it's easy to make a decision between best and better because it's a slight, or maybe even no price increase, and they get a lot more. And so, yeah, I can choose best over better. And once they know they can make an easy decision, they feel like they're not going to make a mistake. So the rule here, make it simple for buyers to decide. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/19/20232 minutes, 42 seconds
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Hybrid Pricing and Pricing with AI with Steven Forth

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business designed to help companies create and capture value. Steven is what I consider one of the great pricing thinkers in our industry. In this episode, Steven enlightens us about hybrid pricing models and explains why we should adopt it. He also shares why pricing people need to change the way they see AI along with the work they do in pricing.   Why you have to check out today’s podcast: Understand one of the unstated rules of pricing that talks about pricing power along with insights into future risk Find out how artificial intelligence (AI) can help address concerns regarding the connection between pricing and predictability, and why pricing people should change how they see AI in line with pricing Discover the reason on why most of us need to adopt hybrid pricing models and why the two pricing metrics in that should be independent of each other   “Most of us need to adopt hybrid pricing models, and the two pricing metrics should be independent of each other. If the two pricing metrics track each other closely, why bother having a hybrid pricing model? You need two metrics that are relatively independent of each other, and that will give you the flexibility you need to respond in a difficult economic environment.” – Steven Forth   Topics Covered: 00:42 – Steven’s insights on what a hybrid pricing model looks like 02:30 – Issues on pricing model that applies credits/tokens to usage 04:44 – Predictability; whoever has the best insight into future risk has the greatest pricing power 09:37 – Pricing people vs. the recent trend: AI and how it sets prices 12:02 – The Achilles heel of value-based pricing, and the hybrid pricing practice in companies 18:09 – What real value-based pricing is about 20:52 – An optimal pricing model if you want to combine two metrics 24:31 – Confused buyers don’t buy and renew 27:18 – Three reasons why calculators don’t expose their logic 28:42 – Steven’s pricing advice 29:42 – Connect with Steven   Key Takeaways: “If you have enough data, you can actually get pretty good at predicting future usage.” – Steven Forth “One of the unstated rules of pricing is that whoever has the best insight into future risk has the greatest pricing power. The better we get at prediction, the more accurate we can get at pricing, and the question then becomes, who has the data to make those predictions? And I think in many cases, it's actually the vendor who has better access to data.” – Steven Forth “This whole question of predictability and pricing is going to be a key question for pricing over the next three to five years, and the artificial intelligences are going to help us to answer that question much better than we've ever been able to answer it before.” – Steven Forth “If you're optimizing value for the customer, you're optimizing the amount that they're willing to pay you, so if you just do it to optimize revenue, you'll end up shooting yourself in the foot because you'll trigger that negative feedback loop.” – Steven Forth   Connect with Steven Forth: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stevenforth/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
4/17/202328 minutes, 13 seconds
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Blogcast: Pricing Professionals have “Trained Incapacity”

This is an Impact Pricing Blog published on March 8, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-professionals-have-trained-incapacity/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/14/20233 minutes, 27 seconds
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Pricing Table Topics: 7 of Diamonds – Mindset Shift from Expense to Investing

This one is the 7 of Diamonds from the Selling Value card deck. So, when you talk to your buyers about value, they do shift the way they think from spending on an expense toward investing. Because typically when you or anyone is shopping for something, we're thinking, how much do I have to pay and what are the features that I'm going to get? And we stop thinking about the value of what it is that we're buying. And if we have the opportunity to help our buyers understand, hey, when you go solve this problem, what's the value of solving that problem? So maybe, yeah, you're going to pay me a lot of money, but think about all the money you're going to make in additional profit because of the fact that you bought an implemented and used my product. And if we can get them focused on the value, they become a little bit less price sensitive and they trust us and like us even more. So, my recommendation is, talk about value way more than we talk about features and price. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact. Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/12/20232 minutes, 6 seconds
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Why It's Worth Paying for Pricing Consultants with Dick Sobel

Dick Sobel was with Emerson for 21 years where he mostly worked on pricing roles. Currently, he is the managing director of PricePoint Partners, a company that helps clients achieve significant gains in price realization and profitability with salesforce implementation utilizing cloud-based Acuity Margin Management BI software. In this episode, Dick talks about the work they do at PricePoint Partners as he points out the importance of assessment and consulting in coming up with optimal solutions to clients’ problems. He also touched on the topic of AI interference in the pricing world.   Why you have to check out today’s podcast: Learn the work that PricePoint Partners does, the range of clients they serve, and how they could help your company in pricing Find out why you can’t rely on AI alone in doing prices and why AI can do better in B2C than in B2B Find out why today is the best time to raise your prices   “Inflation's persistence is here to stay for a long time. And if you're not doing something right now, you are really missing out.” – Dick Sobel   Topics Covered: 01:49 – How Dick got into pricing 04:40 – How Emerson did pricing before, and how they moved to value pricing as time went by 06:50 – The work that PricePoint Partners does, and the range of clients that they support 08:21 – Is PricePoint Partners a software company, or a consulting company? 10:23 – What prompts companies to focus on pricing 13:19 – Does PricePoint Partners charge for assessment? 14:58 – Why assessment is an essential part in consulting, and why you should definitely pay for it 17:25 – Why you should be careful in using AI, and why pricing people and clients are still more comfortable  22:02 – Dick’s pricing advice 23:32 – Connect with Dick Sobel   Key Takeaways: “Somebody has to be in charge somewhere that can at least gather the crew together and make it [changes in pricing strategy] happen.” – Dick Sobel “At least for the people that I deal with, I don't feel comfortable having or I don't think they're even comfortable in having black box artificial intelligent price recommendations where “Okay, here's the price you should charge for this product, for this SKU”. And it's given to the salespeople arbitrarily. There's got to be this human interface still. And so, yeah, you can look at it, but be careful.” – Dick Sobel “This idea of “Well, you know, we're just going to try to hold the line”, you keep doing that, you won't have a business.” – Dick Sobel   People / Resources Mentioned: Emerson: https://www.emerson.com/en-us/global PricePoint Partners: https://pricepointpartners.com/ Resilience Capital: https://resiliencecapital.com/ Salesforce: https://www.salesforce.com/ap/ Vendavo: https://www.vendavo.com/   Connect with Dick Sobel: LinkedIn: https://www.linkedin.com/in/richardsobel/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
4/10/202324 minutes, 36 seconds
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Blogcast: Wow! A Price Decrease

This is an Impact Pricing Blog published on March 1, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/wow-a-price-decrease/ [powerpress] If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/7/20233 minutes, 31 seconds
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Pricing Table Topics: 7 of Clubs – Help the Buyer Understand the Value of Solving their Problem

This one is the 7 of Clubs from the Selling Value card deck. Anytime you're in a sales situation, we think to ourselves, Hey, we need to be selling against our competition. We need to point out why we're better than our competitors.  Yeah, and maybe we do. I'm not going to say we don't need to do that.  However, if we take the time to help the buyer understand, what's the underlying problem they're truly trying to solve? What's the value of solving that problem? And how it is that we help them solve that problem? It builds trust. They start to know that we understand their situation, we understand their problem. They believe that we'll be better at solving it simply because we've expressed the fact that we understood it.  Oh, and when we help them build the business case, they are grateful because they need this information to help sell up inside their organization anyway. Because no one's going to buy something unless they know that it's going to help them make more money. And so, we need to help our buyers create that business case.  So, it really is imperative that even if you know you're going to have competition, take the time to help your buyers understand the value of solving the problem. Not just focusing on why we're better. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact. Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
4/5/20232 minutes, 23 seconds
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How Machine Learning and AI Can Help You Make Efficient Pricing Decisions with Alex Galkin

Alex Galkin is the Co-Founder and CEO of Competera, a pricing optimization SaaS company converting technologies into ready-to-use products for enterprise retailers worldwide. Alex has been a mentor at his startups for several years, and he’s a Ukrainian who left four days before the war started. In this episode, Alex helps us understand the pricing and ML work that they do at Competera as he talks about the three models they always put into use.   Why you have to check out today’s podcast: Understand why you should treat pricing as a process Find out how Competera helps their clients in making pricing decisions Discover three models that Competera puts into use as MLs look for reasonable factors to make a price adjustment   “Pricing is a process, and you need to continuously improve as any other process in your organization.” – Alex Galkin   Topics Covered: 01:04 – How Alex got into pricing 03:07 – The work that Competera does in relation to pricing, and how they do it 08:28 – Using ML-driven price recommendations: Competera creating a ‘gray box’ 12:35 – Talking about the portfolio-wide pricing/portfolio optimization 14:12 – An ML example of the decoy effect 17:20 – Alex explains how their smart product segmentation works; a product bringing more people in the store 23:09 – Alex’s pricing advice 23:49 – Connect with Alex     Key Takeaways: “ML is not a human. He’s not trying to play with the price; he's changing only if he sees the reasonable factor to make this price adjustment.” – Alex Galkin   People / Resources Mentioned: Competera: https://competera.net/   Connect with Alex Galkin: Email: [email protected] LinkedIn: https://www.linkedin.com/in/alexandrgalkin/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]  
4/3/202324 minutes, 54 seconds
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Pricing Table Topics: 7 of Hearts – Value Propositions Are General, Selling Value Is Specific

This one is the 7 of Hearts from the Selling Value card deck. It is true, value propositions really are awesome. Marketing teams, companies, sit around to try to figure out, what's the value proposition of this product? And it turns out that we can often come up with something that's pretty good, pretty general. It essentially is the solution to a problem that most people have, and we think of that as the value proposition. But the thing is, the value proposition isn't specific enough. Anytime you go to an individual customer, or an individual buyer, they've got different problems. Maybe our value proposition caught their attention, got them to come talk to us. But in the end, we need to understand, what are the specific problems that that buyer has? What's the result that that buyer's looking to achieve? And then help them figure out, what's the business case for that? How much value, or additional profit, will they make because they're solving those specific problems? So, I love value propositions. They're just not magic words that are enough to get people to buy. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/31/20232 minutes, 8 seconds
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Blogcast: Lessons from the Library

This is an Impact Pricing Blog published on February 22, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/lessons-from-the-library/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/29/20233 minutes, 35 seconds
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Value Bread Blues? How to Announce Price Increases with Casey Brown

Casey Brown is the President of Boost Pricing, and she has been since 2011. She started her career as a Chemical Engineer at GE, and she's been in pricing for almost 20 years now. Casey loves whitewater kayaking, and she's a big Buckeye fan. In this episode, Casey explains how important it is for sellers to connect with the emotional component of the buyer/s as she shares her knowledge on how to substantially increase your ability to earn higher prices.   Why you have to check out today’s podcast: Learn how crucial the seller’s mindset and beliefs are to the business’ profitability, especially as to whether they’re operating from a place of confidence or fear Find out why you should not put the blame on cost increases when doing a price increase Understand the power of taking into consideration the emotional component, like selling value through the language, mind, and heart of your customer   “I have yet to find, even in this current economic climate, a company that doesn't have some pricing opportunity, and I would just ask everyone to keep looking for it. It's there.”  – Casey Brown   Topics Covered: 01:33 – How Casey got into pricing 04:54 – Mark to Casey: Why don’t I know you? Why have I never seen you before? 07:00 – The biggest problem in sales being the lack of recognition that there’s a problem 09:33 – Is Casey trying to compete with people who are doing sales training and education? Both yes and no 11:33 – An exchange of Mark’s and Casey’s magic formulas in communicating price increases 15:05 – More about blaming costs and cost-plus pricing 18:02 – Teaching salespeople how to properly sell value 20:40 – Convincing Mark that the emotional component is as important in B2B as it is in B2C 29:17 – Casey’s pricing advice 30:08 – Connect with Casey Brown   Key Takeaways: “Our entire profession – we are the best kept secret in business. And frankly, if more people understood how impactful pricing is to the profitability and how easy it is to pull that lever, there'd be a lot more of us.” – Casey Brown “It does not occur to most people that the biggest opportunity to make a huge improvement in your pricing performance very quickly is not necessarily to fix your strategy, but instead to help the team understand the skill set and mindset gaps that your team has.” – Casey Brown “Connecting with the emotional component of the buyer is not just a consumer phenomenon.” – Casey Brown   People / Resources Mentioned: Pricing with Confidence (Reed Holden’s book): https://www.amazon.com/Pricing-Confidence-Leaving-Money-Table/dp/0470197579   Connect with Casey Brown: LinkedIn: https://www.linkedin.com/in/caseybrownboost/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
3/27/202331 minutes, 15 seconds
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Pricing Table Topics: 7 of Spades – The Biggest Opportunity to Influence a Sale

This one is the 7 of Spades from the Selling Value card deck. It is true that when a buyer's asking for help justifying a purchase, this is the ultimate opportunity to influence that sale. Let's take a step back for just a minute and think about what a customer is going through. And if you ever have the opportunity to help a buyer understand their underlying problems, what's the value of solving those problems, you've become a trusted advisor. You've become someone that this company, this person, looks to for real information so they can make smart decisions. Now, this is a very different decision process than, how is your product better than somebody else's product? Instead, they've brought you in to help create the business case. What a great position. And if we go to the table that I have in the Selling Value book, you'll find that this is the beginning of the trust or the relationship journey. Where they say to you, would you please help me answer, is this a good place for me to spend my money? Is this a good place for my budget? And if we can help them with that, not only have we helped them solve a problem they're trying to solve, but we've built that trust and credibility in their eyes that no competitor could ever catch up to. So absolutely, this is the biggest opportunity you have to influence that sale. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/    
3/24/20232 minutes, 40 seconds
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Blogcast: AMC Changes Pricing, FINALLY

This is an Impact Pricing Blog published on February 15, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/amc-changes-pricing-finally/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/22/20233 minutes, 16 seconds
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Agile Pricing: Why it Matters, Solving Usage-Based Pricing Challenges with Griff Parry

Griff Parry is the Founder and CEO of m3ter where he helps make it easy for SaaS companies to intelligently deploy and manage usage-based pricing. He's led AWS’ go-to market strategy for games and gambling in EMEA, and his background includes entertainment at Sky TV and accounting at Ernst & Young. Griff was an extra in the movie “First Night” around 1993. In this episode, Griff shares the work that they do at m3ter in helping customers deploy and manage usage-based pricing. He also discusses common pricing challenges, especially on doing a price change, emphasizing the importance of agility and transformation.   Why you have to checkout today’s podcast: Understand the importance of having the agility to change pricing models quickly and in different situations, especially as to why pricing is not a one-and-done thing Discover how m3ter helps SaaS companies make it easy to deploy and manage usage-based pricing Find out in which circumstance usage-based pricing works best as you learn about different pricing philosophies   “Particularly in these market conditions, I would suggest that you set yourself up so that you can customize pricing by customer, or do more of that. There is a lot of money you'll be leaving on the table if you have a one-size-fits-all pricing strategy.”  – Griff Parry   Topics Covered: 01:49 – How Griff got into pricing 03:05 – What m3ter aims to solve in relation to usage-based pricing 05:06 – Delivering agility to the customers (why pricing is not a one-and-done thing) 08:57 – How m3ter helps customers find the right pricing model for the right situation 11:30 – Circumstances wherein you’d want to use usage-based pricing 14:45 – Pricing is an exchange of value between you and your customers 16:09 – Bill for overage over cap vs. renegotiate next year (tips on do’s and don’ts) 20:02 – Platform versus solution pricing (pricing philosophy of AWS and m3ter) 30:59 – Griff’s pricing advice 33:05 – Connect with Griff   Key Takeaways: “Pricing is complicated; it involves lots of people. You need to bring them together so that they can plan and deploy those changes.” – Griff Parry “Pricing is very definitely not one-and-done.” – Griff Parry “To work out what you want to price, you have to look at what's going on at the moment. You have to have ready access to data about what people are consuming and how they respond to pricing changes.” – Griff Parry “Pricing is an exchange of value between you and your customers. If they understand that they should pay more because they're using more or getting more value, that's fantastic; that's great for both parties.” – Griff Parry   People / Resources Mentioned: m3ter: https://www.m3ter.com   Connect with Griff Parry: Email: [email protected] LinkedIn: https://www.linkedin.com/in/griffinparry/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
3/20/202334 minutes, 14 seconds
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Blogcast: A Price Signaling Example?

This is an Impact Pricing Blog published on February 8, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/a-price-signaling-example/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/17/20233 minutes, 22 seconds
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Pricing Table Topics: 8 of Diamonds – Some Buyers Only Consider One Alternative Even in Competitive Markets

This one is the 8 of Diamonds from the Selling Value card deck. Let's say that you are in a marketplace where people almost always decide between your product and competitor's products. Gee, could I think of some? How about an automobile, right? You happen to be the Audi dealer and somebody is, somebody just crashed their car and we think they're going to walk into our Audi dealership. In our mind we're thinking, Hey, they're not only looking at us, but they're also looking at BMW or Mercedes or Lexus or Porsche, right? There's lots of different places where they might be go looking at my competitive alternatives. And so as a salesperson, I might be thinking, Ohh, I've got to sell against all of these other problems, or all of these other competitive alternatives. On the other hand, it is very possible that somebody walks into our showroom and isn't going to consider a competitive alternative. They walk into our showroom because somebody told them that we are the best product, we're the best dealership, and they should go buy a product from us. And they're not even going to go look at somebody else. Or maybe they walked into our showroom because they've owned three Audis in the past. They're an Audi loyalist. And they're going to come in and buy another Audi from us because that's what they drive. That's who they identify as.  There are lots of reasons why people might choose to just buy your product. What we want to do is think about, what are those different situations? What are those different mindsets where people might just be looking at our product and not a competitive alternative? And the reason this is so important is because when we can recognize those reasons, we don't have to give big discounts. People are going to buy from us because we solve their problem, not because we're cheaper than a competitor.  We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/15/20233 minutes, 1 second
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Brand Value for Big Sales: Insights from Satish Dharmarajan

Satish Dharmarajan is the Director of Pricing and Business Intelligence at Orkin, He is an Advisory Board Member at the University of Tennessee at Chattanooga, and has held analytics roles at Home Depot, Walgreens, and Whirlpool. Satish also acts in short films. In this episode, Satish educates us on differentiating products/services from competitors of similar offerings as he stresses the importance of understanding the buyer’s journey along with the core problem that they want to solve.   Why you have to checkout today’s podcast: Learn the importance of knowing what the buyer's journey is and what state they are in as they come in to buy a product Find out how brands differentiate themselves from competitors when they all offer the same products/services Understand how customer-perceived value helps brands sell well even with competitors   “If you know your customer, you can price it right. If you know what they're looking for, you can have them pay what you want them to pay for your product or service.”  – Satish Dharmarajan   Topics Covered: 01:50 – How Satish got into pricing 04:29 – Talking about getting to that ‘big place’ and the process that it involves in order to reach that 07:08 – The importance of knowing what the customer is specifically looking to solve 11:39 – Mark’s pigeon problem 12:40 – How brands differentiate themselves from competitors when they all offer the same products/services 17:54 – How customers choose where to buy between brands, and how pricing and packaging people should respond 20:59 – Appliance pricing at Home Depot; how customers care about price changes 23:34 – Looking at and analyzing competition; the importance of customer-perceived value 26:26 – Satish’s pricing advice 26:59 – Connect with Satish   Key Takeaways: “That's basics of customer service, which is not too different if you were in the cellphone business, if you were in the internet business, or if you are doing anything else, selling anything else online. You would want to know what specifically that customer is looking to solve for.” – Satish Dharmarajan “The way your products are arranged next to each other, could be used as a leverage for selling the same products at a different price point.” – Satish Dharmarajan “As pricing professionals, you need to figure out what's the bare minimum, such that you can make sure that even the person who is coming in to replace a refrigerator is going to be willing to pay. But at the same time, it's not at a giveaway price where you're not making enough margins from the other consumers.” – Satish Dharmarajan   People / Resources Mentioned: Orkin: https://www.orkin.com/   Connect with Satish Dharmarajan: LinkedIn: https://www.linkedin.com/in/satishdrajan/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
3/13/202328 minutes, 51 seconds
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Blogcast: Evaluating a Pricing Strategy

This is an Impact Pricing Blog published on February 1, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/evaluating-a-pricing-strategy/ [powerpress] If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/10/20233 minutes, 9 seconds
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Pricing Table Topics: 8 of Clubs – Buyers Who Buy without Considering Competitive Alternatives

This one is the 8 of Clubs from the Selling Value card deck. Okay. You're wondering to yourself, do buyers ever not consider competitive alternatives? And the answer is, absolutely yes!  Some easy consumer examples. When you buy popcorn at the movie theater, you couldn't buy popcorn anywhere else. Therefore, you didn't consider a competitive alternative. You just said, am I going to buy popcorn here or not? And that's why they get away with charging really high prices for popcorn.  What about last gas for 75 miles, when you're in the middle of nowhere and you only have an eighth of a tank of gas left? Are you going to buy gas at that gas station that's four times the price? Heck, yes you are! And that's because they know you didn't consider a competitive alternative. There wasn't one to consider at the time.  Our job as salespeople should be to try to find different customers and recognize whether they're going to be looking at, or talking to, competitive alternatives.  For example, if someone was referred to you, they're probably not going to go talk to a competitive alternative. They might, but they might not. So let's treat them as though they won't. What if someone's buying an add-on to a current product they have that you've sold to them? They're probably only buying it from you.  What if they're using your subscriptions and are they going to buy the upgraded package or are they even going to pay you this month for the subscription that they bought a few months ago? In each one of those decisions, they're just deciding, am I going to buy from you? But they're not saying, should I switch? Should I look at competitive alternatives?  There are lots of situations, and product types, where buyers don't look at competitive alternatives. We should be focusing on finding those buyers and making sure we're not discounting, or if we have the opportunity, consider raising the price a little bit. I can almost guarantee you they won't make a different decision.  We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/8/20233 minutes, 10 seconds
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The Secret to Selling Solutions, Not Just Product Features with Johnny Cheng

Johnny Cheng is the Senior Director of Pricing and Packaging at ClickUp. He was the Senior Director of Pricing and Packaging at Coupa Software, and has years of experience in Product Marketing through various companies. In this episode, Johnny shares his knowledge and experience on product marketing and product management as he educates us on the benefits of solution pricing, especially as to how a lens test helps on creating packages.   Why you have to checkout today’s podcast: Find out what crucial perspective companies miss when pricing sits in finance Learn about the benefits of having solution pricing, as well as to how you can sell value instead of features Discover a packaging system that incredibly works, both for the customers and the company   “Go do the lens test. Even if your packaging is already set, I would go back and do that exercise. I feel like if you do it across different teams, you'll be very surprised at what you see.”  – Johnny Cheng   Topics Covered: 01:05 – How Johnny got into pricing 01:50 – Comparing the role of product management with product marketing 05:46 – Does pricing ever exist without packaging or are the two just so tightly connected? 08:33 – Johnny as a strong believer of having solution pricing 12:18 – Johnny vs. Mark on good, better, best 15:16 – The system Johnny uses to decide which features goes in which package 20:58 – Tips and tools that can help you sell value instead of features 26:56 – Salespeople discounting too much because they don’t sell the value of the product 28:47 – Johnny’s pricing advice 30:05 – Connect with Johnny   Key Takeaways: “I'm seeing more and more in product marketing just exactly to your point. It's more customer driven, it's more go-to market driven, it's more value driven. And so, if you sit in product management, every feature you release is the best feature ever, right? But product marketing really understands the value and how to apply to certain customers, what the use cases are, what the different profiles are and how you monetize that, and I feel like you kind of lose that lens sitting in the product management side.” – Johnny Cheng “Once you have kind of that product marketing angle, that's where the magic happens, right? Because that feature could be worth $1 to this one segment and $10 to this other segment. You would never know unless you actually go find out what their pain points are, find out what their needs are.” – Johnny Cheng   People / Resources Mentioned: ClickUp: https://clickup.com/ Marketo: https://business.adobe.com/products/marketo/adobe-marketo.html Gainsight: https://www.gainsight.com/ Coupa: https://www.coupa.com/ Selling Value: https://selling-value.com/ Zoom: https://zoom.us/   Connect with Johnny Cheng: LinkedIn: https://www.linkedin.com/in/jdcheng/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
3/6/202331 minutes, 9 seconds
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Blogcast: Transitioning to Selling Subscriptions

This is an Impact Pricing Blog published on January 25, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/transitioning-to-selling-subscriptions/ [powerpress] If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
3/3/20233 minutes, 16 seconds
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Pricing Table Topics: 8 of Hearts – Buyer Wants Help with a Business Case

This one is the 8 of Hearts from the Selling Value card deck. Oh, my gosh! If a buyer ever asked me to help them with a business case, I'm inside quietly jumping up and down rejoicing because they're asking me to do what I would like to be doing with them anyway. So, instead of me walking them through and convincing them that this is an important thing that they really want to know the answer to, they asked me. Oh, my gosh! And so, if they've asked me for help with a business case, what they're really asking for is, how do I convince my executives that we should be spending money on this problem? Or a better way to say that is, how do I document the value of solving these problems? How much additional profit are we going to make because we spend money to solve these problems? That is such a phenomenal place to be because inherent value, the value of solving the problems, is the piece of the puzzle that we as salespeople so rarely spend a lot of time on, and yet we should. Because not only does it help our buyer when they're trying to sell it internally, it helps them when they're trying to justify the pricing or spending the money on solving this problem. But it also helps us build a relationship with our client because we're demonstrating to them, we understand their problems. So, absolutely, if someone asks us to help them with the business case, don't look at that as a chore. Look at that as a golden opportunity because they just asked us to do what we really should be doing with them anyway. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
3/1/20232 minutes, 52 seconds
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Pricing to Scale: 4-Step Strategic Framework for Business Success with Ajit Ghuman

Ajit Ghuman is the Director of Product Management, Pricing, Packaging, and Customer Experience at Twilio. He is the author of the book Price to Scale. He’s had Director of Product Marketing title at several companies, and he added pricing to his title in 2019. Ajit is fascinated by ancient mysteries. In this episode, Ajit educates us on pricing and packaging as he shares why he’s passionate when it comes to changing the monetization stack, especially on companies being able to change pricing strategies a lot quicker than today.   Why you have to checkout today’s podcast: Learn how pricing can done through a four-step framework; Find out how to create a pricing system that can work well with all strategies; and Understand why it’s an advantage to be able to change pricing strategies quickly   “I think of pricing in a four-step framework. The four steps are packaging, pricing metric, tariff structure, and then price point.” – Ajit Ghuman   Topics Covered: 01:44 – How Ajit got into pricing 03:09 – Ajit talks about his book, Price to Scale, sharing the reason behind writing it and its key concept 04:40 – Backstory as to why Ajit wants to change the monetization stack 08:12 – Why the term quote to cash doesn’t bother Mark vs. how Ajit sees it 11:01 – We need better systems to let the strategy come to life 13:16 – How to create a code to cash (pricing) system that can work well with all pricing strategies 16:33 – Do companies do this practice in pricing? 18:30 – Talking about companies not monitoring usage of their product 19:59 – How often should companies tweak their packaging? 23:08 – How Ajit and Mark decide what feature goes into what package 25:31 – Why Ajit is a bit averse to good, better, best 29:40 – Ajit’s pricing advice 30:35 – Connect with Ajit   Key Takeaways: “You have the best pricing strategy in the world, let’s say you hire Mark Stiving to help you with your pricing, and you have the best thing on paper, but your systems don't let you operationalize it, so you're stuck in the water. That's what I'm saying. We need better systems to let the strategy come to life.” – Ajit Ghuman “You're not going to have people write code all the time to do this. Otherwise, your main product will suffer. So just like you used to spend money on product analytics in the past or some other piece of core technology, I think there is a realization companies are having now, like somebody needs to build best practice products that do these things so that we can hook up into their APIs or their SDK and just do it.” – Ajit Ghuman   People / Resources Mentioned: Price to Scale: https://ajitghuman.com/pricing-book/ Code to Cash podcast: www.codeto.cash/author/ajitpal/ Dor Sasson: https://www.linkedin.com/in/datapm/   Connect with Ajit Ghuman: LinkedIn: https://www.linkedin.com/in/ajitpalghuman/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
2/27/202330 minutes, 44 seconds
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Blogcast: Another Ridiculous Fee

This is an Impact Pricing Blog published on January 18, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/another-ridiculous-fee/ [powerpress] If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
2/24/20232 minutes, 23 seconds
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Pricing Table Topics: 8 of Spades – Buyers on a Trust Journey are Not Price Sensitive

This one is the 8 of Spades from the Selling Value card deck.  When buyers are making a 'will I' decision, they're trying to decide, should I spend money to go solve this problem or not? Oftentimes, when they're making a 'will I' decision, they've got some problem that has boiled up, that's become an important problem, and they say, "Hey, maybe I'm gonna go consider buying a replacement, a solution, something to solve this specific problem for me."  If you are in B2B sales, what your job needs to be at this moment is, what is the basic problem your buyer is trying to solve? Once we understand that problem, we can help them figure out what's the value of solving that problem.  What this really means is, can we do an ROI calculation? At least the R part of an ROI calculation. Can we help the buyer figure out how much more profit will they make because they buy our product? This is called inherent value.  Inherent value is what's the value of solving the problem, and it has nothing to do with, what's the value of your product relative to your competitor's products. We want to be thinking and helping our buyers think, what's the value of solving the problem?  As salespeople, we always want to be thinking, what's the decision a buyer is making right now? What's the information that buyer needs to help make that decision? And when they're making the 'will I' decision, what they're trying to decide is, is this problem worth me spending my money to go solve? That's why we help them with the inherent value.  We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you wanna get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert.  If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
2/22/20232 minutes, 48 seconds
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Pricing and Packaging: The Ultimate Guide in Getting Your Price Right with Dan Balcauski

Dan Balcauski was a program leader for Northwestern University, where he also went to school seven years prior. He is the founder and Chief Pricing Officer of Product Tranquility, a company that helps high volume B2B SaaS CEOs define pricing and packaging for new and existing products. In this episode, Dan talks about pricing and packaging and how he applies its principles in helping B2B SaaS companies.   Why you have to check out today’s podcast: Learn about the similarities and differences of pricing model and pricing metrics Discover the fundamental principles of how to decide which features to put on which packages Understand why there is no such thing as absolute and optimal pricing  “You don't really have a choice of whether you will have a pricing conversation with your customer. The only decision you get to make is when you're going to have that conversation. So I recommend having it as soon as possible.”  – Dan Balcauski   Topics Covered: 01:13 – How Dan got the title “Chief Pricing Officer” 02:04 – The work that Product Tranquility does 02:16 – Dan’s thoughts on packaging 04:31 – How Dan defines pricing metrics and pricing model 10:24 – How Dan decides which features go to which packages 16:50 – Dan’s thoughts on good, better, best packaging 18:51 – How to decide if a specific feature shall go to good, better, or best packages 21:21 – How you should name your packages if you want to call them other than “good, better, and best” packages 23:24 – Dan’s favorite thing to share people about pricing and packaging 26:08 – Do product managers use the word “value” the same way that pricing people do? 28:27 – Dan’s pricing advice 29:58 – Connect with Dan Balcauski   Key Takeaways: “When it comes to, especially SaaS pricing, most executives think that what you charge determines your success. In fact, who and how you charge determines your success. And the packaging is a huge element of how you charge. It really helps tell and align your value story so your sales and go-to market teams can really get your message across of the differentiated value that you bring.” – Dan Balcauski “In general, the principle by which I look at this through, is that your bundles, offer configurations, and packages, in Mark's terms, should align to a particular customer segment.” – Dan Balcauski “If we understand at a deep level what our customer segments need, what their constraints are, what they value, then we can make that decision much easier for them, which increases our sales velocity, reduces our customer acquisition costs, et cetera.” – Dan Balcauski “If we don't understand the customer we're going after, the problems they have, the outcomes they want, the constraints that they face upfront, the rest of the conversation gets very muddled.” – Dan Balcauski “There's the right price for the right moment in time for your stage of company, for the life cycle of your industry, for your competitive environment. But you're going to learn, you're going to get better.” – Dan Balcauski   Connect with Dan Balcauski: LinkedIn: https://www.linkedin.com/in/balcauski/ Website: https://www.producttranquility.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
2/20/202331 minutes, 31 seconds
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Blogcast: What “Pricing” Can Teach Sales

This is an Impact Pricing Blog published on January 11, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/what-pricing-can-teach-sales/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
2/17/20233 minutes, 22 seconds
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Pricing Table Topics: 9 of Diamonds – Buyers on a Trust Journey are Not Price Sensitive

This one is the 9 of Diamonds from the Selling Value card deck.  Let's start with, what is a trust journey? A trust journey is when a buyer comes to you, you're the salesperson, a buyer comes to you and asks you for help figuring out what they need to buy, and they never go look at a competitive alternative.  Your job, when they come talk to you, is to talk about, what's the value of solving the problem? What's the best solution to the problem? And importantly, you never ever mention a competitor. As far as your concerned competition doesn't even exist.  When you can recognize that a buyer is going to buy from you without having looked at competitive alternatives, let me assure you, that buyer is not price sensitive. They're looking at, "Ooh, I've got to get this problem solved." They're not out spending their time trying to figure out, where do I get the best bang for the buck? That doesn't mean that we're going to gouge them, but it surely means that we don't have to give them deep discounts.  How do you know if a buyer is on a trust journey or the relationship journey we talked about last week? The best question I've found to ask is, "If you don't buy this, what will you do?"  We didn't imply there was competition. In fact, we implied there wasn't competition. And if they say, "Well, if I don't buy it, I'm going to go look at your competitor," then you know that competition is in the decision process.  But if they say, "I don't know, or nothing," you know competition is not in the decision process. In which case they are not price sensitive. Don't give a big discount.  We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/15/20232 minutes, 49 seconds
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Pricing Data Analytics: The Hows and Whys with Armin Kakas

Armin Kakas is an expert in analytics, having lots of education in statistics, machine learning and A.I. He has an MBA, and he was a former VP of analytics at American Tire Distributors. He is also the founder of Revology Analytics, a revenue growth analytics consulting company.  In this episode, Armin talks about data analytics and its crucial role in pricing and in businesses as a whole.   Why you have to check out today’s podcast: Learn the importance of gathering and understanding data both in B2B and B2C setups Find out why pricing and price adjustments must be base on data and customer feedback and should never be done internally in a company Learn how to communicate and unite insights from both the points of view of business people and statistics people   “There needs to be a much smarter, much surgical way to manage discounts and really reward those customers that have the highest lifetime value or highest volume versus other things.”  – Armin Kakas   Topics Covered: 01:55 – How Armin got into pricing 03:35 – B2B vs B2C: Armin’s experience in applying pricing data analytics, and which one he prefers 05:57 – Armin’s insights on B2C based on data 06:46 – What is promotional effectiveness 07:34 – Products Armin used to promote on Black Fridays when he worked at BestBuy 09:09 – Why CPGs must have a strong understanding of the relationship between price and value 10:19 – Why companies should asses price and value based on customers’ response and not internally 13:08 – How businesspeople and statistics people shall communicate their insights with each other 18:41 – The most common problems Armin find when solving data problems for companies 20:06 – Why companies should have an “algorithm” that tells them how much to buy when a manufacturer offers big discounts 23:18 – Armin’s pricing advice 25:28 – Connect with Armin Kakas   Key Takeaways: “One of the easiest, quickest insights you can get is by figuring out which are the lowest ROI promotions that are not delivering any value for you or your customers or any of your channel partners, cut them, and reinvest it elsewhere in other growth areas of the company.” – Armin Kakas “I think that price-value curve tends to change, especially in CPG quite often. And so, doing that more often is really, really beneficial for companies. And doing it in the right way.” – Armin Kakas “All this unproductive inventory gathering dust in warehouses, clearance price optimization is a huge opportunity. Just really creating some automation and some dynamic methods to clear out the product that is tying up your capital and is actually lowering your productivity as well as your operating profit.” – Armin Kakas “When you ask the question, “What are some of the other areas that make a huge impact for companies?”, it is really things related to customer analytics, and that has two sides; One is providing insights… and then, the other side is providing actionable insights to the customers themselves.” – Armin Kakas   People / Resources Mentioned: Win Keep Grow: How to Price and Package to Accelerate Your Subscription Business – https://www.amazon.com/Win-Keep-Grow-Accelerate-Subscription/dp/1631954784 Impact Pricing: Your Blueprint for Driving Profits – https://www.amazon.com/Impact-Pricing-Blueprint-Driving-Profits/dp/1599184311   Connect with Armin Kakas: LinkedIn: https://www.linkedin.com/in/arminkakas/ Email: [email protected] Website: https://www.revologyanalytics.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]
2/13/202326 minutes, 32 seconds
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Blogcast: Pricing Trends in 2023

This is an Impact Pricing Blog published on January 4, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-trends-in-2023/ If you have any feedback, definitely send it. You can reach us at [email protected].  Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/
2/10/20233 minutes, 12 seconds
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Pricing Table Topics: 9 of Clubs – Buyers on a Relationship Journey want to Learn from You

This one is the 9 of Clubs from the Selling Value card deck.  Let's start with, what is a relationship journey? Buyers who are on a relationship value journey realize they have a problem and then they go straight to a salesperson to learn. They didn't spend a whole bunch of time on the internet researching options or alternatives. They're the type of people who would rather learn from someone else, who would rather get the feedback.  Let's say your refrigerator just broke down, and your friend says to you, "Hey, you got to go talk to Bob at the appliance store, Bob will help you out." And you walk in and start to talk to Bob. Now, what is Bob's job? Bob should be focused on, how is buying a new refrigerator going to be better for your life? Which style of refrigerator is going to be better for your life? They're truly focusing on the problem that you have and what's the best solution to your problem. They're not focused on saying, here's why my store is better than someone else's store, they're just focused on your problem.  If you're in B2B sales, when you find someone who has been recommended to you, your job isn't to sell your product relative to a competitor. It's to sell, here's why solving that problem is so valuable to you. Now, the relationship journey implies that they're going to go on and talk to some of your competitors. The key though is when you have the chance to build the relationship to help your buyer understand the ROI, you've got this strong advantage because (a) they like you, (b) your competitor is probably not helping them with the ROI analysis, and you've demonstrated that you truly understand your buyer's problems. So, absolutely, when someone gets recommended to you or someone comes to you and they're not looking at competitive alternatives, talk about the value of solving the problem. Don't talk about competition. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You'll become a better speaker and expert.  If you have any questions or feedback, please email me, [email protected].  Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/8/20232 minutes, 59 seconds
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Personalities in the Pricing Community (and how to interact with them) with Robert Ribciuc

For the last ten years, Robert Ribciuc has been working as the Managing Partner of EBITDA Catalyst, helping clients accelerate growth in key valuation metrics. He has a BA in Math and Economics from Harvard and an MBA from Chicago Booth School of Business. In this episode, Robert shares some of his insights on how to deal with different kinds of people in the industry, be it personal or online.   Why you have to check out today’s podcast: Get tips on how you could recover and avoid “falls” in your life Learn how to give feedback and criticisms in a nice, positive manner Discover some lesser-known tricks/hints about how the LinkedIn algorithm works   “If enough people notice those behaviors in you, that are all about you – selfish, self-promoting, etc., most of the time, when a comment like that is posted, nobody replies or gives any acknowledgment to that kind of comment, and you can just hear in that wall of silence all the people who are mentally walking away from this person just like you described.” – Robert Ribciuc   Topics Covered: 01:37 – Pre-recording conversation about the pricing community and the different kind of people in the industry 07:10 – How to deal with people who self-aggrandize 11:46 – The recipe for avoiding the next “thud” in your life 17:06 – Why everyone avoids people who are negative, selfish, and self-promoting 20:42 – Why many people are reluctant to give feedback or criticism 23:24 – How to give feedback in a positive and helpful tone 24:31 – Some helpful LinkedIn tips/hints from Mark Stiving 29:04 – (When posting something) Add something positive to the conversation instead of demeaning the author 30:19 – Connect with Robert Ribciuc   Key Takeaways: “Sometimes, pressure brings these behaviors that you and I may be chuckling at and promise ourselves we're not going to be like that.” – Robert Ribciuc “If you remove this artificial constraint we placed on ourselves, like, ‘I got to grow this fast’ or ‘I got to be on this trajectory’ or ‘I got to reach this amount of money’ or whatever, and you just let that balancing act, and rest on what makes you feel most whole and contributing to the world, maybe that's a recipe for avoiding the next thud in your life.” – Robert Ribciuc   People / Resources Mentioned: Savvy Self-Promotion (HBR article): https://hbr.org/2021/05/savvy-self-promotion Unreasonable Hospitality: The remarkable Power of Giving People More Than They Expect: https://www.amazon.com/Unreasonable-Hospitality-Remarkable-Giving-People/dp/0593418573 Richard Bliss: https://www.linkedin.com/in/bliss   Connect with Robert Ribciuc: LinkedIn: https://www.linkedin.com/in/ribciuc/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
2/6/202333 minutes, 5 seconds
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Blogcast: A Nespresso Price Increase

This is an Impact Pricing Blog published on December 21, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/a-nespresso-price-increase/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/3/20232 minutes, 40 seconds
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Pricing Table Topics: 9 of Hearts – The Most Common and Least Attractive Buyers

This one is the 9 of Hearts from the Selling Value card deck. It is true that buyers on an analytical journey are very price sensitive. Buyers on an analytical journey are probably the way you and I shop most of the time, and so it's the most common type of buyer's journey. These buyers are the ones who realize they have a problem, let's say, their refrigerator broke down. Then what do they do? They do a bunch of research to figure out what's the best refrigerator to replace the one that just broke. They know they need to go buy one, but they're on the internet looking at a whole bunch of different brands, maybe different technologies, styles, sizes, colors, and by the time they walk into a store, or two, or three, they've got a great feel and they're comparing, “Hey, how is this one better than that one?” These are really price sensitive buyers because they've identified what are all the different possibilities and they can trade off, “Oh, do I want water in the door, or ice in the door,” and, “What's that extra cost going to be?” And, “Oh, this brand is so much better than that brand,” and, “How much more am I willing to pay for it?” Price becomes a really big part of their purchase decision. Sadly, we have to deal with these, and we deal with these the way that they come and expect and ask questions, and we want to find an answer. But the real goal is to be able to identify the other types of buyer's journeys so that we have the ability to capture more revenue from them. We hope you enjoy this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking and about pricing and value, grab a deck of our cards, pick a card, read the saying, and then talk for one to two minutes about what that card says. You'll become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
2/1/20232 minutes, 35 seconds
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The Power of Data-driven Pricing Solutions for Your SaaS Business with Bryan Belanger

Bryan Belanger is the senior director of Technology Business Research. He's also the senior director at XaaS Pricing, a subsidiary of TBR that helps SaaS companies price on a data-driven approach. In this episode, Bryan talks about the work that XaaS Pricing does and who their target customers are. He also shares his insights on other business and pricing models and how you could choose which one works best for your business.   Why you have to check out today’s podcast: Find out who XaaS Pricing are and how they might be able to help with your business Learn how to create a simple yet effective business framework by talking to your customers Get insights on the current trends such as usage-based pricing and product-led growth   “Create a simple framework that works for you. For me, it's probably talk to ten customers; and that, I think, can help you. I think the hardest part is often knowing where to start or what you're even trying to solve for is. So, find a framework that works for you, that focuses on talking to your customers and asking these questions, and let it snowball from there.” – Bryan Belanger   Topics Covered: 01:51 – How Bryan got into pricing 02:56 – How XaaS started 03:40 – What XaaS Pricing actually does, and who their target customers are 05:00 – Why you’d want XaaS Pricing’s products if you’re a medium-sized company 09:41 – XaaS Pricing’s vision: Systematize the Van Westendorp model 13:46 – Why people in B2B and SaaS businesses are not focusing at their competitors’ prices 15:41 – How XaaS deals with pricing for new customers vs pricing for existing customers 17:34 – Bryan’s thoughts on usage-based pricing 19:38 – Usage-based pricing works for some companies, but not for everyone 21:54 – Bryan’s thoughts on product-led growth 25:17 – Does XaaS Pricing use the product-led growth business model? 26:17 – Bryan’s pricing advice 27:32 – Connect with Bryan Belanger   Key Takeaways: “I think there's a lot of great tools that if you know what to input, you can build, manage, measure, communicate economic value. But I think the gap is in actually finding the parts of the formula to input into those tools.” – Bryan Belanger “Just building that muscle of talking to customers and understanding them. That's how I learned, it’s just doing hundreds and hundreds of interviews and surveys. And I think the same applies within companies.” – Bryan Belanger “I think the instances of true usage-based pricing are still edge cases, and most are just thinking about usage as a way to fence in package offerings more so than they are actually pricing based on usage.” – Bryan Belanger “It's [product-led growth] not going to work for everybody... If it doesn't work for your customers, it really comes down to who you're targeting, what they value, how you engage with them, all those things. And so, I think like anything else, take it for the secular trend it is. Watch it, understand, learn, but don't jump in and try and change everything just because it's what worked for the people that it worked for.” – Bryan Belanger   People / Resources Mentioned: XaaS Pricing: https://www.xaaspricing.com/ OpenView: https://openviewpartners.com/ Peer Signal: https://peersignal.org/ Snowflake: https://www.snowflake.com/en/ Win Keep Grow: How to Price and Package to Accelerate Your Subscription Business: https://www.amazon.com/Win-Keep-Grow-Accelerate-Subscription/dp/1631954784   Connect with Bryan Belanger: LinkedIn: https://www.linkedin.com/in/bryan-belanger/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
1/30/202329 minutes, 51 seconds
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Pricing Table Topics: 9 of Spades – Know What Information the Buyer Needs

This one is the 9 of Spades from the Selling Value card deck. Buyers need different information depending on where they are in their own buying process. There's a map in the Selling Value book that talks about these different waypoints, but let's simplify it for the sake of this table topics and say, look, there's really two key phases in a buyer's decision process. First, they make a 'will I' decision. Then they make a 'which one' decision. When they're making a 'will I' decision, they're trying to ask, am I going to buy something in this product category or not? What they're really saying is, is the value of solving the problem worth the resources it's going to cost me to go solve that problem? What we want to give them at this point in time is information that says, here's the value of solving the problem. Here's the inherent value of our solution. Once they go on to make a 'which one' decision, they're now asking, is your product the right decision relative to your competitive alternatives? And now what they're looking for is relative value information. What's the value of your product relative to your competitor's product? We need to recognize where our buyers are in their buying process, and then make sure that we're giving them the information that they need to get through that stage. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what that card says. You will become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/25/20232 minutes, 23 seconds
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Increase Your Pricing Power: Monetize SaaS with Ayon Bhattacharyya

Ayon Bhattacharyya is the Founder of Biz Growth Spurt, a consulting firm based out of New Zealand. He has experienced pricing in half a dozen companies, and he's a passionate animal welfare advocate. In this episode, Ayon talks about the ins and outs of monetization. He also tells us a bit about his company, Biz Growth Spurt, and why you might be in need of their services.   Why you have to check out today’s podcast: Learn about the three pillars of monetization and why you can’t only focus on one of them Know the difference between price metric and value metric and why it matters in getting more sales Understand why articulating value is essential in keeping and growing your customers   “Understand your customers intimately and take the time to quantify your buyer personas so that you understand the use case of the value proposition, the willingness to pay the lifetime value, and the customer acquisition costs; so that you can better position and package to them and ultimately capture a fair portion of the value delivered to them.” – Ayon Bhattacharyya   Topics Covered: 01:33 – How Ayon got into pricing 03:15 – How Ayon defines “monetization” 04:24 – What packaging means to Ayon, in relation to monetization 05:26 – What Ayon means by “feature differentiation” 06:30 – Why Ayon hates freemium 08:04 – Free trials vs. Freemium: why it is important which of the two fits your business more 11:07 – How to decide which features go to which packages 14:02 – Price metric vs Value metric 19:59 – Why positioning is an essential part of monetization 23:22 – Ayon’s key to monetization: the combination of packaging, pricing, and positioning 25:25 – Biz Growth Spurt: What they do and who their ideal customers are 28:50 – The meaning of “monetization” according to Ayon vs the meaning of “monetization” according to ProfitWell 31:54 – Ayon’s pricing advice 32:49 – Connect with Ayon Bhattacharyya   Key Takeaways: “Once you have a deep understanding of your buyer personas, how they value your product, how they use your product, how your proposition aligns with their growth journey, then you can actually start putting your features into bundles. But you want to do that based on the level of importance of those features.” – Ayon Bhattacharyya “How you present the packages and the value messaging that you put on your website is so important. If they [the customers] understand that they're getting five times more value from the gold versus the silver, in their mind, it helps them to quantify that relative benefit of the upgrade and the potential ROI of an upgrade.” – Ayon Bhattacharyya “If the perceived value isn't there, if you aren't communicating it, if you don't have a strong brand presence, if your solution is so complex that customers don't understand the value that they get from it, then you know, you've just wasted all of this money on product development and marketing. – Ayon Bhattacharyya “Ideally, you want the messaging that you have on your packages is around the problem that you're solving for the customer. That's the key. It's not about the features. Those are just more internal to you. And often the customers don't get them.” – Ayon Bhattacharyya   People / Resources Mentioned: Biz Growth Spurt: https://bizgrowthspurt.com/ Selling Value: How to Win More Deals at Higher Prices: https://www.amazon.com/Selling-Value-Deals-Higher-Prices/dp/1737655217   Connect with Ayon Bhattacharyya: LinkedIn: https://www.linkedin.com/in/valueconquer/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
1/23/202333 minutes, 31 seconds
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Blogcast: A Price Negotiation Example

This is an Impact Pricing Blog published on December 14, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/a-price-negotiation-example/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/20/20232 minutes, 58 seconds
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Pricing Table Topics: 10 of Diamonds – Reveal the Price Only After the Value Is Communicated

This is the 10 of Diamonds from the Selling Value card deck. You should reveal the price only after the value is communicated. What happens is, when our buyers hear the price, at that moment, they're making a decision. Is the price too high or too low? Is it worth it? What decision am I going to make? Am I going to spend more time with this? Now, what typically happens is, imagine you're going to buy a pair of Levi's at the retail store, and you walk into the store and you see the price is $60. Well, no one communicated the value to you, but you probably already had a pretty good feeling for what the value of Levi's really is to you. And so, you know if that price is high or low, and if it's worth it to you. But now, imagine you're a B2B salesperson and you walk in the door and you say, 'Our product is a hundred thousand dollars.' And the buyer instantly says, 'Don't have the budget. That's too expensive. Not going to buy it.' And they don't pay attention anymore. You are done working with that buyer. But if instead, we spent the time to say, 'What problems are you truly trying to solve? What's the value to the company if we can solve those problems?' And you find out that the value to the company is truly a million or 10 million dollars. Then when you say the number a hundred thousand, they say, 'Oh, that's probably worth it. Let's see if we can figure out how to do that.' It completely changes the perception in the buyer's mind. So, what we have to do is make sure our buyers have a good understanding of what the value of our solution truly is before we tell them the price. We hope you enjoy this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing and value, grab a deck of our cards, pick a card, read the saying, then talk for one to two minutes about what the card says. You will become a better speaker and expert. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/18/20232 minutes, 39 seconds
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Disrupting Pricing with AI: Insights from Steven Forth

Steven Forth is a Partner in Ibbaka, a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business designed to help companies create and capture value. Steven is what I consider one of the great pricing thinkers in our industry. In this episode, Steven talks about AI and how it is impacting the world of pricing. He also shares some of the improvements we could expect from AI infrastructures in the near future.   Why you have to check out today’s podcast: Find out how the emergence of AI improves and disrupts the pricing profession and the trade as a whole Learn how to extract the best and most comprehensive solutions from AI tools Get an idea on how the “big 3” of cloud services might price for their AI services in considering their current pricing models   “Many billions of dollars being invested in AI last year, next year, this year. The overall investment is going to be probably in the neighborhood of $300 billion in 2023. So, if we were investing that much money, we better get some value back. And the companies investing that money need to be able to price that value they're creating.” – Steven Forth   Topics Covered: 02:10 – The questions that need to be answered about the impacts of AI in pricing 04:06 – Examples of existing value proposition that AI is improving 07:10 – Examples of existing value proposition that AI is disrupting 10:44 – Is the emergence of AI a challenge to the pricing profession? 12:08 – Can open AI soon generate value models that are better than experts create? 15:58 – Why and how large language models such as Chat GPT are taking over 18:06 – How to guide an AI in giving you comprehensive answers 19:34 – What the pricing of major AI infrastructures looks like 21:02 – How Amazon, Google and Microsoft would possibly price for AI considering their present pricing models 23:28 – Will there be different strengths in the AI of infrastructures Amazon, Google and Microsoft? 24:55 – Differences in AIs: Would different Ais give out different answers to the same questions? 26:19 – Could AI effectively learn pricing from human pricing experts? 28:02 – How Ais could start making outcome-based pricing more practical 32:03 – Connect with Steven Forth   Key Takeaways: “People who are skilled in the art [of trade] understand how to come up with pricing for disruptive innovation.” – Steven Forth “Understanding the limitations of these large language models, which GPT is an example of, is also important. And we can come to that. But let's not forget that the limitations today are not the limitations in six months.” – Steven Forth “That, I think, is actually one of the emerging skills: To be able to structure a sequence of questions that will guide an AI in giving you meaningful answers.” – Steven Forth   People / Resources Mentioned: Ibbaka – https://www.ibbaka.com/ DALL·E 2 – https://openai.com/dall-e-2/ Chat GPT – https://openai.com/blog/chatgpt/ Amazon Web Services – https://aws.amazon.com/ Google Cloud Services – https://cloud.google.com/ Microsoft Azure – https://azure.microsoft.com/en-us NVIDIA – https://www.nvidia.com/en-us/deep-learning-ai/products/solutions/   Connect with Steven Forth: LinkedIn: https://www.linkedin.com/in/stevenforth/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
1/16/202333 minutes, 4 seconds
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Blogcast: Black Friday and Price Elasticity

This is an Impact Pricing Blog published on December 7, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/black-friday-and-price-elasticity/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/13/20232 minutes, 48 seconds
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Pricing Table Topics: 10 of Clubs – What Value Conversation Demonstrates

This one is the 10 of Clubs from the Selling Value card deck. Yes, a value conversation is a great way to build a relationship with your customers, with your buyers. Face it, your buyer probably hasn't put together a business case for what it is they're trying to buy. And yet, it makes a lot of sense for them to have one. It gives them more confidence, they're making the right decision. It gives them the ability to sell up in the organization in case they have to convince someone else to give them the resources. It provides the justification inside the company that they're doing a good thing for the company. And so, they really want to create a business case. But they probably haven't done it because they didn't think about it. They don't really know how. If you can help your buyer write that business case, and that's exactly what selling value means, then you are truly helping the buyer. You're adding a lot of value to that buyer's decision process, to their career, to their prestige inside the organization. Having a value conversation not only helps you understand how much value there is in that situation, but it helps you build the stronger relationship with your buyers. So, have value conversations. They truly demonstrate that you care about your buyer. We hope you enjoy this example of Pricing Table Topics. If you want to get better at speaking, especially about pricing and value, grab a deck of our cards. Pull a random card and read the saying. Then talk for one to two minutes about what that card says. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/11/20232 minutes, 18 seconds
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Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices with Mark Peacock

Mark Peacock has been a pricing consultant since 2017. Currently, he is the managing director of Price Maker, a company that helps their businesses differentiate themselves from the competition by means of having a smarter pricing. He is also about to release his new book titled “Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices” In this episode, Mark talks about what’s written in his newest book, “Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices”. He shares the fundamental ideas behind the seven steps and gives insightful sample situations in which the seven steps can be applied.   Why you have to check out today’s podcast: Get a general idea of what’s in Mark’s new book, Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices Learn why it’s okay to have multiple pricing models on a single product Find out why it is the best time for you to raise your prices   “Take the time to do your pricing strategy properly, and put your prices up because it is the most powerful lever you can use to increase profitable growth.” – Mark Peacock   Topics Covered: 01:27 – How Mark got into pricing 02:35 – The reason why Mark wrote his book, “Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices” 03:42 – Step 1: Where do you want to go? 06:43 – Step 2: Know what your customers think about you 08:02 – Step 3: Being aware of your competition 11:02 – Step 4: Product 13:13 – Step 5: Pricing 15:45 – Mark Peacock’s thoughts on having more than one pricing model for a product 17:17 – Step 6: Proposition 19:21 – Mark Peacock’s favorite behavioral economics example 22:47 – Step 7: Profit 24:53 – How Mark would address the issue of credit grabbing among departments in cases of sales improvement 28:59 – Mark’s pricing advice 30:09 – Connect with Mark Peacock   Key Takeaways: “Pricing, ultimately, is always a subset of business strategy, of your company goals. So, you've got to be clear. You got to know where you want to get to. Otherwise, you'll end up floundering with your pricing.” – Mark Peacock “Product and price are two sides of the same coin. When I buy products for a price, I want to know what I get as a customer and equally as a seller, you need to know everything that's included in your product offering.” – Mark Peacock “Without changing the pricing, you can achieve an effective increase in prices of 4% by changing how you present the prices. And I think this whole question of how we present pricing is just as important as ‘What's the number? What's the strategy?’ Because it makes such a difference.” – Mark Peacock “Having a clearly written pricing policy is such an important thing. And I literally say in my book, ‘Write it down’. And it doesn't have to be long, it doesn't have to be complicated.” – Mark Peacock   People / Resources Mentioned: Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices – https://www.barnesandnoble.com/w/pricing-for-success-mark-peacock/1142840523 Selling Value: How to Win More Deals at Higher Prices – https://www.amazon.com/Selling-Value-Deals-Higher-Prices/dp/1737655217   Connect with Mark Peacock: LinkedIn: https://www.linkedin.com/in/mark-peacock-the-pricing-coach/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
1/9/202332 minutes, 6 seconds
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Blogcast: Thoughts on Black Friday Pricing

This is an Impact Pricing Blog published on November 30, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/thoughts-on-black-friday-pricing/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/6/20233 minutes, 11 seconds
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Pricing Table Topics: 10 of Hearts – You and Your Buyer Must Work Together

This is the 10 of Hearts from the Selling Value card deck. You and your buyer have to work together if you truly want to know how much value is there. Face it, you know a lot about your product, but you don't really know the buyer's situation. You don't know how much revenue they make. You don't know how much money they're losing because they're solving, or haven't solved a specific problem. You don't know how bad that problem is. In order for you to figure out how much value they're going to get, you need a lot of information from that buyer. On the other hand, the buyer has no idea how much value they're going to get either because they've probably never bought something like your product before. They've not worked with many different customers and seen the different applications and the different problems, and they probably haven't thought through all of the sub-problems that you can solve. And so, if together we work trying to figure out what is the true value of our product, then we feel better because we now understand we're helping them make a really good decision. They feel better because they're trying to decide, is this a place where I want to spend my resources or should I spend them someplace else? Or maybe the person you're talking to has to create a business case to be able to sell it higher in the organization. In all of these cases, it makes so much sense for both of us to understand the value of solving their problems, and that only happens when we work together. We hope you enjoyed this example of pricing table topics. If you want to get better at speaking, especially about pricing and value, grab a deck of our cards, pull a random card, read the saying, and then talk for one to two minutes about what that card says. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
1/4/20232 minutes, 24 seconds
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Price Optimization in SaaS with Nikhil Kotcharlakota

Nikhil Kotcharlakota is a civil engineer by profession. He worked for Electrolux for eight years where he was head of pricing for almost two years. Currently, he is a co-founder of PriceOps, a company that aims to provide an all-in-one pricing solution for SaaS companies. In this episode, Nikhil talks about how his experience at Electrolux changed the way he looked at pricing. He also discusses about his company, PriceOps, and how they aim to provide a complete, optimized pricing solution to SaaS companies using different pricing models.   Why you have to check out today’s podcast: Learn how usage data can be utilized to optimize billing and pricing Discover the possibility of SaaS companies effectively using outcome-based pricing models Learn the difference between per-user model and per active user model and when to use them   “Having the focus on price and getting value out of what you're offering is a very important thing.” – Nikhil Kotcharlakota   Topics Covered: 01:30 – How Nikhil got into pricing 03:01 – The work that Nikhil’s company, PriceOps does 05:59 – How PriceOps plans to utilize usage data for billing and pricing 07:05 – PriceOps’ biggest challenge: using outcome-based pricing model for SaaS companies 11:19 – The other pricing models that PriceOps is eyeing besides usage-based and outcome-based 12:24 – How PriceOps aims to recommend whether to use per-user model or per active user model 15:12 – What Nikhil learned as he shifted from traditional pricing to subscription-based pricing 18:38 – Why Nikhil loves pricing operations 20:17 – Without execution, pricing strategy does not matter 20:50 – Nikhil’s pricing advice 22:02 – The revenue point at which businesses should hire a pricing person 23:54 – Connect with Nikhil Kotcharlakota   Key Takeaways: “The best part about pricing is it's always at the center of the strategy or you'll get to work with a lot of teams; product management, sales, accounting, finance, I mean, literally every team in the company.” – Nikhil Kotcharlakota “Companies have realized the consumer is king. So, they're trying to build an experience for the consumer so they continue to buy the same product over and over again.” – Nikhil Kotcharlakota “If the operations are not set up properly or if there are no processes for the pricing team, a strategy might be there, but they may not be able to execute on the strategy, which will then result in loss in price or price leakage.” – Nikhil Kotcharlakota   People / Resources Mentioned: PriceOps: https://www.linkedin.com/company/priceops/ Win, Keep, Grow: How to Price and Package to Accelerate Your Subscription Business: https://www.amazon.com/Win-Keep-Grow-Accelerate-Subscription/dp/1631954784   Connect with Nikhil Kotcharlakota: LinkedIn: https://www.linkedin.com/in/nikhilkotcharlakota/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
1/2/202325 minutes, 42 seconds
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Blogcast: Pricing Skills for Subscription

This is an Impact Pricing Blog published on November 23, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-skills-for-subscriptions/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/30/20223 minutes, 45 seconds
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Pricing Table Topics: 10 of Spades - Never Mention Competition

This is the 10 of Spades from the Selling Value card deck. Yes, we never want to mention competitors until our buyers bring them up because our buyers are on a trust journey, or at least we want to assume that they are. A trust journey is where they've come to you to ask you for help figuring out, is this really a place I should be spending my resource? Is this worth the inherent value that I'm going to get when I solve the problems that I have? And what's really important when our buyers are on this trust journey is they're not saying, how are you different from your competition? They're saying, how is it that you helped solve my problem? What we want to talk to them about during this trust journey phase is, hey, what problem are you trying to solve? What's the value of solving that problem? In essence, we're helping them build a business case for why they want to make a decision like this. And we never mention competition because it's possible they don't know that our competitors exist. It's possible that in the act of helping them build that business case, they learn to trust us so much they just want to buy from us. They're not price-sensitive at that point in time. So, the rule really needs to be, we only talk about inherent value or the value of solving the problem until a buyer tells us they're looking at competitive alternatives. We hope you enjoyed this example of Pricing Table Topics. If you want to get better at speaking, especially about pricing and value, grab a deck of our cards, pull out a random card, read the saying, and then talk for one to two minutes about what that card says.   If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/28/20222 minutes, 24 seconds
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How to Approach Increasing Your Prices Caused by Inflation with Steven Forth

Steven Forth is a Partner in Ibbaka, a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business designed to help companies create and capture value. Steven is what I consider one of the great pricing thinkers in our industry. In this episode, Steven shares Ibbaka’s approach on raising prices, especially during inflation, as he discusses what’s expected to happen in the pricing world next year, given all the events that’s been around this 2022.   Why you have to check out today’s podcast: Find out why you should first segment your customers and treat them differently before you raise your prices; Learn how to approach a price increase, especially during inflation; and Discover what’s possible to happen in the pricing world in 2023, especially with concerns of inflation and recession around   “Learn how to build value models, and connect them to prices.” – Steven Forth   Topics Covered: 01:18 – Steven’s perspective on whether people should be thinking about raising prices now, along with questions to ask before you do so 04:59 – What Mark teaches his clients vs. Ibbaka’s approach in raising prices 09:31 – Discussion around an inaccurate representation of inflation, especially in SaaS  12:40 – “Pricing is a game that plays out over time, and you always want to make sure you’re thinking three to five moves ahead. If you don’t, you’re going to hurt yourself.” 16:16 – Taking a look at (1) the people you sell to, (2) how recession affects prices, and (3) the finance industry 20:53 – What’s happening right now? What is going to be different in 2023? 26:43 – Steven’s pricing advice   Key Takeaways: “There may be opportunities to raise prices, but it needs to be surgical, not broad brush. And before one raises prices, one has to ask a series of questions, beginning with what is inflation doing to my customers? And is inflation making my offer more valuable to my customers? Because if it is, then you have a great reason to raise prices. But if my customers are getting in trouble and are becoming more cost conscious because of inflation, then broad brush price increases can backfire.” – Steven Forth “I think the first thing you do before you raise prices is segment your customers and treat them differently.” – Steven Forth “Pricing is a game that plays out over time, and you always want to make sure you're thinking three to five moves ahead. And if you don't, you're going to hurt yourself.” – Steven Forth “When we hear the word inflation, we're thinking mostly about the CPI. The CPI is not what is most relevant to business. And you have to look at how inflation is impacting your customers and even your customers’ customers in order to make the right pricing.” – Steven Forth “If you don't have a data model that you can apply A.I. to, you are going to lose.” – Steven Forth   People / Resources Mentioned: Ibbaka: https://www.ibbaka.com/   Connect with Steven Forth: LinkedIn: https://www.linkedin.com/in/stevenforth/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
12/26/202229 minutes, 9 seconds
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Blogcast: An E-Commerce Price Segmentation

This is an Impact Pricing Blog published on November 16, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/an-e-commerce-price-segmentation/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/23/20222 minutes, 17 seconds
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Pricing Table Topics: Jack of Diamonds - Sell Like You Don’t Have Competitors

This one is the Jack of Diamonds from the Selling Value card deck. It's true, you need to sell like you don't have competitors. Every once in a while, you find yourself in a situation where people aren't looking at your competitive alternative, and you don't want to bring it up to them. You may recall at this point in time that they're making a 'will I' decision, remember the 'will I' versus 'which one', and when people are making the 'will I' decision, 'Am I going to buy something in this product category?', they're not price sensitive. And so, it just makes sense for us to not talk about our competition because if they say yes to us and never consider a competitive alternative, they're not going to negotiate as hard on price. They're simply looking at what's the inherent value of solving the problem, not what's the value of your product relative to a competitor's product. So, it just makes all the sense in the world to not even mention a competitor until the buyer has already brought them up. We hope you enjoy this example of Pricing Table Topics. If you want to get better at speaking, especially about pricing and value, grab a deck of our cards, pull a random card and read the saying, talk for one to two minutes about what that card says. And if you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/21/20221 minute, 52 seconds
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#CLASSIC The Art of Value with Kirk Bowman

Kirk Bowman is the founder and Visionary of Value and the Art of Value, a pricing consultancy in Dallas, TX. His podcast, the Art of Value Show, is one of the most shows for knowledge professionals. He has spoken at numeration conferences on pricing including QuickBooks Connect and Scaling New Heights. In 2011, he was appointed a Practicing Fellow at the VeraSage Institute, the think tank founded by Ron Baker. His software company, MightyData, was featured in the book Implementing Value Pricing. In this episode, Kirk talks about value pricing, how he was introduced to it and later switched to this method in estimating and billing customers.  Be inspired as he shares how this decision increased his revenue by over 50% in the first year and 70% in the second.  Learn this and more in his journey on value pricing.   Why you have to check out today’s podcast: Find out how Kirk learned about the concept of value pricing Identify the two categories in measuring results Find out details about Kirk’s pricing consultancy company and his podcast   “The next time the customer asks for a lower price, turn around and ask them what value they are willing to do without in order to get that price.”– Kirk Bowman   Topics Covered: 01:36 – How Kirk discovered value pricing 03:40 – The concept of value pricing and how it aligns the interests of the professional with his customer 07:13 – Two categories in measuring value: results or outcomes, and how the two differ 12:11 – Sharing the profile of his pricing consultancy company – Art of Value and how it is helping professionals with their business models 14:32 – His podcast – Art of Value and the reason he loves doing it 19:37 – His pricing advice that has a significant impact   Key Takeaways: “The customer’s interests are the most important thing. When you align with that, you’re lining things up for success.” – Kirk Bowman “It’s so important to put alignment upfront as one of the things that you’re striving for and keep your eye on at all times because it is in our human nature to focus on our own self-interest and so the focus on theirs, it requires intentionality. It requires strong character.” – Kirk Bowman “Value and pricing are subjective, and by the way, that’s okay.” – Kirk Bowman   Connect with Kirk Bowman: LinkedIn: https://www.linkedin.com/in/kirkbowman/ Website: https://artofvalue.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
12/19/202221 minutes, 29 seconds
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Blogcast: What Selling Value Means

This is an Impact Pricing Blog published on November 9, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/what-selling-value-means/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/16/20222 minutes, 41 seconds
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What Is Product-Led Growth? The Whats, Hows, and Whys with Kyle Poyar

Kyle Poyar is a product-led growth expert who worked for Simon-Kucher & Partners for six years where he was a consultant, senior consultant and manager, and director. Currently, he is the operating partner of OpenView, a firm that helps build software companies into market leaders by helping them hire the best talents, acquire and retrain the right customers, and partner with industry leaders so that they can dominate their markets. In this episode, Kyle talks us through the details of product-led growth and how it became popular in the recent years. He also shares some tips on how to make it work on businesses in certain industries.   Why you have to check out today’s podcast: Learn the definition of Product-Led Growth Find out if Product-Led Growth model is suitable for your business Learn how to shift from Sales-led model to Product-led model   “With the reverse trial, your customers land in a premium version of your product, have a time-limited period that they can access it, and then they can either convert and essentially purchase, or they can keep using a free version of the product. What ends up happening is you get the best of both worlds between freemium and free trial, and so you don't actually have to choose between the two” – Kyle Poyar   Topics Covered: 01:17 – How Kyle got into pricing 03:04 – More than just about numbers pricing has qualitative aspects as well 04:12 – What is product-led growth? 06:50 – Product-led growth is more than just prioritizing product over sales and marketing people 08:17 – Most companies strategized product-led growth from scratch until it was standardized 10:04 – Can companies do freemium that is not product-led growth? 11:47 – When product-led companies bring salespeople into the process 14:49 – Salespeople in product-led companies are not prospecting 15:28 – Self-serve sales work most of the time, but some transactions require salespeople 18:40 – The types of companies that does and doesn’t work for product-led growth 22:26 – How Kyle would coach a sales-led company who wants to shift to product-led growth model 25:50 – Does it make sense for PLG companies to spend more on the expand side of “land and expand”? 27:07 – Kyle’ pricing advice 28:33 – Connect with Kyle   Key Takeaways: “In my mind, why product-led growth has taken off is because end users, as opposed to just executive buyers, have more and more power in bringing software into work. And so, you can actually make your product discovered by those users, show value to those folks and enable them to become champions in your buying process” – Kyle Poyar “Freemium is a subset of PLG. If you're doing freemium by default, you're taking steps into product led growth. But freemium isn't required to be a product-led company by any means.” – Kyle Poyar “I advise companies to think in terms of where there's the most friction in their current motion and what are product-led solutions that can help solve that friction and improve upon a KPI that we want to improve on right now, and that takes us on this path to doing more PLG in the future.” – Kyle Poyar   Connect with Kyle Poyar: LinkedIn: https://www.linkedin.com/in/kyle-poyar/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
12/12/202229 minutes, 53 seconds
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Blogcast #84: A Fabulous New Behavioral Economics Trick

This is an Impact Pricing Blog published on November 2, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/a-fabulous-new-behavioral-economics-trick/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/9/20223 minutes, 31 seconds
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Pricing Table Topics #86: Jack of Clubs: Price Is Not Driving the 'Will I' Decision

This one is the Jack of Clubs from the Selling Value card deck. It's true, price doesn't drive the 'will I' decision. When people are making a 'will I' decision they're trying to decide, is this a place where I should spend my resources? And although you can imagine if I make a huge change in price, I could get somebody to change their mind in terms of, will they buy in this product category or not. But most of the time that's not what's driving the decision. For example, are you in the market to buy a new car today? I'm guessing the answer is no. But what if you have an accident and your car is totaled? Well, all of a sudden, you're in the market for a new car. And it isn't the price. If we lowered the price, we raised the price, that wasn't driving your decision. It was the fact that the need came up. You realized the need, and it was a really important problem. Are you in the market to buy a new refrigerator? Probably not. What if your refrigerator breaks down? Almost everything we can go through this same example where you're not in the market to go buy something, until of course something happens to prompt you to say, hey, I'd really like one of those, and then you can go shopping for which one you want to go buy. But in the beginning, it's not the price. And so small changes in price really don't change anybody's mind in terms of, am I going to go buy something in this product category? We hope you enjoyed this example of Pricing Table Topics. If you want to get better at speaking, especially about pricing and value, grab a deck of our cards, pull a random card and read the saying, then talk for one to two minutes about what the card says. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/7/20222 minutes, 24 seconds
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E-commerce Pricing That Drives Your Sales Through the Roof with Ankur Barot

Ankur Barot started his career in engineering and soon transitioned to business. Currently, he is an e-commerce expert and is working as the manager of strategic initiatives at BigBasket, one of the biggest online grocery platforms in India. In this episode, Ankur talks to us about the important strategies when it comes to pricing in the world of e-commerce. He shares valuable tips on how to make customers choose your platform over your competitors’, and how to charge different prices on different customers depending on their buying behavior and your competitors’ prices.   Why you have to check out today’s podcast: Find out the factors to consider in pricing your products in the online market Learn how to make customers choose your platform over your competitors’ platforms Discover how to charge different prices on different customers by monitoring their buying behavior and your competitors’ prices   “In pricing, it is definitely very important considering how your costs are aligned and how the competitive prices align. A large part is also on how you are communicating the price to customers.” – Ankur Barot   Topics Covered: 01:32 – How Ankur got into pricing 02:17 – The work that BigBasket does, and what makes it unique 04:29 – COVID gave the companies that did delivery a chance to explode in growth 05:54 – Ability to shop in stores again did not stop customers from ordering online 06:39 – COVID was almost like a forced trial where people had to order online; and they found it to be easier and more convenient 08:11 – Promotions and other factors that determine whether customers will place an order on your platform or not 11:21 – How to get customers to order on your platform instead of your competitor’s platform 16:12 – Analyze how much your customers are willing to pay for a product; Make sure the customers would get what they want even right before the billing process 20:05 – How to charge different prices to different customers by monitoring their buying behavior as well as the competitors’ prices 23:29 – How companies in India find the prices of their competitors’ products 27:02 – Ankur’s pricing advice 29:36 – Connect with Ankur   Key Takeaways: “We learned that pricing plus the stock availability as well as assortment, as well as how you are charging the convenience fee – all these aspects will decide whether the customer is placing an order on your platform or not.” – Ankur Barot “It is not about only the product pricing that the e-commerce portal has, it is what other parts of the chain that will bring in a customer and place an order on your platform.” – Ankur Barot “At the back end, what the company or what we are trying to do is select our key value items that the customer will remember the prices for, and we’ll definitely build a long-term perspective that they are the cheapest among all the competitors.” – Ankur Barot   People / Resources Mentioned: BigBasket: https://www.bigbasket.com/   Connect with Ankur Barot: LinkedIn: https://www.linkedin.com/in/ankurbarot/ Email: [email protected]   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
12/5/202230 minutes, 51 seconds
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Blogcast #83: More Lessons from Netflix

This is an Impact Pricing Blog published on October 26, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/more-lessons-from-netflix/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
12/2/20222 minutes, 49 seconds
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Pricing Table Topics #85: Jack of Hearts: 'Will I' Decision Needs Different Information than 'Which One’ Decision

This is the Jack of Hearts from the Selling Value card deck. It's true, buyers making the 'will I' decision do need different information than those making the 'which one' decision. In the 'will I' decision, they're trying to decide, should I buy something in this product category or not? What they're really saying is, is this a place I should spend my budget? Or you could think of this as, how big is the problem I'm going to solve, should I spend these resources to go solve this problem? And that's the information they want to know is, what's the value of solving this problem? Once they've said, yes, that seems like a good place to spend my money. Then they move on to making a 'which one' decision. Should I buy your product or should I buy a competitor's product? When they're making this 'which one' decision, they're now looking at the differences of the products, the features, and in fact, they're trying to estimate how much value is that feature for that one more expensive product. I often like to think what they're really asking is, is the more expensive product worth it? So, when buyers are making the 'which one' decision, they're actually looking at the differentiation of our products. So, it's true, buyers making the 'will I' decision do need different information than buyers making the 'which one' decision. We hope you enjoyed this example of Pricing Table Topics. If you want to get better at speaking, specifically about pricing and value, grab a deck of our cards, pull a random card, read the saying, and then talk for one to two minutes about what that card says. If you have any questions or feedback, please email me, [email protected]. Now, go make an impact.   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
11/30/20222 minutes, 18 seconds
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#CLASSIC Value-based Pricing: How to Get Started and How to Succeed with Stephan Liozu

Stephan Liozu is the Founder of Value Innoruption Advisors, a boutique consulting firm specializing in disruptive approaches in value, pricing, and strategic management.  He helps leaders in organizations that want to get started in pricing by conducting assessments and building road maps.  In this episode, learn all about value pricing and how to use the right pricing toolbox to come up with a price based on how much a customer believes a product is worth.     Why you have to check out today’s podcast: Discover why value-based pricing is the most neglected step in understanding price  Learn how to communicate product value in value conversations with customers before products are made for better pricing  Find out the importance of having a pricing strategy to determine a product’s value    “Critical problems are around value. Pricing comes later.” – Stephan Liozu   Topics Covered: 01:01 - How Stephan got into Pricing: having been named ACP deployment officer for Owens Corning Europe taking care of the pricing module in SAP  02:37 - The role of a chief value officer: Being the chief conductor of all the value and pricing activity in an organization.   05:50 - The whole process of measuring value, creating, and capturing it using the dollarization methodology  07:39 - Going through value creation: looking at the customer problem, do a better job of understanding the customer problem, uncovering it through market research, insights, and ethnographic research  09:14 - ‘99% of businesses are there to create value, oftentimes they don't know what value really means.’ Stephan's thoughts on it.  13:40 - Conversations put your customers at ease. Stephan's perspective about value conversation and the challenge that goes with it.  16:30 - Why do companies don't understand what product value is? Stephan states the three reasons why.  17:58 - Why is it important to ask the right questions? 19:18 - Customer segmentation is an often-neglected part of a value conversation. Another reason why companies don't think about value.  19:54 - What Stephan is up to these days: leveraging technology to a lot of his work focusing on monetization of software and data.  21:03 - Hardware product companies are giving away the software as a way to sell their hardware. We hear Stephan's idea about it.  22:32 - Talking about cost and value in SaaS companies. The challenge of communicating the value of its product.  24:49 - He couldn't care less about focusing more on the value of a product. His one pricing advice that could impact your business.    Key Takeaways: “Our competitors are also looking at the customer problem. So, we got to do a better job at understanding the customer problem, uncovering it through market research, insights, ethnographic research.” - Stephan Liozu  “I wanted not to be a CPO chief pricing officer, I wanted to be a CVO chief value officer, because our critical problems are around value, you know, pricing comes later.” - Stephan Liozu  “Psychologically it puts your customers at ease when you have a conversation, whether it's in creation mode, in quantification, validation, and communication.” - Stephan Liozu  “To be doing the work in value, you have to have value conversations.” - Stephan Liozu  “If we have to continue doing everything in finance around the product, then we're not going to achieve our goal to show the value of everything else we do in the bundle.” - Stephan Liozu   People / Resources Mentioned: Ron Baker: https://impactpricing.com/podcast/ep44-ronald-j-baker-trash-the-timesheet-exploring-opportunities-in-subscription-businesses/   Connect with Stephan Liozu: LinkedIn: https://www.linkedin.com/in/stephanliozu/ Website: http://stephanliozu.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
11/28/202226 minutes, 10 seconds
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Blogcast #82: Value and Price for a Few Customers

This is an Impact Pricing Blog published on October 19, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/value-and-price-for-a-few-customers/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
11/25/20223 minutes, 23 seconds
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Business Negotiations: How to Sell without Actually 'Selling' with Andy Paul

Andy Paul is the author of Sell Without Selling Out. He's the host of the Sales Enablement Podcast, and has experience on being VP of Business Development and VP of Sales. In this episode, Andy talks about the importance of the “human element” and why we should utilize it more when it comes to business negotiations   Why you have to check out today’s podcast: Learn how automated business sequences negatively affects your business Understand the importance of having the “human element” in business negotiations Find out why you should hire actual negotiation experts and not salespeople when it comes to price negotiations   “Managers, take responsibility. Don't put the discounting in the hands of the sellers. And if managers show a little more discipline, then they can preserve the margins better.” – Andy Paul   Topics Covered: 02:35 – The time Andy learned that pricing is important in the world of sales 06:02 – Selling is about listening to your customers and finding ways to help them 08:37 – How you should communicate value to a customer to make a successful sales meeting 13:28 – Making your customers feel understood is one step in winning sales 17:07 – Why salespeople are unable to utilize the human element 19:20 – Automated selling sequences is mostly persuasive, which is not the best way to go in sales 20:50 – Salespeople’s job is to build one on one relationships with customers, as all customers are not the same 22:30 – How salespeople should handle price segmentations or price negotiations 25:25 – Have professional contract negotiators handle negotiations, and you’ll end up getting better deals 29:11 – Andy’s pricing advice   Key Takeaways: “I say sales, what you have to think about is your job as a salesperson is really nothing more than listening to your buyer, understanding the things that are most important to them in terms of the challenges they face and the outcomes they want to achieve by addressing those challenges and then helping them get that. That's your job. Listen and help.” – Andy Paul “If you can be the first to make the buyer feel understood, there are serious milestones happening that you can actually put yourself in the pole position, and win the deal at a higher frequency than your competitors.” – Andy Paul “When humanity becomes the differentiator and all the automated buying experiences start to become more similar, how do you stand apart? Being human.” – Andy Paul “Everyone wants to point the finger at salespeople as to be the blame for discounting. And the fault is really managers. It's not salespeople.” – Andy Paul   People / Resources Mentioned: How to Sell Without Selling out: https://www.amazon.com/Sell-Without-Selling-Out-Success/dp/1989603572 Humans are Underrated: https://www.amazon.com/Humans-Are-Underrated-Achievers-Brilliant/dp/0143108379 Talent is Overrated: https://www.amazon.com/Talent-Overrated-Separates-World-Class-Performers/dp/1591842948 Geoffrey Colvin: https://geoffcolvin.com/ Toastmasters: https://www.toastmasters.org/   Connect with Andy Paul: LinkedIn: https://www.linkedin.com/in/realandypaul/ Website: https://www.andypaul.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:[email protected]  
11/21/202233 minutes, 51 seconds
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Blogcast #81: The Strategic Hot Dog

This is an Impact Pricing Blog published on October 12, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-strategic-hot-dog/ If you have any feedback, definitely send it. You can reach us at [email protected]. Now, go make an impact. Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/  
11/18/20222 minutes, 56 seconds
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Memecast #84: Jack of Spades: Will I, then Which One

This one is the Jack of Spades from the Selling Value card deck. Buyers usually make a 'will I' decision, then decide 'which one'. They make the 'will I' decision, meaning, am I going to buy something in the product category? Am I going to buy a new car? Am I going to buy a new guitar? Am I going to buy a new refrigerator? Am I going to go out to dinner tonight? Am I going to hire a consultant? We make this 'will I' decision, and then after we've said, yes, I need a - you pick it - I need to hire a consultant, then we decide 'which one'. We interview several different consultants. We get bids from them. We see which ones we get along with. But then we're making that ‘which one’ decision. And it's very important for our sales people, our marketing people, even our product people, to understand the difference between these two questions because when buyers are making these two decisions, they're using different information and they care about different things. Oh, and from my perspective, the price sensitivity changes dramatically and they b