Impact Pricing

This is an Impact Pricing Blog published on July 11, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/high-prices-and-lost-deals/ 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/

Christine Nicholson has a 25-year experience of running companies in multiple sectors. She started, built, and exited multiple successful businesses. She took a business from £0-£4.5m turnover in 15 months. And she also rescued a bankrupt company from millions in debt to an eight-figure exit in under 18 months. More than just experience, she studied hard to become a Chartered Management Accountant with a law degree, a postgraduate degree in Information Systems Management - and a Professionally Accredited and Experienced Business Mentor. In this episode, Christine shares valuable insights on several key topics related to business valuation and pricing like the owner's emotional attachment, preparing a business for sale and customer feedback for pricing strategies. She provides a balanced view of how to strategically prepare a business for sale, emphasizing the importance of logical pricing decisions and understanding customer value perceptions. Why you have to check out today's podcast: Gain insights on emotional influence in business decisions to help you make more informed, rational decisions that enhance your company's value. Discover actionable tips on how to boost a company's valuation by implementing effective pricing strategies. Learn the importance of customer engagement to understand their perception of value for better pricing decisions. "Go and ask your customers what they think of your service. If you were no longer providing this service, what would they be willing to pay for the level of service that they get from someone else?" - Christine Nicholson Topics Covered: 01:02 - How did she get involved in pricing 03:20 - Discussing a common misconception among business owners regarding the value of their businesses 03:51 - Highlighting a scenario of the emotional complexities and the challenges business owners face when selling their businesses 12:22 - The psychological dynamics involved when business owners try to value their businesses and their services 14:37 - Explaining the key factors that sophisticated buyers look for when purchasing a company 17:22 - Deeper motivations tied to personal beliefs and values other than price when selling a business 19:40 - How adjusting pricing is one of the quickest and easiest ways to improve a business 22:05 - Christine's approach to helping companies fix their pricing strategies which involves more than simply raising prices 24:07 - Addressing the emotional and logical aspects of business decision-making 25:36 - Christine's best pricing advice Key Takeaways: "When you're talking directly to your customers, you have to talk with your heart because you're dealing with one human being typically to another. " - Christine Nicholson "...if you get your pricing right, then you're going to make more profits; you're going to generate more positive cash flows." - Christine Nicholson "When it comes to selling your business, all the heart is with the seller, and all the logic is with the buyer." - Christine Nicholson "When people put their soul into something, they attach a value to it when they're selling their business; ironically, and completely paradoxically, they don't attach the value of the effort that they put into the business to their customers." - Christine Nicholson "One of the biggest problems that I see from a selling business is where somebody is mentally associating the value of the business by the effort they've put in, but they're not reflecting that correctly in the way that their pricing to their customers." - Christine Nicholson "You need to believe the value that you are giving to your client." - Christine Nicholson "Buyers do not want to buy a job. They are buying an investment that has a hard return on capital. And the more certain they are about the return on capital, the higher the money that they will pay and the faster you'll get the cash in your bank." - Christine Nicholson Connect with Christine Nicholson: LinkedIn: https://www.linkedin.com/in/christine-nicholson/ Website: https://getexitready.co.uk/ Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]

Patrick Taylor is a global business improvement expert with over 30 years of delivered value leveraging experience across all domains of pricing and margin improvement as well as commercial and financial processes. In this episode, Patrick shares the critical aspects of effective pricing strategies and their impact on business profitability. He emphasizes the importance of understanding both the external market and customer needs when setting prices. He also advocates for the use of various data visualization tools, such as scatterplots and Pareto charts, to analyze pricing effectiveness and identify areas for improvement. Why you have to check out today's podcast: Gain insights into customer-focused pricing and understand market conditions when setting prices to align pricing strategies with customer expectations. Learn about profitability metrics and delve into the significance of monitoring profitability by customer and product. Understand sales team dynamics to empower sales teams with the knowledge and tools needed to confidently sell at set prices. "Listen to your customers, look at your market, look externally first on price." - Patrick Taylor Topics Covered: 01:14 - Patrick describing his journey into the pricing world 04:01 - Sharing his insights on how pricing has evolved over the years and his fundamental approach to it 07:22 - Emphasizing on the importance of focusing on customer value rather than getting overly caught up in tools like Excel or AI 08:54 - How to motivate executives to focus more on the value they deliver to customers and the decisions those customers have to make 11:58 - Aligning product offerings with customer needs and maximizing revenue opportunities 13:38 - How convincing a CEO to focus on pricing requires demonstrating that there is a real problem 17:34 - Highlighting the importance of using data-driven KPIs and charts to understand pricing behavior and sales performance and important thoughts about price variance 22:09 - What is it about the Pareto chart that he considers it when doing pricing 26:24 - Discussing the importance of focusing on margin dollars over margin percentages, especially when market conditions dictate pricing 29:14 - Patrick's best pricing advice Key Takeaways: "At the end of the day, from a pricing perspective, the customer only cares about two things. They care about the value they get relative to what they're buying and relative to the next best competitive alternative." - Patrick Taylor "Putting that customer first is the number one thing you've got to do." - Patrick Taylor "You can create the best model in the world, but if it doesn't work easily for your sales team to work, they can't communicate it to their customer; it's a problem." - Patrick Taylor People/Resources Mentioned: Tom Nagle: https://impactpricing.com/podcast/604-insights-into-value-based-pricing-strategies-for-b2b-with-tom-nagle/ Alteryx: https://www.alteryx.com Google: https://www.google.com/?client=safari Tableau: https://www.tableau.com Pros: https://pros.com Connect with Patrick Taylor: LinkedIn: https://www.linkedin.com/in/patrickjtaylor/ Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]

David Brown is the author of "Banned Business Books, Volume 1, Pricing," a fictional account that narrates how a marketer and a pricing guru stand up and optimize the pricing function in a company. In this episode, David shares what his book 'Banned Business Books' is all about highlighting the "Nine Boxes" framework for organizing and executing pricing strategies effectively. He emphasizes the critical role of a Pricing Council in bringing order and clarity to pricing decisions within a company. Additionally, he highlights the value of understanding customers deeply and segmenting them to optimize pricing and business outcomes. Why you have to check out today's podcast: Deep dive into the nine boxes framework, a comprehensive tool for organizing and executing pricing strategies. Learn the critical importance of understanding your customers as the foundation for effective pricing. Discover how to set up a pricing council and navigate the challenges of pricing in different organizations. "Don't start thinking that you're going to figure out pricing by looking at margins; start with the customers." - David Brown Topics Covered: 01:34 - Sharing his pricing journey 03:31 - Discussing the role of finance professionals in relation to pricing and how their focus is on defending and improving margins 06:22 - What made him title his book as Banned Business Books 08:51 - Addressing a critique from Mark about the applicability of his book's content 10:26 - Elaborating on the origin and development of his "nine boxes" framework for pricing 14:09 - Discussing how different aspects of pricing, such as packaging and portfolio optimization fit within his "nine boxes" framework 16:02 - How he continues to use the "nine boxes" as a way to organize and prioritize pricing projects, especially when collaborating with a pricing council 18:07 - Sharing his insights on establishing and maintaining an effective pricing council 20:08 - Agreeing that pricing is a critical function and is often a new and somewhat undefined role 21:04 - Proposing the idea of a pricing council to a CEO 23:08 - David's best pricing advice 25:29 - What the Volume 2 of his book series will focus on Key Takeaways: "Price setting is critical; that's where you have the opportunity to start claiming the value that you deserve for your innovations." - David Brown "The main thing that the Pricing Council has to have is energy and a purpose; the ones that do the best have a clear mandate, meaning that the decisions that the council takes on price are carried out and are effective across the company." - David Brown "You want to speak with the leaders and the potential figures that are going to be in the pricing council first and understand what makes the company tick and what needs to be fixed before you start fixing things." - David Brown People/Resources Mentioned: Unilever: https://www.unilever.com.ph Mosaic: https://www.mosaic.com/sustainability American Express: https://www.americanexpress.com Netflix: https://www.netflix.com/ph-en/ Blackberry: https://www.blackberry.com/us/en Connect with David Brown: LinkedIn: https://www.linkedin.com/in/dbrown14/ Website: www.bannedbusinessbooks.com Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]

This is an Impact Pricing Blog published on July 4, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/understanding-fencing-googles-strategy-to-maintain-regional-pricing-for-youtube-premium/ 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/

Kristen Berman co-founded Irrational Labs, a behavioral product design company, with Dan Ariely in 2013. Irrational Labs helps companies and nonprofits understand and leverage behavioral economics to increase the health, wealth and happiness of their users. In this episode, Kristen explores the intricacies of pricing strategies, emphasizing the importance of understanding behavioral economics to influence consumer decisions effectively. She discusses how techniques like the decoy effect, anchoring, and the power of price endings (like 99 cents) can drive customer behavior. Additionally, she highlights the challenges of pricing revolutionary products due to the lack of reference points and the creative approaches needed to establish them in the market. Why you have to check out today's podcast: Deep dive into pricing strategies like the Good-Better-Best model, the Decoy Effect, and the psychology behind price ending to help you understand how to make pricing decisions that drive customer behaviors and increase sales. Find out valuable perspectives on how human psychology influences purchasing decisions which is essential for anyone looking to optimize their pricing or marketing strategies. Discover practical advice and real-world examples to see how you can apply these concepts to your own business. "It's all relative. So, what are customers using as a reference point? If it's off your product site, then you need to help them create a new reference point within your product site." - Kristen Berman Topics Covered: 01:14 - Sharing how she transitioned into behavioral economics from her role as a product manager at Intuit 03:42 - How behavioral science tie to pricing and product 06:10 - An example of how behavioral economics influence product decisions 08:50 - Explaining the concept of the "paradox of choice" 11:35 - Turning the path of least resistance into the preferred choice 14:30 - Simplifying decision-making for customers with the concept of "good, better, best" product offerings 16:42 - Explaining the decoy effect and how it influences consumer decision-making 19:09 - The reason behind the presentation of pricing options in the context of behavioral economics 22:43 - The concept of framing in sales in the context of product features and the importance of trials in subscription-based models 25:25 - How people often rely on heuristics, or mental shortcuts, when making decisions about prices 28:56 - Kristen's best pricing advice 29:28 - Various sources of reference points 31:19 - The challenge of pricing revolutionary products due to the lack of existing reference points Key Takeaways: "People don't come in with an understanding of the exact thing that they want to purchase at the exact moment. And so, our job is to help them understand value, and choice helps people understand value." - Kristen Berman "We're using the heuristics on how big the number is to make a lot of fairness decisions." - Kristen Berman "We are relative creatures. We have reference points and we use our reference points to understand value. And so, it's not just the price, it's the reference point that we're using." - Kristen Berman People/Resources Mentioned: Intuit: https://quickbooks.intuit.com/ TikTok: https://www.tiktok.com Airbnb: https://www.airbnb.com Dan Ariely: https://danariely.com/all-about-dan/ One Medical: https://www.onemedical.com Steve Jobs: https://en.wikipedia.org/wiki/Steve_Jobs Apple: https://www.apple.com/ YouTube: https://www.youtube.com Netflix: https://www.netflix.com/ Study: https://play.google.com/store/apps/details?id=com.thesoundagency.study&hl=en_ZA&pli=1Shopify: https://www.shopify.com/ph Connect with Kristen Berman: LinkedIn: https://www.linkedin.com/in/kristenberman/ Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]

This is an Impact Pricing Blog published on June 27, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/how-to-charge-different-customers-based-on-value-received/ 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/

Florian Bauer is an internationally sought-after expert and speaker on the subject of price psychology and behavioral pricing. He is an honorary professor at the Technical University of Munich and author of several books on price research. He also has a doctorate in Psychology at TU Darmstadt, MIT, and Harvard. In this episode, Florian talks about how discounts can give you short-term gain but cost you long-term. He underscores that there are other means to incentivize customers without diminishing a products' value perception. And that cashback is one thing to consider other than discounts. He also talks about buyers' irrationalities and how to use Behavioral Economics to influence their decision-making and let it work in your favor. Why you have to check out today's podcast: Learn about the psychology of price structure and how it influences consumers' buying behavior Find out what you can, what you should, and what you should not do when giving a discount Learn how Behavioral Economics can help you influence buyers' decision-making and maximize your company's profit "If you want to price or sell something, you have to think in two dimensions. You have to think about what people want. That's the traditional value-based approach. And you have to think in the dimension of how they decide." - Florian Bauer Topics Covered: 01:28 - How Florian got started in Pricing 02:25 - What the psychology of price structure is all about 03:22 - What a price structure looks like 04:12 - What's the psychology behind using cashback than just lowering the price 06:03 - How do discounts differ from cashback 07:39 - The feeling of disconnect with cashback 08:20 - Cashback being an icing on the cake that can potentially make you feel more decided about your choice 10:02 - What's the disadvantage of discounting 11:36 - What behavioral economics means for pricing 16:15 - Different people behave differently when it comes to decision irrationalities 18:00 - His thoughts on the ethical issue about Behavioral Economics 23:22 - What is Behavioral Economics showing us and why this works in the B2B world 25:38 - How heuristics simplify complex decisions 29:35 - Florian's best pricing advice that can significantly impact your business Key Takeaways: "Never ever give a discount without anything the customer has to give in return." - Florian Bauer "That's the issue with discounting. It really works very well short-term. So, you have to gain short term, but you have to cost long-term." - Florian Bauer "If I want to sell somebody something, I need to know what he wants, or she wants, and I need to adapt my sales approach and my pricing model, potentially, to how he decides." - Florian Bauer "For me, the purpose of marketing, pricing, and sales is to influence decisions. So, there is no reason to have a marketing campaign or a marketing team if you would not have the idea that I can influence my customers' decision in my favor." - Florian Bauer "I think when we talk about value and price acceptance, it's very much a story. And there is not one story better than another one. People hate to make decisions, they want to be made decided and with some stories, they are quicker in deciding than in others." - Florian Bauer "Think about that you're not only selling value; you're also managing decisions. If you keep that in mind when you design your pricing model, you also avoid the traditional clash between pricing and sales because you're also able to tell your salespeople how they can actually execute your pricing strategy to make the customers actually follow the decision or the directions you want them to." - Florian Bauer Resources / People Mentioned: Daniel Kahneman: https://en.wikipedia.org/wiki/Daniel_Kahneman Connect with Florian Bauer: Email: [email protected] LinkedIn: https://www.linkedin.com/in/profdrflorianbauer/ Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/

This is an Impact Pricing Blog published on June 20, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/revamp-your-pricing-strategy-pros-cons-of-4-popular-models/ 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/

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 explores the concept of generative pricing, emphasizing how AI can transform pricing strategies through real-time value measurement and dynamic proposal evaluation. He discusses how composable AI applications and generative adversarial networks might drive advancements in pricing and proposal management. Practical advice is also provided on using AI to optimize proposals, including developing effective evaluation rubrics and leveraging AI for better decision-making. Why you have to check out today's podcast: Delves into the concept of generative pricing and how it can revolutionize pricing strategies through real-time value measurement, composability, and AI-driven proposal evaluation. Discover actionable advice on using AI to evaluate and improve proposals before submission which includes tips on developing effective rubrics and using AI tools to enhance proposal quality. Explore the future of pricing in a world increasingly influenced by AI, including the challenges of scaling costs, measuring value, and managing pricing with AI. "Build a system that will evaluate your proposals, including your pricing proposals, before you send them out. You can do this using your currently available AI tools." - Steven Forth Topics Covered: 01:01 - Introducing the concept of "generative pricing" in the context of generative AI applications 02:17 - Elaborating on the concept of generative pricing by discussing the cost dynamics associated with generative AI applications compared to traditional SaaS applications 04:35 - Discussing the differences in cost between traditional search engines like Google and AI-powered services like Perplexity, highlighting the implications for generative pricing 09:28 - Shift in cost structures and the emerging properties of generative AI applications 13:54 - Configuring solutions that optimize the value delivered to customers continuously 16:02 - The potential for generative AI to enable more accurate and transparent value-based pricing models 18:41 - Explore the concept of generative pricing in the context of proposals and outcome-based pricing 22:10 - The idea of making predictions about the future of pricing, particularly in the context of generative AI, using a website called longbets.com 23:01 - How generative pricing necessitates a rethinking of pricing approaches 24:01 - Generative AI and how it affects cost management and value capture 25:30 - Discussing the implications of generative AI on the value and pricing of applications, particularly focusing on composable AI 28:42 - Steven's best pricing advice and actionable steps for leveraging AI in proposal evaluation and improvement Key Takeaways: "Yes, we have to be aware of costs. And the pricing systems are also going to need to be cost-management systems. But what's going to drive the configuration is value optimization." - Steven Forth "Is generative pricing a clear, fully baked concept today? No, it's not. But I believe that generative AI is going to cause enough change that it's going to force us to rethink how we approach pricing." - Steven Forth "...possibly as we get more sophisticated and flexible models, we'll be able to more formally manage the relationship between emotional values and also do a better job of pricing in order to reflect externalities." - Steven Forth "We're going to have to really start designing our proposals and our pricing with the assumption that the consumer or one of the consumers is actually going to be an AI. And I think that also changes how we think about the pricing as well, and we're gonna need AIs in order to generate pricing that other AIs are going to accept." - Steven Forth People/Resources Mentioned: Intercom: https://www.intercom.com Perplexity: https://www.perplexity.ai Google: https://www.google.com/?client=safari Gemini: https://gemini.google.comTheory Theory Ventures: https://theory.ventures Oracle: https://www.oracle.com Microsoft: https://www.microsoft.com/en-ph/ Totogi: https://totogi.com Long Bets: https://longbets.org 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]

This is an Impact Pricing Blog published on June 13, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/collusion-vs-implicit-collusion-navigating-legal-and-profitable-pricing-strategies/ 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/

Leah Tharin brings B2B SaaS to the product-led growth retention light. Advising organizations to bring growth, product, marketing, and sales in line, scaling to move down or upmarket. She works in the operational details and not the hypothetical clouds with her clients. In this episode, Leah explains the differences between product-led growth (PLG) and sales-led growth, highlighting the benefits of usage-limited freemiums in PLG strategies. She emphasizes the importance of focusing on core value and customer experience when designing freemiums. She advises on pricing strategies, recommending minimal price changes during the early stages and frequent experiments as the company matures. Why you have to check out today's podcast: Find detailed definitions of key business concepts like product-led growth (PLG) and sales-led growth (SLG) that offer valuable comparisons to help you understand their differences, as well as applications. Learn practical and actionable advice on pricing strategies, emphasizing the importance of initial pricing for early-stage companies and the need for frequent pricing experiments as the company grows. Deep dive into effective business practices, such as leveraging freemium models and understanding the importance of customer value in pricing strategies. "If you cannot convince people to use your stuff for free, then I think you should not have any price on your product." - Leah Tharin Topics Covered: 01:32 - Why she describe the relationship between pricing and value as stressful 03:09 - Defining a product-led growth 06:47 - Leah expanding the product-led growth definition to include interactive demos and automated marketing tools 08:49 - How companies adopt product-led growth to improve cost efficiency and compete with more agile, cost-effective competitors 11:22 - Sales-led growth defined 14:20 - What does a product-led growth focuses in getting into 20:02 - Understanding a Freemium product offer 24:10 - Why she prefers a Freemium model that is usage-limited 26:46 - An outcome-driven way of looking at the minimum viable product 29:31 - Leah's best pricing advice Key Takeaways: "Traditionally we talk about product-led growth in the terms of trials, freemiums, getting something for free forever until you buy it, and so forth. But I also talk about it in the context of getting an interactive demo where you understand what they now do inside of this demo." - Leah Tharin "...what we try to do in product-led growth is exactly this. It's not so much about how much the customer spends in the initial payment with us or like even the first couple of months, maybe even year. It is about the lifetime value, how fast we can escalate this of course as well because this is also a sign of customer value." - Leah Tharin "For commoditized markets, product-led growth, if it can be done, it's not always the right thing, but definitely the choice that you have to make. In new verticals with extremely complicated integrations, we tend to be more sales-led for sure." - Leah Tharin People /Resources Mentioned: Netflix: https://www.netflix.com Spotify: https://open.spotify.com Hubspot: https://www.hubspot.com Salesforce: https://www.salesforce.com Connect with Leah Tharin: LinkedIn: https://www.linkedin.com/in/leahtharin/ Website: https://www.leahtharin.com/ Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]

This is an Impact Pricing Blog published on June 6, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/price-segmentation-in-action-why-geography-matters-for-your-wallet/ 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/

Mac Kremer leads the pricing strategy practice at K1 Investment Management. He is experienced in B2B SaaS investing and value creation work. In this episode, Mac shares strategies for growing SaaS businesses through price increases, upsells, cross-sells, and increased usage. It discusses the complexities of implementing pricing systems and emphasizes the importance of flexibility and understanding your pricing model. Additionally, it highlights the need to educate sales teams on value-based selling to reduce discounting and improve sales effectiveness. Why you have to check out today's podcast: Discover valuable strategies for growing SaaS businesses, including ways to expand, manage and track revenue streams effectively. Understand the complexities of implementing pricing systems in various-sized companies and find out solutions from simple tools to more sophisticated systems. Learn practical tips on communicating value to customers, helping sales teams to sell more effectively reducing the reliance on discounts. "Sit down with whoever's responsible for pricing, decide to set up a committee and a cadence and just start talking about it more and more." - Mac Kremer Topics Covered: 01:35 - How Mac found himself in pricing 02:42 - Describing his role at a private equity firm as both an advisor and consultant 03:38 - Discussing the importance of customer conversations in understanding value propositions 05:47 - Explaining that value can also include benefits beyond profit 07:28 - Similarities and differences between B2B and B2C purchasing decisions 08:49 - Using ROI calculators and the ability of sales reps to contextualize ROI within the business's specific goals 09:56 - How ownership of pricing in a company depends on its stage of development 14:01 - Importance of forecasting and budgeting for pricing activities 16:00 - Understanding the sources of revenue growth highlighting the four ways to grow a customer: Win, Keep, Grow 19:49 - What to focus on when it comes to net revenue retention 21:35 - Variety of pricing systems used and how it depends on the complexity of pricing models used 23:55 - The complexities of implementing and managing pricing systems as companies grow 25:57 - Helping salespeople understand and communicate value 29:06 - Mac's best pricing advice Key Takeaways: "Customer conversations are so critical to understanding the value proposition of your solution, and where you kind of see your customer's perceiving value before you even start to talk about price." - Mac Kremer "The best place to start when you're having customer conversations is, you can go in and you can kind of engineer the true value calculator, the EVC, the economic value to the customer. But I think it's also just understanding their perception of the value that they're receiving. Because I think value comes in a lot of different forms, even outside of just profit." - Mac Kremer "A lot depends on the complexity of your pricing model when you go to think about what system we should be using?" - Mac Kremer People/Resources Mentioned: Maxio: https://www.maxio.com Chargebee: https://www.chargebee.com Gainsight: https://www.gainsight.com NetSuite: https://www.netsuite.com/portal/home.shtmlSalesforce:https://www.salesforce.com Tableau: https://www.tableau.com Connect with Mac Kremer: LinkedIn: https://www.linkedin.com/in/mac-kremer/ Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: [email protected]

This is an Impact Pricing Blog published on May 30, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-price-is-never-right/ 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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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]

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/

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/

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/

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]

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/

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/

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]

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/