Pricing Table Topics: Jack of Diamonds - Sell Like You Don’t Have Competitors

Kiran Gange is the CEO and Founder of RapidPricer, a company that helps automate pricing and promotions for retailers. He helps companies grow internationally, especially into India. And he was a Senior Strategy Analyst at Fry’s Electronics. In this episode, Kiran educates us on retail and analytics-based pricing as he shares hypotheses and strategies you can practice in pricing your own products.   Why you have to check out today’s podcast: Learn how to price retail products both in B2B and B2C setting Understand why you should increase your price in phases and not shock your customer at once Find out how important analytics-based pricing in, and discover strategies on how you can actually do it in your business   “Look at your past data. Use your intuition to guide the data analysis, but don’t only base your decision on intuition.”  – Kiran Gange   Topics Covered: 01:31 – How Kiran got into pricing 02:36 – Pricing in both the environments of B2B and B2C in retail 05:07 – A hypothesis to test for foot traffic and cameras 07:13 – Talking about the work that RapidPricer does 11:15 – The strategy on how to rapidly change prices, and the difference between base price and promoted price 14:00 – The difference between AI and a strategically thought-out programming 17:06 – Discussion around analytics-based pricing frameworks, and Mark’s ‘which one’ and ‘will I’ concept 21:01 – Using AI to know which products people are price sensitive on 22:09 – Pricing table topics: “Execute price increases in phases; test the outcomes.” 24:08 – Kiran’s pricing advice   Key Takeaways: “There’s a difference between a base price and a promoted price. The base price is when you decide what is the right price to keep inside your store for a longer time. A promotion is an instant decision, typically to correct something which is a negative factor.” – Kiran Gange “Customers don't like prices changing up on them instantly.” – Kiran Gange “Strategy is always the foundation behind how the prices should be done. It shouldn't be an entirely “I have no clue what's happening. Here’s the price. Here you go. Cancel the black box.” Ever. I believe, at least retailers are so traditional; they won't accept a solution like that.” – Kiran Gange “You need to know which products are people sensitive about and make sure they get the best value on those products to compete on those products. And the others can be your profit drivers.” – Kiran Gange “Whenever you have this cost increases, have like a strategy to understand which products are going to absorb the cost over time and which products can take it immediately. That will help you both stay up to date with your latest cost and not upset your customers too much.” – Kiran Gange   People / Resources Mentioned: RapidPricer: https://www.rapidpricer.com/ Fry’s Electronics: https://www.youtube.com/fryselectronics DemandTec: https://www.demandtec.com/ Amazon: https://www.amazon.com/   Connect with Kiran Gange: LinkedIn: https://www.linkedin.com/in/kirangange/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:mark@impactpricing.com

31 Loka 202226min

This is an Impact Pricing Blog published on September 21, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/value-based-prospecting/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

28 Loka 20223min

This one is the Queen of Hearts from the Selling Value card deck. Buyers who don't believe you understand their problems, won't listen to your solution. Buyers want to trust you as a salesperson, as a company. Buyers want to trust that you understand them because if you don't understand their problems, how is it that you could possibly solve their problems? People are buying products; they're buying solutions to problems. Our best bet is to make sure our buyers, our customers, understand that we know what their problems are. We've seen them before. We've solved them before. This makes buyers comfortable. Well, how can we do that if all we do is show up and pitch our product? How can we do that if all we do is talk about our product? If instead, we spend time listening, learning about what their problems really are, talking about their problems and how we've seen these problems in the past. Then they know that we know their problems, and then they're much more open to hearing our solutions to their problems. We hope you enjoyed this memecast. This is also an example of how Pricing Table Topics works. Grab a deck of our cards, pull a random card, read the saying, then talk for one to two minutes about what that card says. This will improve your understanding and more importantly, your ability to communicate important concepts around value. If you have any questions or feedback, please email me mark@impactpricing.com. Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

26 Loka 20222min

Karen Chiang is a co-founder and managing partner of Ibbaka, a company that provides software and expertise to enable business growth by optimizing revenue performance through customer value management and talent optimization. In this episode, Karen talks about service-led growth and its advantages over product-led growth in certain situations. She also tells us when and how to utilize it, along with the concept of collaborating with the customer throughout the journey in order to maintain and maximize the value of your product or services.   Why you have to check out today’s podcast: Learn the fundamentals of service-led growth Discover why service-led growth might be more useful to your business than product-led growth Find out how to maintain and maximize value by keeping in touch with your clients   “My piece of advice is for any business to recognize the importance that pricing can play in reaching their growth targets and objectives and making sure that they recognize that pricing has to be rooted in value” – Karen Chiang   Topics Covered: 01:12 – How Karen got into pricing 01:53 – What is service-led growth? 04:09 – Product-led growth vs. service-led growth: Which one to use, and when 14:47 – Is service-led growth functional in industries other than consulting? 18:26 – How knowing the insights of your customers helps in increasing the value for your product 21:02 – The concept of customer journey in service-led growth 23:52 – The difference between product-led growth and service-led growth 26:54 – Karen’s pricing advice 28:24 – Connect with Karen Chiang   Key Takeaways: “The reality is that not all customers are looking for product-led solutions.” – Karen Chiang “If you are working with customers which are trying to solve complex problems, which require a more collaborative approach, then you are not in the business of product-led growth or you shouldn't choose product-led growth as your strategy. In fact, you should be looking at service-led growth.” – Karen Chiang “Pricing is very linked, very much linked to the value that your customer cares about.” – Karen Chiang “With service-led growth, you are not just thinking about the term of the platform once a year. You are, by nature, collaborating with your customer throughout the journey.” – Karen Chiang   People / Resources Mentioned: Ibbaka: https://www.ibbaka.com/ Steven Forth: https://www.linkedin.com/in/stevenforth   Connect with Karen Chiang: LinkedIn: https://www.linkedin.com/in/karen-chiang-2623241/ Email: karen@ibbaka.com   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:mark@impactpricing.com

24 Loka 202229min

This is an Impact Pricing Blog published on September 14, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/how-to-give-salespeople-discount-authority/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

21 Loka 20223min

This one is the Queen of Spades from the Selling Value card deck. It turns out that when we shop for something, especially if it's something that we've never owned before, we've never purchased before, we are not experts in the product. We're trying to learn as much as we can about what makes sense. What's going to be good for us. Where's the best bang for our buck. We are not experts in the product category. And yet, if it's something that we've bought many, many times, as we become expert, then we stop thinking about what are the benefits I need to achieve and we start thinking about what are the features. Possibly my favorite example of this is imagine buying a computer. I'm guessing you've bought many computers in your life and you understand what many of the features do for you. For example, the size of the hard disc or the size of the RAM. And when you walk into a Best Buy store and you're going to buy a new computer, when the geek says to you, "Yeah, this one does emails and photos really well." You're thinking, "Go away, I don't want to know the benefits. Tell me what's the size of the hard disc, how much RAM, where's the processor speed." On the other hand, imagine it was your first computer. And someone walks in and says, "This is a two-gigabit processor with quad processors and two terabytes of hard disc and 256 gigabytes of memory." And you're thinking, "Is that good or not?" Because then you need the benefits. Most of the time, if we've got a direct salesperson selling a product, we're selling to somebody who hasn't bought the product before. We're selling to somebody who isn't an expert. And what that means is we should stop talking about our features, we really need to talk about our benefits. Features are simply proof points that we can achieve the benefits. We hope you enjoyed this memecast. This is also an example of how Pricing Table Topics works. Grab a deck of our cards, pull out a random card, read the saying, and then talk for one to two minutes about what that card says. This will improve your understanding and more importantly, your ability to communicate important concepts about value. If you have any questions or feedback, please email me mark@impactpricing.com. Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

19 Loka 20222min

Geraldine Carter runs She Thinks Big Coaching where she helps CPAs do less without sacrificing revenue. Although her target market are CPAs, she actually has a bachelor’s degree in civil engineering from Cornell University. She was also a cycling guide for Backroads and now hosts her own podcast called The Business Strategy for CPAs. In this episode, she talks about the structure of pricing in the accounting industry and the reason why most CPAs are underpriced. She then discusses her so-called “effortless value” where accountants could earn more without having to do extra work. Finally, she shares her tips on how accountants could earn more by having expertise and charging their clients more.   Why you have to check out today’s podcast: Learn why you should have a deep expertise instead of being a generalist Acquire techniques on how to increase your value without doing more Discover the reason why charging more is better for you and your clients   “It’s good for your clients to charge them more” – Geraldine Carter   Topics Covered: 01:33 – How Geraldine got into pricing 03:10 – The problem of pricing in the accounting industry 05:24 – What is Menu Pricing and its difference from Subscription Pricing 09:16 – CPAs are not a subscription 10:11 – How “billing” works in CPAs 11:56 – The prevailing mindset among CPAs 13:11 – Why having a deep expertise is essential in getting better prices 17:04 – The mindset that needs to be changed in the accounting industry 17:54 – What is “Effortless Value” 20:49 – Geraldine’s bicycling pricing story 24:06 – Pricing table topics: Subscriptions have three revenue buckets: win, keep, and grow. Manage all three. 27:51: Geraldine’s pricing advice   Key Takeaways: “You can legitimately be given the marketplace and the absence of segmentation, become an expert and have expertise that the client cannot find anywhere else, either in their zip code or on the Internet. It just doesn't exist. There's so little competition that if you in fact do have deep expertise." – Geraldine Carter “Effortless value is this idea of going through your business and looking at all the ways you could improve. You could add value to your clients experience without it being more work.” – Geraldine Carter “Your buyers take your price as a signal of quality. And if it is not high enough for what they are expecting to pay, they will keep on walking.” – Geraldine Carter “If your delivery is dialed in and your clients are delighted and you make good on your promise, they will continue to stay.” – Geraldine Carter   People / Resources Mentioned: She Thinks Big Coaching: https://geraldinecarter.com/ Smart Strategy for CPAs: https://www.businessstrategyforcpas.com/ Jonathan Stark: https://jonathanstark.com/ Ron Baker: https://www.linkedin.com/in/ronbaker1/ Selling Value: How to Win More Deals in Higher Prices: https://www.amazon.com/Selling-Value-Deals-Higher-Prices/dp/1737655217   Connect with Geraldine Carter: LinkedIn: https://www.linkedin.com/in/geraldine-carter/ Email: gc@geraldinecarter.com Website: https://geraldinecarter.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:mark@impactpricing.com

17 Loka 202229min

This is an Impact Pricing Blog published on September 7, 2022, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/why-you-should-give-salespeople-discount-authority/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

14 Loka 20222min