Personalities in the Pricing Community (and how to interact with them) with Robert Ribciuc
Impact Pricing6 Feb 2023

Personalities in the Pricing Community (and how to interact with them) with Robert Ribciuc

For the last ten years, Robert Ribciuc has been working as the Managing Partner of EBITDA Catalyst, helping clients accelerate growth in key valuation metrics. He has a BA in Math and Economics from Harvard and an MBA from Chicago Booth School of Business.

In this episode, Robert shares some of his insights on how to deal with different kinds of people in the industry, be it personal or online.

Why you have to check out today’s podcast:

  • Get tips on how you could recover and avoid “falls” in your life
  • Learn how to give feedback and criticisms in a nice, positive manner
  • Discover some lesser-known tricks/hints about how the LinkedIn algorithm works

“If enough people notice those behaviors in you, that are all about you – selfish, self-promoting, etc., most of the time, when a comment like that is posted, nobody replies or gives any acknowledgment to that kind of comment, and you can just hear in that wall of silence all the people who are mentally walking away from this person just like you described.”

– Robert Ribciuc

Topics Covered:

01:37 – Pre-recording conversation about the pricing community and the different kind of people in the industry

07:10 – How to deal with people who self-aggrandize

11:46 – The recipe for avoiding the next “thud” in your life

17:06 – Why everyone avoids people who are negative, selfish, and self-promoting

20:42 – Why many people are reluctant to give feedback or criticism

23:24 – How to give feedback in a positive and helpful tone

24:31 – Some helpful LinkedIn tips/hints from Mark Stiving

29:04 – (When posting something) Add something positive to the conversation instead of demeaning the author

30:19 – Connect with Robert Ribciuc

Key Takeaways:

“Sometimes, pressure brings these behaviors that you and I may be chuckling at and promise ourselves we're not going to be like that.” – Robert Ribciuc

“If you remove this artificial constraint we placed on ourselves, like, ‘I got to grow this fast’ or ‘I got to be on this trajectory’ or ‘I got to reach this amount of money’ or whatever, and you just let that balancing act, and rest on what makes you feel most whole and contributing to the world, maybe that's a recipe for avoiding the next thud in your life.” – Robert Ribciuc

People / Resources Mentioned:

Connect with Robert Ribciuc:

Connect with Mark Stiving:

Episoder(500)

Blogcast: Defining Value-based Pricing

Blogcast: Defining Value-based Pricing

This is an Impact Pricing Blog published on August 25, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/defining-value-based-pricing/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go make an impact. Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

6 Okt 20235min

Pricing Table Topics: Ace of Clubs – Nobody Cares About Your Product

Pricing Table Topics: Ace of Clubs – Nobody Cares About Your Product

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

4 Okt 20232min

Setting and Optimizing Pricing for Your Veterinary Business with Robert Ribciuc

Setting and Optimizing Pricing for Your Veterinary Business with Robert Ribciuc

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

2 Okt 202332min

Pricing Table Topics: Ace of Diamonds – Value-based Pricing is a Goal and an Attitude

Pricing Table Topics: Ace of Diamonds – Value-based Pricing is a Goal and an Attitude

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

29 Sep 20232min

Pricing Table Topics: Ace of Hearts – Adopt Value-based Pricing

Pricing Table Topics: Ace of Hearts – Adopt Value-based Pricing

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

27 Sep 20232min

#CLASSIC Trash the Timesheet: Exploring Opportunities in Subscription Businesses with Ronald J. Baker

#CLASSIC Trash the Timesheet: Exploring Opportunities in Subscription Businesses with Ronald J. Baker

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

25 Sep 202332min

Pricing Table Topics: Ace of Spades – Pricing Captures Value

Pricing Table Topics: Ace of Spades – Pricing Captures Value

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

22 Sep 20232min

Blogcast: Pros and Cons of Price Variance

Blogcast: Pros and Cons of Price Variance

This is an Impact Pricing Blog published on August 17, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pros-and-cons-of-price-variance/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

20 Sep 20232min

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