Impact Pricing

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

7 Aug 202332min

This is an Impact Pricing Blog published on June 29, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/right-or-effective/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

4 Aug 20232min

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

2 Aug 20232min

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

31 Jul 202328min

This is an Impact Pricing Blog published on June 22, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/help-whats-bigger-than-pricing/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

28 Jul 20233min

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

26 Jul 20232min

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

24 Jul 202329min

This is an Impact Pricing Blog published on June 15, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-ikea-effect-and-pricing/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

21 Jul 20232min