Pricing Table Topics: 9 of Diamonds – Buyers on a Trust Journey are Not Price Sensitive

This is an Impact Pricing Blog published on September 23, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-new-products-myth-1/ 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/

29 Nov 20242min

Every decision can make or break profitability, and pricing remains one of the most powerful yet underutilized levers. There is fear that often holds companies back from taking bold steps in pricing. How about getting a proven playbook to guide you? Get to have a peek at Mark Stiving's groundbreaking new book, Instant Profits: How to Raise Prices Without Losing Customers.  In this episode, together with Mark and guest-host, Rebecca Kalogeris, we explore how this concise, impactful guide empowers executives and decision-makers to conquer pricing fears, implement value-based strategies, and unlock untapped revenue potential—all in under an hour of reading. Let's bring your pricing game to a whole new level and make a lasting impact.   Why you have to check out today’s podcast: Gain access to the behind-the-scenes of the making of Instant Profits book and how it showcases a concise, actionable guide that can help executives make meaningful changes in their companies. Delve into the common fear of raising prices and gain actionable strategies to address it and boost your revenue confidently. Learn how to price based on the value delivered rather than arbitrary metrics in order to optimize profitability.   "If you are an executive, this book is awesome because it gives you a chance to read about what you could or should be doing in pricing, and you can do it in less than an hour. Come up with at least one or two ideas of things you can go do, and it's going to make the company money." - Mark Stiving   Topics Covered: 01:43 - The reason why Mark wrote the book, Instant Profits: How to Raise Prices Without Losing Customers 03:18 - Mark highlighting how fear of raising prices can hinder action 04:47 - How his new book, Instant Profits: How to Raise Prices Without Losing Customers differ from the previous one 06:05 - Why you should go and buy this book for $100 and who should purchase and read it 08:05 - Rebecca explaining Amazon's royalty system and the real reason why the book is priced at $100 10:40 - Kindle version available for now and why the hardcover is still to be released 13:30 - Mark emphasizing what makes this book an invaluable and concise resource for executives   Key Takeaways: “If you are an executive, this book is awesome because it gives you a chance to read about what you could or should be doing in pricing. And you can do it in less than an hour. Come up with at least one or two ideas of things you can do and it's going to make the company money.” - Mark Stiving “The reason I'm charging a hundred dollars isn't because I need the 30 bucks or the 70 bucks or something like that. The reason we're charging a hundred dollars is because I want buyers to know that it's worth a hundred dollars. That's it.” - Mark Stiving   People/ Resources Mentioned: Instant Profits: How to Raise Prices Without Losing Customers by Mark Stiving: https://impactpricing.com/instant-profits-book/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com

25 Nov 202414min

This is an Impact Pricing Blog published on September 19, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/how-you-reduced-prices-without-you-or-customers-realizing-it/ 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/

22 Nov 20242min

Mike Danford is a Growth Optimizer - CSO, UX Strategist and Product Management Consultant at Adverio.io In this podcast, Mike shares valuable insights on optimizing pricing strategies for businesses, emphasizing the importance of testing and adjusting prices regularly to stay competitive. He discusses the complexities of Amazon's Buy Box. He also provides practical advice for businesses with tight margins, highlighting how small pricing adjustments can lead to significant improvements in profitability, especially when using dynamic pricing strategies.   Why you have to check out today’s podcast: Gain actionable strategies for optimizing pricing in competitive markets with concrete examples of how small pricing changes can impact profits. Learn about the complexities of Amazon’s Buy Box, including how pricing, seller ratings, and competition affect your visibility and sales potential. Discover how to leverage dynamic and intraday pricing strategies to stay competitive, including tips on when and how to make real-time price adjustments.   "If you haven't tested pricing, do it today. Don't wait. There's no better time than right now." - Mike Danford   Topics Covered: 01:36 - What paved his entry into pricing 02:21 - Explaining how in B2C dynamic pricing is critical to staying competitive across platforms like Amazon and Walmart, where frequent promotions and price changes impact rank and visibility 03:27 - Defining 'Omnichannel' 03:59 - How brands sell through these omni channels and how brick-and-mortar sales data can be integrated with online data to enhance omnichannel strategies 05:03 - 'Omnichannel pricing' and the challenges that comes with it 07:20 - A strategy used to avoid direct price comparison 07:45 - Strategies for effective omnichannel pricing to maximize sales 12:00 - Describing how price adjustments are often small, typically starting below 3% to gauge elasticity 13:52 - The three main buckets of categorizing pricing strategy 16:15 - Explaining Amazon's automated pricing tools and third-party repricing software that generally adjust prices dynamically 18:55 - How the Amazon buy box has been a competitive issue since the platform’s early days 21:20 - Hourly changes being typically unnecessary unless there’s exceptionally high product turnover 23:25 - How geolocation-based pricing isn’t possible on major marketplaces 25:08 - Maintaining control over the buy box on Amazon 26:27 - Mike's best pricing advice   Key Takeaways: “If you haven't tested pricing, do it today. Don't wait. There's no better time than right now. If you tested it a year ago and you haven't touched it, or you did it six months ago, do it again. The market is constantly changing. Be willing to make those small changes.” - Mike Danford   People/Resources Mentioned: Amazon: https://www.amazon.com Home Depot: https://en.wikipedia.org/wiki/Home Walmart: https://www.walmart.com Best Buy: https://www.bestbuy.com Target: https://www.target.com   Connect with Mike Danford: Linked: https://www.linkedin.com/in/danfordmike/ Website: https://www.adverio.io/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com

18 Nov 202428min

This is an Impact Pricing Blog published on September 12, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/mastering-the-good-better-best-strategy-a-guide-to-increasing-win-rates-and-revenue/ 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/

15 Nov 202412min

Mark Boundy is a business builder, sales leader, author, coach, consultant, teacher…and Chief Clarity Officer…he has grown businesses in a variety of industries using a relentless focus on customer-perceived value. In this episode, Mark discusses the importance of aligning every employee's actions with customer value, emphasizing that every touchpoint with a customer either creates or destroys value. He shares stories from his experience, including a manufacturing operator and a receptionist, to illustrate how seemingly small ideas can have significant impacts on customer satisfaction and business outcomes. Boundy underscores that value creation is about helping customers achieve desired outcomes, and this focus can drive growth, profitability, and employee fulfillment across all levels of an organization.   Why you have to check out today’s podcast: Discover real-life stories about how employees at every level, from operators to receptionists, can innovate to drive customer satisfaction and business results, making it relatable and motivating. Gain actionable strategies to ensure every team member understands how their role impacts customer value, helping you foster a culture focused on positive customer experiences. Learn how traditional metrics can sometimes hinder value creation, providing tips on aligning KPIs with customer-centric goals to achieve greater long-term success.   "Customer value comes from two things, one, your differentiation, and two, the outcome that customer achieves because of your differentiation." - Mark Boundy   Topics Covered: 01:25 - Sharing the experience that gave rise to using the word 'antipreneurial' in his book 04:08 - The importance of flexibility within processes, contrasting rigid corporate guidelines with adaptable checklists 07:41 -  Stressing the importance of a value-oriented organization not just sales around delivering customer outcomes 09:14 - Highlighting the importance of aligning sales and implementation teams to ensure realistic promises are made to customers 12:39 - What it requires to create a value-driven organization 16:09 - Emphasizing the need to prioritize customer-focused KPIs over purely efficiency-driven ones with real-life illustrations 20:12 - How focusing on customer satisfaction and adding value leads to substantial growth, high profitability, and employee satisfaction 21:35 - Stressing a point that employees feel more fulfilled and engaged when they understand how their work directly impacts customers’ lives 22:51 - Defining value and illustrating how value was created by understanding customer outcomes deeply 26:51 - Mark sharing how anyone in the company, even janitors and receptionists can add value    Key Takeaways: "If the most important process in your company is your customer's buying journey, and your KPI has nothing to do with that buying journey, that's a yellow light." - Mark Boundy "If maximizing that KPI inhibits the customer journey, I call that a masking KPI. You're measuring something that makes you worse by making yourself good at stopping the customer from complaining. You get bad at turning customers into joyous partners." - Mark Boundy   People/Resources Mentioned: The Infinity Effect How Elite Growth Companies Abolish Antipreneurial Patterns and Create More Profitable, Happy, Lifetime Customers by Mark Boundy: https://www.amazon.com/Infinity-Effect-Summary-Antipreneurial-Profitable-ebook/dp/B0D1NNLWRH Lucent technologies: https://lucenttek.com/index.html Cisco: https://www.cisco.com/#tabs-35d568e0ff-item-194f491212-tab Miller Heiman Group: https://www.kornferry.com/about-us/our-story/miller-heiman-group Zappos: https://www.zappos.com Barefoot Wines: https://www.barefootwine.com   Connect with Mark Boundy: LinkedIn: https://www.linkedin.com/in/markboundy/ Website: www.boundyconsulting.com Email: mark@boundyconsulting.com   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com

11 Nov 202430min

This is an Impact Pricing Blog published on September 5, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/uncover-hidden-profits-with-our-opportunity-signals-worksheet/ 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/

8 Nov 20242min

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 emphasizes the importance of shaping willingness to pay by understanding and communicating real value to customers. He also highlights the role of AI and context-driven pricing in adapting to customer needs dynamically, stressing that consistent delivery and documentation of promised value are crucial for long-term retention.   Why you have to check out today’s podcast: Explore the nuances of pricing strategies, distinguishing between perceived, real, and proven value and how each impacts customer retention and willingness to pay. Learn why documenting value delivered to customers can significantly reduce churn, with actionable steps to demonstrate value in B2B sales. Gain insights on Context-Driven Pricing, offering a fresh approach to optimize pricing in real time.   "You need to make sure that the value you promise in sales is the value that you deliver and that you can document that value. Because if you don't do that, you're going to struggle with renewals." - Steven Forth   Topics Covered: 02:09 - Why Steven believes that value-based pricing and willingness to pay are distinct, with value coming first shaping willingness to pay 06:19 - How techniques from behavioral economics, like anchoring, actually impact value perception rather than solely increasing willingness to pay 07:12 - Acknowledging Mark's example of using "good-better-best" as a framing strategy but argues that it’s more than just a "trick" 10:40 - Introducing his concept of generative pricing, which leverages generative AI to dynamically adjust product configurations and prices based on each buyer’s context 12:35 - Steven emphasizes the need for a clear value model rather than solely relying on AI-driven willingness-to-pay estimates 14:49 - Highlights how value is not only unique to each customer but also varies over time for the same customer 17:05 - Underscoring that willingness to pay is actively shaped by how a company communicates and delivers value 18:34 - Emphasizes the need for a value model in pricing, contrasting it with software approaches like revenue management that estimate willingness to pay without actively shaping it 20:37 - Explaining why B2B pricing cannot rely on traditional price elasticity curves 21:36 - Steven's best pricing advice   Key Takeaways: "Willingness to pay is an outcome that you shape. It's not something that is given to you by something outside of your product and how you sell it, and that you play a huge role in defining the context." - Steven Forth "We want people to pay a fair amount of money. If I can trick someone into paying more than something's valuable, greater than its actual value, and value in this case means the economic return they're going to get, I don't think I've done myself a service in the long term." - Steven Forth   People/Resources Mentioned: Pros: https://pros.com Pricefx: https://www.pricefx.com Zilliant: https://zilliant.com Vendavo: https://www.vendavo.com Tom Nagle: https://impactpricing.com/podcast/604-insights-into-value-based-pricing-strategies-for-b2b-with-tom-nagle/ Barret Thompson: https://impactpricing.com/?s=barrett+thompson B.F. Skinner: https://en.wikipedia.org/wiki/B._F._Skinner   Connect with Steven Forth: LinkedIn: https://www.linkedin.com/in/stevenforth/ Email: steven@ibbaka.com   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com

4 Nov 202423min