Impact Pricing

This is an Impact Pricing Blog published on March 23, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/discrimination-or-segmentation/ 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 Apr 20233min

This one is the 6 of Hearts from the Selling Value card deck. I work with clients frequently about creating these value tables. And what we essentially do is we identify, what are the best features in the product? What problem does that feature solve for the client? What's a quantifiable result that client may expect? And then, what's the amount of profit that client may be able to get when they achieve that result?  In a way, you could think of this as an ROI calculator. But the problem is, you can't go in with an ROI calculator and tell a buyer, 'Hey, you're going to go make this much money if you buy my product.' They don't believe you.  In fact, if you use the document and everything that we put on there, it's probably not accurate for every single customer. In fact, it's probably not accurate for any customer.  So, our recommendation is always, when you've created the value table, think of it as a thought process, this is where the value could be. And now we go talk to a buyer. And we understand, do you have this problem? 'Oh, yeah.' What kind of result do you think you might expect? 'Oh, let's see if we can figure out the profit to your company if you achieve that result.'  We use this as a map, as a document to help us understand where we're going, but we don't use the document to say these are the facts for any given client. So, we want to use the information, not the details of the document. 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, 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 Apr 20232min

As the founder and CEO, Joe Woodard empowers small business advisors to transform small businesses. He works toward this vision as the host of the annual Scaling New Heights conference, the host of Woodard Alliance, the head of Woodard Institute and various speaking and writing engagements he performs throughout the accounting and bookkeeping professions. In this episode, Joe discusses how to design a subscription pricing model that prioritizes building strong relationships with clients, empowering them, and generating a long-term impact on their businesses. This approach also helps increase the lifetime value of clients.   Why you have to check out today’s podcast: Get an in-depth discussion on pricing result versus pricing transaction Understand how charging relationships works in a subscription pricing model Uncover how to price human connections that go beyond financial reasons   "Be bold with pricing. You are worth more than you think you are, and definitely more than your clients think you are." - Joe Woodard   Topics Covered: 01:29 - Talks about getting differentiated from the rest with his degree in classical Greek 03:37 - How his career path ended in Pricing 04:25 - What is so significant about the subscription business model? 06:16 - How do you price a relationship? 10:08 - Going in-depth into pricing for a relationship 13:40 - Measuring the service-provider-client relationship 15:12 - Going beyond financial outcomes when measuring the economics of relationship 16:25 - Discussions around Mark's objections: 'I don't see how you price for it [relationship] 17:02 - Pricing human connection that transcends economics 20:57 - The danger about price segmentation in relation to pricing relationship 22:03 - Pricing segmentation's end-goal in a subscription model 23:38 - Healthy subscription versus toxic subscription 25:48 - Driving customer lifetime value plus creating experiences for engagement 27:43 - Joe’s pricing advice 29:19 - Connect with Joe   Key Takeaways: “We're intensely focused on the customer's outcome, and our outcomes become a means to that outcome. And therefore, we are pricing the relationship we have with the client because it's about the outcomes we're driving in that relationship.” - Joe Woodard “I am delivering, within the context of a relationship, value. And part of that is, I’m giving you attention at the individual level. Not a newsletter, not cookie cutter answers. There's something where you're individually being touched.” - Joe Woodard “Relationship economics is about the business outcomes or the business benefits that are gained by being in a relationship.” - Joe Woodard “The intensity of the relationships increases based on the value that you've added in the amount of attention that you're able to give.” - Joe Woodard   People / Resources Mentioned: Ron Baker: https://impactpricing.com/podcast/ep44-ronald-j-baker-trash-the-timesheet-exploring-opportunities-in-subscription-businesses/   Connect with Joe Woodard: LinkedIn: https://www.linkedin.com/in/quickbooksadvisor/ Website: https://www.woodard.com/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mailto:mark@impactpricing.com

24 Apr 202330min

This is an Impact Pricing Blog published on March 16, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/interesting-starlink-price-changes/ 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 Apr 20234min