This is an Impact Pricing Blog published on October 17, 2024, turned into an audio podcast so you can listen on the go.

Read Full Article Here: https://impactpricing.com/blog/profit-vs-market-share-which-should-your-business-prioritize/

If you have any feedback, definitely send it. You can reach us at [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

Mike Wilkinson is referred to as The Value Sales Expert whose focus is on value and value selling. 

In this episode, Mike shares what is involved in a successful value-based selling to enable tailored solutions that address specific challenges of your customers. He emphasizes the importance of measuring and reinforcing delivered value while developing ongoing relationships to uncover new opportunities and ensure long-term success.

Why you have to check out today’s podcast:

• Learn about a five-step value-based selling framework to help you master value-based selling and deepen customer relationships.
• Gain Insights from real-world perspectives, practical advice, and candid reflections on overcoming common sales challenges.
• Discover how to shift from a product-first to a customer-first mindset and transform your sales approach.

"The most important thing from a seller's point of view is be confident in your price. And the way to be confident in your pricing is to make sure that you know, you're absolutely certain, that the value that you are delivering is more than a match for the price you're going to be charging."

- Mike Wilkinson

Topics Covered:

02:21 - Mike describing what he does

02:52 - Elaborating on the concept of value

07:33 - Highlighting the 'Value Triad' as it relates to the value drivers

11:08 - Mike's approach to teaching value-based selling

14:46 - Outdated sales practices that focus on pushing products rather than solving customer problems

16:48 - Thoughts on Zig Ziglar's sales principles and the importance of value discovery in the sales process

21:48 - How to ask impact-driven questions

24:07 - Detailing an effective value discovery and value demonstration to ensure a successful conclusion

26:51 - What value delivery means

28:07 - Value development and what it encompasses and the importance of regular reviews

29:33 - Mike's best pricing advice

Key Takeaways:

“Until we understand how our customers are defining value for them, then to all intents and purposes, value is a mystery. And as sellers in particular, our job is to solve that value mystery.” - Mike Wilkinson

“It’s your customer that defines value, not you.” - Mike Wilkinson

“Until you've understood what the issues are from the customer's point of view, you do not have a solution.” - Mike Wilkinson

People/Resources Mentioned:

• McKinsey: https://www.mckinsey.com
• Zig Ziglar: https://en.wikipedia.org/wiki/Zig_Ziglar
• Seth Godin: https://www.sethgodin.com

Connect with Mike Wilkinson:

• Website: https://axiavalue.com/
• LinkedIn: https://www.linkedin.com/in/mikewilkinson-thevalueexpert/
• Email: [email protected]

Connect with Mark Stiving:

• LinkedIn: https://www.linkedin.com/in/stiving/
• Email: [email protected]

This is an Impact Pricing Blog published on October 10, 2024, turned into an audio podcast so you can listen on the go.

Read Full Article Here: https://impactpricing.com/blog/what-every-team-should-learn-from-pricing-experts-focus-on-value/

If you have any feedback, definitely send it. You can reach us at [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

Daniel Cho has over 29 years of experience in the healthcare industry, currently serving as the Senior Director of Global Pricing at Philips Healthcare. With a background in sales, product management, and pricing strategy, Daniel has a unique perspective on how to effectively communicate value to customers and drive profitability.

In this episode, Daniel shares his journey into pricing and the critical importance of understanding the value your product delivers to customers. He emphasizes that pricing should not just be about features but about the economic, operational, emotional, clinical, and societal value that resonates with different stakeholders. Through real-world examples, Daniel illustrates how a well-structured pricing strategy can lead to stronger, more profitable relationships.

Why you have to check out today’s podcast:

• Discover the five key value drivers that can transform your pricing strategy and enhance customer relationships.
• Learn how to effectively communicate value to different stakeholders within a healthcare organization, from CFOs to clinical staff.
• Gain insights into structuring contracts and pricing metrics that align with customer needs and perceptions of value.

“Resist on the discount as much as possible. Look for every other ways to solve it rather than the discount. The discount should always be a last resort and not the first thing you want to deliver or give.”

– Daniel Cho

Topics Covered:

02:33 - Daniel's journey into pricing

03:23 - The power of pricing strategy, using segmentation and perceived value to differentiate identical products for distinct markets

06:58 -  How two identical products can be integrated differently with existing pricing ecosystems

07:57 - Leveraging his expertise in data analysis to establish Philips' first pricing department

12:11 - Initiating a value-based approach at Philips to create, price, and articulate value

14:22 - Defining value and discussing the 5 key value drivers in a health organization

18:03 - Tailoring value propositions and demonstrating how those four other value streams ultimately lead to financial and strategic benefits

25:22 - An effective sales training Daniel created that teaches salespeople to tailor value-based pitches to different stakeholders’ priorities

31:27 - Daniel's best pricing advice

Key Takeaways:

“We cannot continue to sell features and benefits, we have to go and sell value.” - Daniel Cho

“If the product is not value-based, you can't ask the salespeople to sell value because you have to start from the product that actually deliver and generate value. So, we started from the product managers.” - Daniel Cho

“The first one is economic value. Very simple. Help me to make more revenue or help me to save costs so I have an economic benefit.” - Daniel Cho

“The next value is the emotional value. How can we create a better experience for the patients and also their own staff so the staff don't get burnout.” - Daniel Cho

“Financial value, although as strong as it is, doesn't resonate with everyone.” - Daniel Cho

“Stop giving discounts for free. Always get something back from the customer.” - Daniel Cho

People/Resources Mentioned:

• Philips Healthcare: https://www.philips.com/
• Apple Watch Launch: https://www.apple.com/
• Bausch and Lomb Contact Lens Case: https://www.bausch.com/

Connect with Daniel Cho:

• LinkedIn: https://www.linkedin.com/in/danielkkcho/

Connect with Mark Stiving:

• LinkedIn: https://www.linkedin.com/in/stiving/
• Email: [email protected]

This is an Impact Pricing Blog published on October 3, 2024, turned into an audio podcast so you can listen on the go.

Read Full Article Here: https://impactpricing.com/blog/for-b2b-value-is-incremental-profit/

If you have any feedback, definitely send it. You can reach us at [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

Lisa Thompson has corporate experience that spans software/SaaS, industrial manufacturing, life sciences/healthcare, medtech, fintech, and B2B services. Together with clients, she delivers unique, actionable solutions tailored to their organizational needs and realities leading to profitable, sustainable revenue and growth. 

In this episode, Lisa shares the importance of deeply understanding the economic value your product delivers to customers and aligning it with their buying processes, highlighting that many companies fall short in these areas. Through real-world examples, Lisa shows how uncovering the true drivers of customer satisfaction can transform pricing strategies and lead to stronger, more profitable relationships.

Why you have to check out today’s podcast:

• Deep dive into the critical importance of understanding and quantifying the economic value your product delivers to customers so you gain actionable insights to refine your approach.
• Gain valuable guidance on structuring contracts, from incorporating escalators to aligning terms with customer needs, ensuring profitability and flexibility in volatile markets.
• Learn how to evaluate and select pricing metrics that truly reflect the value customers derive, unlocking hidden revenue opportunities.

 "In the metric, understand how you currently charge customers. Not the price level, but the price metric. Double check to see if that aligns with whether they get high value or low value. If it doesn't, we don't necessarily have the right metric. There can be magic and a lot of money in getting the metric right." 

- Lisa Thompson

Topics Covered:

01:43 - How she ended up in pricing

03:44 - Why value-based pricing is not simply charging higher prices for more value

05:32 - Highlighting the nuances in pricing strategies, explaining ways to leverage value other than higher prices

11:39 - Sharing a lighthearted story about Tom Nagle's amusing moments

13:37 - Emphasizing what many companies struggle to do with deal structuring

16:50 - Explaining why understanding the economic value of a product must come hand in hand with a deep knowledge of the customer's buying process

23:02 - The need for long-term contracts to include appropriate escalators and de-escalators

26:54 - Why contract structures should align with how customers perceive and experience value

30:59 - Lisa's best pricing advice

Key Takeaways:

"Just because value's high, it doesn't mean I can always get a high price for it." - Lisa Thompson

"One of the things I want people to understand in our work is that getting a price premium or charging more than you used to charge isn't the only way to get paid for adding more value." - Lisa Thompson

"We know the value, but that's not the same thing as knowing the buying process." - Lisa Thompson

People/Resources Mentioned:

• Tom Nagle: https://impactpricing.com/podcast/604-insights-into-value-based-pricing-strategies-for-b2b-with-tom-nagle/
• Reed Holden: https://impactpricing.com/podcast/ep97-pricing-in-the-new-normal-with-reed-holden/
• Gilette: https://gillette.com

Connect with Lisa Thompson:

• LinkedIn: https://www.linkedin.com/in/lisa-spadafora-thompson/
• Email: [email protected]

Connect with Mark Stiving:

• LinkedIn: https://www.linkedin.com/in/stiving/
• Email: [email protected]

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 [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

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: [email protected]

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 [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

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: [email protected]