Impact Pricing

Why you have to check out today’s podcast: 

• Understanding why continually aligning your pricing to what customers’ value is a never-ending journey 
•  Discover the importance of knowing what appeals to the customer and how they perceive your price when optimizing your price and value offer 
• Learn how to leverage AI-powered pricing strategies to take your customer engagement to the next level 

Valerie Howard is the Solution Strategy Director at PROS. She manages the go-to-market strategy for the PROS pricing solution portfolio. 

 In this episode, Valerie shares her insights on how to use data science to optimize price in today’s world of personalization and digital selling, how to leverage the benefits of Artificial Intelligence (AI), and why knowing what appeals to the customer and how they perceive a price is as important as the price itself.  

“When it comes to pricing, we've got to constantly invest in that. There's no end goal there, it's a constant journey of evolution to continually aligning your pricing to what customers’ value and a better understanding of what they value.” 

- Valerie Howard

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code 'INSIDERNOW'  to take advantage of our special $5 offer for the first month.

Topics Covered: 

02:36 — Backstory of how Valerie got into pricing and the socio-economic behavior lessons related to pricing she learned while working with Continental Airlines 

04:35 — What she does at PROS, how she manages the pricing solution portfolio of their airline clients 

08:00 —  How does cross-selling work with the solution that PROS offers 

08:47 —  All about price optimization and price governance: How this helps in the price execution across all channels and regions for PROS airline clients 

09:56  — Personalization and Digital Selling defined: how they differ from each other 

15:11  — The infrastructures of digital selling  

18:59  — All about dynamic pricing and how it works  

20:46 —  Valerie on the  importance of knowing what appeals to the customer and how they perceive your price when optimizing your price and value offer 

22:35 —  Where do price segmentation and  dynamic pricing come into play with regards to a speaker's of ‘fee integrity’ 

23:26 —  Discussion around price variation and price segmentation techniques in the medical service industry 

Key Takeaways: 

“When it comes to personalization, I think what we always hear is that customers really want their buyers to understand them, really want to understand their needs at a personalized level. I think pricing gives us a unique way to better understand, ‘Do they really value this?’  Because if they’re not willing to pay for it, then maybe, it is not something they are valuing so much.” - Valerie Howard 

“When it comes to digital selling, there is a relationship to personalization there, too. It's easier for us to purchase in a self-served way. What are the different ways businesses are tuning in to their customers and making it easier for them to purchase? -- It’s  by understanding them so well that they don’t even have to be present and don’t have a sales rep holding their hand through the whole purchase process.” - Valerie Howard 

Resources: 

• PROS 
• Continental Airlines 
• Hanover Research 

Connect with Valerie Howard: 

• LinkedIn 
• E: [email protected] 

Connect with Mark Stiving:     

• Email: [email protected]
• LinkedIn
• Twitter

Why you have to check out today’s podcast: 

• Learn about price gouging as a functional price management strategy 
• Discover the importance of value differentiation relative to pricing and market segmentation in turbulent times 
• Pricing strategies that you must consider at this time of crisis to keep up with your competitors

Lydia DiLiello is the CEO and founder of Capital Pricing Consultants, an expert model revenue management and business consultancy dedicated to sustainably improving revenue and profitability for its clients through relevant and timely insights, strategic plans and targeted training programs. 

 In this episode, Lydia shares her insights on how to manage your pricing during a crisis,  how to keep up with competitors to maintain market share, and why a crisis management plan is important in such times of downturn. 

“Determine what the single most important thing is that they want out of a business every year, one thing, and then make everything else drive back to it from a strategic standpoint.” 

- Lydia DiLiello

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code 'INSIDERNOW'  to take advantage of our special $5 offer for the first month.

Topics Covered: 

01:17 — Lydia’s backstory how she got into Pricing 

05:53 — Price gouging as a functional price management strategy 

07:28 — Pricing advice for companies, how to keep your business going in the hard times

09:20 — How to manage manpower layoffs during the crisis: e.g. If you are a restaurant and all you’re allowed to do is a curbside delivery, would you lay off your waitresses and waiters? 

10:58 — Lydia’s thoughts on lowering your price to maintain your market share 

12:14 — Why discounting shouldn’t be your standard operating policy relative to your pricing strategy

15:50 — Thoughts about competitors lowering their prices at this turbulent economic condition 

17:21 — All about market segmentation relative to pricing and value 

18:33 — All about having a crisis management plan: How should management react, prepare, and pivoting during a crisis

22:16 — Best pricing advice Lydia has for the listeners

Key Takeaways: 

“Companies that are making decisions based upon the welfare of their employees are going to end up in a stronger place just to brand loyalty and recognition.” — Lydia DiLiello 

“If there are things that require labor and you have the resources to do it, get it done now, keep your people employed because it puts you in a stronger position when this finishes to come out ahead.” — Lydia DiLiello 

“I believe that’s not a good thing to do, lower your prices just to keep going. I think they should not do that, and I feel strongly about that because what it does is it devalues their brand.” — Lydia DiLiello 

“I think that brand advertising is all the more important. Continue to sell it at what it sold before the crisis or find ways to run co-specials where you’re not changing your base price. That base price remains but maybe now it’s buying one get the second half off for a short period of time, but don’t readjust that base price.” — Lydia DiLiello 

“Change your value offering as fast as you possibly can. If you change your value offering, it takes six months for the competition to keep taking that business. Less and less price. They’ll gain the market share. But eventually, your good customers will see the difference in your products. And if you really do have value and product differentiation, they’ll come back to you.” — Lydia DiLiello 

Resources / Links: 

• Jim Tressel 
• General Motors 
• Procter and Gamble 

Connect with Lydia DiLiello:

• LinkedIn 
• E: [email protected] 

Connect with Mark Stiving:     

• Email: [email protected]
• LinkedIn
• Twitter

Why you have to check out today’s podcast: 

• Learn about price gouging as a functional price management strategy 
• Discover the importance of value differentiation relative to pricing and market segmentation in turbulent times 
• Pricing strategies that you must consider at this time of crisis to keep up with your competitors

Lydia DiLiello is the CEO and founder of Capital Pricing Consultants, an expert model revenue management and business consultancy dedicated to sustainably improving revenue and profitability for its clients through relevant and timely insights, strategic plans and targeted training programs. 

 In this episode, Lydia shares her insights on how to manage your pricing during a crisis,  how to keep up with competitors to maintain market share, and why a crisis management plan is important in such times of downturn. 

“Determine what the single most important thing is that they want out of a business every year, one thing, and then make everything else drive back to it from a strategic standpoint.” 

- Lydia DiLiello

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code 'INSIDERNOW'  to take advantage of our special $5 offer for the first month.

Topics Covered: 

01:17 — Lydia’s backstory how she got into Pricing 

05:53 — Price gouging as a functional price management strategy 

07:28 — Pricing advice for companies, how to keep your business going in the hard times

09:20 — How to manage manpower layoffs during the crisis: e.g. If you are a restaurant and all you’re allowed to do is a curbside delivery, would you lay off your waitresses and waiters? 

10:58 — Lydia’s thoughts on lowering your price to maintain your market share 

12:14 — Why discounting shouldn’t be your standard operating policy relative to your pricing strategy

15:50 — Thoughts about competitors lowering their prices at this turbulent economic condition 

17:21 — All about market segmentation relative to pricing and value 

18:33 — All about having a crisis management plan: How should management react, prepare, and pivoting during a crisis

22:16 — Best pricing advice Lydia has for the listeners

Key Takeaways: 

“Companies that are making decisions based upon the welfare of their employees are going to end up in a stronger place just to brand loyalty and recognition.” — Lydia DiLiello 

“If there are things that require labor and you have the resources to do it, get it done now, keep your people employed because it puts you in a stronger position when this finishes to come out ahead.” — Lydia DiLiello 

“I believe that’s not a good thing to do, lower your prices just to keep going. I think they should not do that, and I feel strongly about that because what it does is it devalues their brand.” — Lydia DiLiello 

“I think that brand advertising is all the more important. Continue to sell it at what it sold before the crisis or find ways to run co-specials where you’re not changing your base price. That base price remains but maybe now it’s buying one get the second half off for a short period of time, but don’t readjust that base price.” — Lydia DiLiello 

“Change your value offering as fast as you possibly can. If you change your value offering, it takes six months for the competition to keep taking that business. Less and less price. They’ll gain the market share. But eventually, your good customers will see the difference in your products. And if you really do have value and product differentiation, they’ll come back to you.” — Lydia DiLiello 

Resources / Links: 

• Jim Tressel 
• General Motors 
• Procter and Gamble 

Connect with Lydia DiLiello:

• LinkedIn 
• E: [email protected] 

Connect with Mark Stiving:     

• Email: [email protected]
• LinkedIn
• Twitter

Why you have to check out today’s podcast: 

• Find out how to achieve greater financial independence through Amazon selling 
• Learn how to choose the right Amazon business model 
• Learn how to sell on Amazon and achieve greater financial independence 

Carlos Alvarez is an Amazon Marketing Consultant and Teacher. He is the CEO of Blue Bird Marketing Solutions and Founder of Wizards of Amazon.  

Twelve years ago, he took the “plunge” and decided to sell full time on Amazon, didn't know he would create, let alone grow his brands into nine figures a year in gross revenues. And nine years ago he had no idea his love for online selling would be rivaled only by his passion for digital marketing. 

In this episode, Carlos shares his mission to empower brands to take advantage of selling on Amazon as well as help entrepreneurs break the shackles of their nine to fives and achieve greater financial independence through Amazon and digital marketing. 

“Merch is probably one of the newest, most attractive models that Amazon has. I don't believe anything is ‘get rich quick’, but this has to be the closest thing to a money tree in Amazon that I've seen.” 

- Carlos Alvarez 

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code ‘INSIDERNOW’  to take advantage of our special $5 offer for the first month.

Topics Covered: 

01:55 - What are the different business models he teaches on how to play or compete in Amazon 

03:08 - What is a Private Label business model 

06:52 - How do you take off what you sell on Amazon  platform to your own platform 

09:10 - What is a Resale Business and how does it differ from Private Label 

10:53 - What is Amazon FBA? 

13:33 - What is an arbitrage business model 

15:01 - What is the pricing and value consideration of an arbitrage model 

15:56 - What is Merch by Amazon and why it is considered as the money tree in Amazon 

19:18 - What is Self-Publishing business channel and how does it work 

23:47 - What is a good thing about Kindle in Amazon 

24:51 - What is Carlos' business and how does he make money 

25:53 - Carlos' best pricing advice 

Key Takeaways: 

“Merch is very exciting! I don't treat it like a business. And if I did, it would just make so much more. I have this really as a side thing on Amazon, but the revenues that it makes, and if you did treat it like a business and you dedicate some to it, it can be a lot more attractive than even what I said.” - Carlos Alvarez 

“Buy low, sell high.” - Carlos Alvarez 

“Depending on your business model, you can sell your Kindle books for free. How does that work? What happens is when someone downloads your book and they're much more likely to download it and take a risk on it, when it's free. Amazon's gonna pay you a royalty for that download and the amount of pages consumed. So it can be a very lucrative model and everyone feels like they won. Well, so with Kindle you can add links. So you can do a form of lead gen there, send people to a landing page, your YouTube to your podcast.” - Carlos Alvarez  

Resources / Links: 

• GoDaddy 
• Amazon 
• eBay 
• Alexa 
• Target.com 
• Walmart 

Connect with Carlos Alvarez: 

• E:[email protected] 
• LinkedIn 
• Instagram 
• Facebook 

Connect with Mark Stiving:     

• Email: [email protected]      
• LinkedIn      
• Twitter  

Why you have to check out today’s podcast: 

• Find out how to achieve greater financial independence through Amazon selling 
• Learn how to choose the right Amazon business model 
• Learn how to sell on Amazon and achieve greater financial independence 

Carlos Alvarez is an Amazon Marketing Consultant and Teacher. He is the CEO of Blue Bird Marketing Solutions and Founder of Wizards of Amazon.  

Twelve years ago, he took the “plunge” and decided to sell full time on Amazon, didn't know he would create, let alone grow his brands into nine figures a year in gross revenues. And nine years ago he had no idea his love for online selling would be rivaled only by his passion for digital marketing. 

In this episode, Carlos shares his mission to empower brands to take advantage of selling on Amazon as well as help entrepreneurs break the shackles of their nine to fives and achieve greater financial independence through Amazon and digital marketing. 

“Merch is probably one of the newest, most attractive models that Amazon has. I don't believe anything is ‘get rich quick’, but this has to be the closest thing to a money tree in Amazon that I've seen.” 

- Carlos Alvarez 

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code ‘INSIDERNOW’  to take advantage of our special $5 offer for the first month.

Topics Covered: 

01:55 - What are the different business models he teaches on how to play or compete in Amazon 

03:08 - What is a Private Label business model 

06:52 - How do you take off what you sell on Amazon  platform to your own platform 

09:10 - What is a Resale Business and how does it differ from Private Label 

10:53 - What is Amazon FBA? 

13:33 - What is an arbitrage business model 

15:01 - What is the pricing and value consideration of an arbitrage model 

15:56 - What is Merch by Amazon and why it is considered as the money tree in Amazon 

19:18 - What is Self-Publishing business channel and how does it work 

23:47 - What is a good thing about Kindle in Amazon 

24:51 - What is Carlos' business and how does he make money 

25:53 - Carlos' best pricing advice 

Key Takeaways: 

“Merch is very exciting! I don't treat it like a business. And if I did, it would just make so much more. I have this really as a side thing on Amazon, but the revenues that it makes, and if you did treat it like a business and you dedicate some to it, it can be a lot more attractive than even what I said.” - Carlos Alvarez 

“Buy low, sell high.” - Carlos Alvarez 

“Depending on your business model, you can sell your Kindle books for free. How does that work? What happens is when someone downloads your book and they're much more likely to download it and take a risk on it, when it's free. Amazon's gonna pay you a royalty for that download and the amount of pages consumed. So it can be a very lucrative model and everyone feels like they won. Well, so with Kindle you can add links. So you can do a form of lead gen there, send people to a landing page, your YouTube to your podcast.” - Carlos Alvarez  

Resources / Links: 

• GoDaddy 
• Amazon 
• eBay 
• Alexa 
• Target.com 
• Walmart 

Connect with Carlos Alvarez: 

• E:[email protected] 
• LinkedIn 
• Instagram 
• Facebook 

Connect with Mark Stiving:     

• Email: [email protected]      
• LinkedIn      
• Twitter  

Why you should check out today’s podcast: 

• Find out the basic differences between SaaS, subscription and traditional perpetual licenses 
• Learn about subscription pricing decision and how to set-up the revenue buckets for acquisition, retention, and monetization 
• Discover why it is important that your pricing and packaging  be aligned to the buyer journey 

Amy Konary has more than 20 years of experience advising companies on subscription business strategies.  

She is the founder and chair of  The Subscribed Institute presented by Zuora, a think tank for the subscription economy. Through The Subscribed Institute Amy brings together a community of business executives, thought leaders, and industry experts at a series of Executive Summits and events, and generates research and industry benchmarks on subscription transformation topics. Amy also advises Zuora customers on subscription business strategy development, execution, and maturity.  

In this episode, Amy talked about the strategies and different pricing models used to craft the revenue buckets for acquisition, retention and monetization of your subscription business. 

"When you're selling a subscription, you have to take people on a journey."  

- Amy Konary 

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code ‘INSIDERNOW’  to take advantage of our special $5 offer for the first month.

Topics Covered: 

02:14 - How she got started in Pricing 

04:35 - Pricing and packaging in traditional businesses as compared with subscriptions 

08:11 - What to focus on in subscriptions and the challenges that go with subscriptions 

12:54 - Her thoughts on this particular difference between a traditional business and subscriptions 

15:04 - Why consumption pricing isn't the most viable option in subscription pricing 

15:54 - What is Subscribed Institute and what does it do 

19:07 - Her best Pricing advice that would greatly impact your business 

Key Takeaways: 

"You're selling relationships when you're selling subscriptions." - Amy Konary 

"All of the sorts of principles about how people make decisions and the balance of simplicity with flexibility and the paradox of choice, all these sorts of behavioral economic concepts seemed very, very strong when it comes to subscription pricing." - Amy Konary 

"In subscription, rather than selling all the value upfront, you have to make sure they can see value really quickly and you'll also have to give them a path forward." - Amy Konary 

"For a new business, you absolutely have to focus on new subscriber acquisition and that might dictate or it does dictate how you price and package." - Amy Konary 

"In subscription, you can't monetize unless you have that relationship, have that subscriber." - Amy Konary 

Resources: 

• Subscribed: Why the Subscription Model Will Be Your Company's Future - and What to Do About It by Tien Tzuo 

Connect With Amy Konary: 

• E: [email protected] 
• LinkedIn 

Connect with Mark Stiving:    

• Email: [email protected]     

• LinkedIn     
• Twitter   

Why you should check out today’s podcast: 

• Find out the basic differences between SaaS, subscription and traditional perpetual licenses 
• Learn about subscription pricing decision and how to set-up the revenue buckets for acquisition, retention, and monetization 
• Discover why it is important that your pricing and packaging  be aligned to the buyer journey 

Amy Konary has more than 20 years of experience advising companies on subscription business strategies.  

She is the founder and chair of  The Subscribed Institute presented by Zuora, a think tank for the subscription economy. Through The Subscribed Institute Amy brings together a community of business executives, thought leaders, and industry experts at a series of Executive Summits and events, and generates research and industry benchmarks on subscription transformation topics. Amy also advises Zuora customers on subscription business strategy development, execution, and maturity.  

In this episode, Amy talked about the strategies and different pricing models used to craft the revenue buckets for acquisition, retention and monetization of your subscription business. 

"When you're selling a subscription, you have to take people on a journey."  

- Amy Konary 

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code ‘INSIDERNOW’  to take advantage of our special $5 offer for the first month.

Topics Covered: 

02:14 - How she got started in Pricing 

04:35 - Pricing and packaging in traditional businesses as compared with subscriptions 

08:11 - What to focus on in subscriptions and the challenges that go with subscriptions 

12:54 - Her thoughts on this particular difference between a traditional business and subscriptions 

15:04 - Why consumption pricing isn't the most viable option in subscription pricing 

15:54 - What is Subscribed Institute and what does it do 

19:07 - Her best Pricing advice that would greatly impact your business 

Key Takeaways: 

"You're selling relationships when you're selling subscriptions." - Amy Konary 

"All of the sorts of principles about how people make decisions and the balance of simplicity with flexibility and the paradox of choice, all these sorts of behavioral economic concepts seemed very, very strong when it comes to subscription pricing." - Amy Konary 

"In subscription, rather than selling all the value upfront, you have to make sure they can see value really quickly and you'll also have to give them a path forward." - Amy Konary 

"For a new business, you absolutely have to focus on new subscriber acquisition and that might dictate or it does dictate how you price and package." - Amy Konary 

"In subscription, you can't monetize unless you have that relationship, have that subscriber." - Amy Konary 

Resources: 

• Subscribed: Why the Subscription Model Will Be Your Company's Future - and What to Do About It by Tien Tzuo 

Connect With Amy Konary: 

• E: [email protected] 
• LinkedIn 

Connect with Mark Stiving:    

• Email: [email protected]     

• LinkedIn     
• Twitter   

Why you have to check out today’s podcast: 

• Learn practical and sellable solutions transforming your clients from perpetual to subscription  
• Know the challenges on shifting revenue model from perpetual to subscription 
• Discover how to craft your pricing based on customer perceived value and what appeals to them 

Scott Miller is a senior advisor, an active speaker in North America and Europe, workshop facilitator, and a leading global expert in B2B pricing with a specialization in B2B & B2G software pricing (both large enterprise and start-ups). He works as a consultant, trainer, and coach on the topics of product and marketing strategy, as well as pricing and offer design. 

In this episode, Scott talks about his pricing framework in transforming companies from perpetual to subscription and the different nuances of pricing and monetization that go with it. 

“Our world is becoming more about solution-based pricing where you have this combination of some hardware plus software plus some services. And so pricing teams are really struggling these days trying to figure out ’Well, how do I holistically price all of these components together?’”

– Scott Miller

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code ‘INSIDERNOW’  to take advantage of our special $5 offer for the first month.

Topics Covered:

01:16 – How Scott started in Pricing 

03:07 – What is Software Pricing Framework 

04:33 – Pricing as a process according to Scott 

05:41 – The concept of transforming companies from perpetual licensing to subscription 

07:20 – The hurdles SaaS companies have to deal with in transforming from perpetual to subscription 

13:15 – How to set  a successful pricing conversation with clients 

16:17 – Handling clients objections about shifting from perpetual to subscription 

14:33 – Strategies of migrating a client from perpetual to subscription 

18:17 – The complexity of sales compensation when you go from perpetual to subscription 

22:38 – The offer design process and the pricing metrics used when shifting from perpetual to subscription 

27:29 – Scott’s pricing advice 

Key Takeaways:

“Tell me how much we’re supposed to price a product and then we’ll know that it’s not about me being good at coming up with the price point or you coming up with a price point. It’s the process that you need to go through to come up with the right offer design.”  – Scott Miller 

“If you struggle articulating your value proposition then you’re going to struggle with the pricing strategy.” – Scott Miller 

“As part of the process for offer design, when you’re thinking about, ‘How do I want to package our SaaS solution?’ One of the questions is going to be around. ‘What’s the right metrics that we want to use?’ The metrics that you want to have is it’s going be a good reflection of the value that your software delivers to a client.” – Scott Miller 

“A lot of people do a lot of socialization internally and make sure everyone’s onboard, but we leave out that client part and that’s a really valuable piece of information that a lot of folks neglect.” – Scott Miller 

Resources / People Mentioned: 

• Spotify 
• Netflix 

Connect With Scott Miller: 

• Miller-advisors.com 
• LinkedIn 

Connect with Mark Stiving:    

• Email: [email protected]     
• LinkedIn     
• Twitter 

Why you have to check out today’s podcast: 

• Learn practical and sellable solutions transforming your clients from perpetual to subscription  
• Know the challenges on shifting revenue model from perpetual to subscription 
• Discover how to craft your pricing based on customer perceived value and what appeals to them 

Scott Miller is a senior advisor, an active speaker in North America and Europe, workshop facilitator, and a leading global expert in B2B pricing with a specialization in B2B & B2G software pricing (both large enterprise and start-ups). He works as a consultant, trainer, and coach on the topics of product and marketing strategy, as well as pricing and offer design. 

In this episode, Scott talks about his pricing framework in transforming companies from perpetual to subscription and the different nuances of pricing and monetization that go with it. 

“Our world is becoming more about solution-based pricing where you have this combination of some hardware plus software plus some services. And so pricing teams are really struggling these days trying to figure out ’Well, how do I holistically price all of these components together?’”

– Scott Miller

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code ‘INSIDERNOW’  to take advantage of our special $5 offer for the first month.

Topics Covered:

01:16 – How Scott started in Pricing 

03:07 – What is Software Pricing Framework 

04:33 – Pricing as a process according to Scott 

05:41 – The concept of transforming companies from perpetual licensing to subscription 

07:20 – The hurdles SaaS companies have to deal with in transforming from perpetual to subscription 

13:15 – How to set  a successful pricing conversation with clients 

16:17 – Handling clients objections about shifting from perpetual to subscription 

14:33 – Strategies of migrating a client from perpetual to subscription 

18:17 – The complexity of sales compensation when you go from perpetual to subscription 

22:38 – The offer design process and the pricing metrics used when shifting from perpetual to subscription 

27:29 – Scott’s pricing advice 

Key Takeaways:

“Tell me how much we’re supposed to price a product and then we’ll know that it’s not about me being good at coming up with the price point or you coming up with a price point. It’s the process that you need to go through to come up with the right offer design.”  – Scott Miller 

“If you struggle articulating your value proposition then you’re going to struggle with the pricing strategy.” – Scott Miller 

“As part of the process for offer design, when you’re thinking about, ‘How do I want to package our SaaS solution?’ One of the questions is going to be around. ‘What’s the right metrics that we want to use?’ The metrics that you want to have is it’s going be a good reflection of the value that your software delivers to a client.” – Scott Miller 

“A lot of people do a lot of socialization internally and make sure everyone’s onboard, but we leave out that client part and that’s a really valuable piece of information that a lot of folks neglect.” – Scott Miller 

Resources / People Mentioned: 

• Spotify 
• Netflix 

Connect With Scott Miller: 

• Miller-advisors.com 
• LinkedIn 

Connect with Mark Stiving:    

• Email: [email protected]     
• LinkedIn     
• Twitter 

Why you should check out today’s podcast:

• Know how to price yourself and services right
• Learn why billing by the hour is a disservice to you and your service 
• Why you should you never underprice yourself and your services so no money is left in the table

Loren Fogelman is an expert in pricing strategy and sales for small business owners. Her passion is empowering accounting professionals and other entrepreneurs to double revenues by working half the time through strategic pricing and effective sales techniques.

Loren coaches service-based entrepreneurs to shift away from the trap of the “dollars-per-hour” business model to a value-based model that has, in some cases, allowed her clients to reduce workload by as much as 50% while doubling revenues.

In this episode, Loren shared about why most service-based entrepreneurs are underpricing themselves and how she helps them truly price based on value and how hourly-based pricing is not being fair to them and their clients.

“It's not one-set price unless you're looking at it from a subscription-based model, which is, it's really having what I call a value conversation where you're asking the client great questions and then you're pricing the client, not the service.” 

- Loren Fogelman

Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! 

To sign up go to insider.championsofvalue.com.

Use the promo code ‘INSIDERNOW’  to take advantage of our special $5 offer for the first month.

Topics Covered:

01:18 - How Loren got into Pricing

02:45 - What is "The Ultimate Pricing Bootcamp" and who is this for

05:54 - How to price an accountant's service or project offer

11:41 - Who are her target clients

12:02 - Who is her speaking clients and what type of clients are they

13:07 - Introverts versus extroverts

13:46 - Her best pricing advice

14:27 - Why do clients underprice themselves and how does she help solve their problem on this matter

Key Takeaways:

“What we want to do is recognize that the clients aren't buying their time. It's just that culturally they've been trained to ask what's your hourly rate? And also accounting professionals have been trained as employees to clock in and clock out for their services. That's not really the highest value, all their clients want to know is can you deliver on your promises and can I trust you to do that? That's really what they primarily want to do and the faster the better.” - Loren Fogelman

“We price it according to what the client values instead of what they value as the practitioner. And that is really the key piece is stepping into your client's shoes to understand how they view the value of what you offer instead of looking at it from where you are.” - Loren Fogelman

“What I would say is to understand that pricing is not what you think it is. The majority of professionals, from my research, 57% of the professionals actually underpriced their services. If you are trying to price it yourself, you're probably leaving money on the table.” - Loren Fogelman

“One of the things that I do with a lot of my clients, because they know that they undervalue themselves, is we'll get on a call together, I will review their packages. Maybe they have a proposal coming in and we will go ahead and create the packages and actually price it together because if it was left up to their own devices, they would base it off of their hourly rate and that's not really going to help them make more money without having to work harder.” - Loren Fogelman

People / Resources Mentioned:

• businesssuccesssolution.com/let'stalk

Connect With Loren Fogelman:

• LinkedIn
• Businesssuccesssolution.com

Connect with Mark Stiving:   

• Email: [email protected]    
• LinkedIn    
• Twitter