Mark Peacock has been a pricing consultant since 2017. Currently, he is the managing director of Price Maker, a company that helps their businesses differentiate themselves from the competition by means of having a smarter pricing. He is also about to release his new book titled “Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices”

In this episode, Mark talks about what’s written in his newest book, “Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices”. He shares the fundamental ideas behind the seven steps and gives insightful sample situations in which the seven steps can be applied.

 

Why you have to check out today’s podcast:

• Get a general idea of what’s in Mark’s new book, Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices
• Learn why it’s okay to have multiple pricing models on a single product
• Find out why it is the best time for you to raise your prices

 

“Take the time to do your pricing strategy properly, and put your prices up because it is the most powerful lever you can use to increase profitable growth.”

– Mark Peacock

 

Topics Covered:

01:27 – How Mark got into pricing

02:35 – The reason why Mark wrote his book, “Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices”

03:42 – Step 1: Where do you want to go?

06:43 – Step 2: Know what your customers think about you

08:02 – Step 3: Being aware of your competition

11:02 – Step 4: Product

13:13 – Step 5: Pricing

15:45 – Mark Peacock’s thoughts on having more than one pricing model for a product

17:17 – Step 6: Proposition

19:21 – Mark Peacock’s favorite behavioral economics example

22:47 – Step 7: Profit

24:53 – How Mark would address the issue of credit grabbing among departments in cases of sales improvement

28:59 – Mark’s pricing advice

30:09 – Connect with Mark Peacock

 

Key Takeaways:

“Pricing, ultimately, is always a subset of business strategy, of your company goals. So, you've got to be clear. You got to know where you want to get to. Otherwise, you'll end up floundering with your pricing.” – Mark Peacock

“Product and price are two sides of the same coin. When I buy products for a price, I want to know what I get as a customer and equally as a seller, you need to know everything that's included in your product offering.” – Mark Peacock

“Without changing the pricing, you can achieve an effective increase in prices of 4% by changing how you present the prices. And I think this whole question of how we present pricing is just as important as ‘What's the number? What's the strategy?’ Because it makes such a difference.” – Mark Peacock

“Having a clearly written pricing policy is such an important thing. And I literally say in my book, ‘Write it down’. And it doesn't have to be long, it doesn't have to be complicated.” – Mark Peacock

 

People / Resources Mentioned:

• Pricing for Success: The Seven-Step Plan for Winning More Customers at Better Prices – https://www.barnesandnoble.com/w/pricing-for-success-mark-peacock/1142840523

• Selling Value: How to Win More Deals at Higher Prices – https://www.amazon.com/Selling-Value-Deals-Higher-Prices/dp/1737655217

 

Connect with Mark Peacock:

• LinkedIn: https://www.linkedin.com/in/mark-peacock-the-pricing-coach/
• Email: [email protected]

 

Connect with Mark Stiving:

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