Why you have to check out today’s podcast: 

• Discover why value capture is the most important business idea your business should know about 
• Find-out where should the pricing function reside in your business? 
• Learn why your pricing strategy should be a team effort 

 

Tim J. Smith is the Founder and CEO of Wiglaf, a dynamic and growing advisory firm, where thought leaders in pricing, marketing, sales, and business strategy help firms achieve improved pricing and help executives manage price better.

Tim is also an adjunct professor at DePaul University where he is an Economics and Marketing Professor specializing in Pricing Strategy. He authors books, Pricing Strategy and Pricing Done Right. 

In today’s episode, Tim shares the pervasiveness of pricing in a company. He stressed a point on how each key role in the company should have knowledge about pricing concepts to come up with a team effort on value capture.

 

“Don't go for the cheapest customer. Go for your best customer and set your price there.”  

- Tim J. Smith

 

Get Accelerate Your Subscription Business: Your Blueprint to Packaging & Pricing for Growth Course at https://www.championsofvalue.com 

 

Topics Covered: 

01:28 - What paved the way for him  into Pricing 

02:36 - Why did he name his company Wiglaf 

04:04 - What's the big thing about Pricing today 

04:50 - Getting deeper into Pricing being a verb piece 

06:32 - Pricing being a team effort 

08:59 - Who is a Pricing Person 

09:58 - A product manager role in pricing 

13:13 - What should really be expected of Pricing people 

15:26 - What does it mean when you say "pricing should get involve" 

17:20 - Pricing is not a person, it is a verb 

18:38 - His company's, Wiglaf, big projects 

21:53 - Some more problems and concerns in Pricing and clients today 

22:51 - His valuable Pricing advice that would have a big impact in business 

 

Key Takeaways: 

“Don't go for the cheapest customer. Go for your best customer and set your price there.” - Tim Smith 

“I do want to point out that I did mean HR because I see pricing also having a role in structuring sales incentives and other incentives about value capture and value communication.” - Tim Smith 

“ Putting the plan to study, adjusting the Deming constantly, and constant improvement cycle,  putting these into your commercial policy and your pricing enables you to make this continual improvement in value capture.” - Tim Smith 

“Salespeople need tools to communicate value. If you're going to expect those salespeople to capture any, people also need to know what segments of the market is likely to purchase so that they don't waste the time on customers that are out of the market.” - Tim Smith 

 

 

Links and Resources Mentioned: 

• Symantec 
• 3M 
• Wiglaf Pricing 

 

Connect with Tim Smith

• LinkedIn 
• Wiglaf Pricing
• https://wiglafpricing.com

 

 Connect with Mark Stiving  

• Email: [email protected]  
• LinkedIn  
• Twitter  
• https://www.championsofvalue.com