DeAnn Hammer is the Global Pricing Operations Manager at 3M, an industrial machinery manufacturing company that innovates with purpose and uses science every day to create real impact in every life around the world. She was originally a Marketing Manager in 3M. DeAnn was the valedictorian of her high school senior graduating class
In this episode, DeAnn shares how she does the work of simplifying prices in a way that your customer understands as she puts emphasis on having not to negotiate once it's properly done.
Why you have to check out today's podcast:
- Find out why it's a game-changer move for you to make buying a B2C experience for clients in a world of B2B;
- Discover how simplifying pricing removes the need for negotiating prices in the market; and
- Understand how price simplification unwinds the complexity in pricing
"If you make customers wait, you're going to lose the sale. Process and simplicity are going to allow you to grow your business even on really mature products."
– DeAnn Hammer
Topics Covered:
01:53 – How DeAnn got into pricing; DeAnn as a market development manager
03:07 – Marketers overpricing and underpricing their products
06:34 – The difference between the roles of a pricing manager and a pricing operations manager
08:09 – Activating pricing and making it a B2C experience in a B2B world
12:36 – Houses and cars as the only things consumers negotiate for
15:15 – Unwinding the complexity in pricing through price simplification
21:00 – Determining what's wrong with Mark's strategy
23:34 – Having to make tradeoffs by trying to get rid of negotiated deals
25:32 – DeAnn's piece of pricing advice for today's listeners
Key Takeaways:
"You do a lot of insights work in marketing and you're gathering that information about customers' willingness to pay, but there's also really bad questioning and marketing insights. What people tell you during insights isn't always what they mean, so you really need to pay attention to that willingness to pay and the value the product gives." – DeAnn Hammer
"Activating pricing and making it a B2C experience in a B2B world; I actually think that's how we can grow." – DeAnn Hammer
"I really think businesses have to start thinking about things that are easy, things that people understand, things that they have the data for, how can they just buy those, versus those things that are really perceived as having a much higher value in the idea that it should be negotiated. I think there's a line there about what should be negotiated and what shouldn't be." – DeAnn Hammer
"There was a time where you had to walk into a bank. There was a time you had to wait for an answer. And that's no longer the culture that we live in; we want that instant gratification." – DeAnn Hammer
"Keep it simple. Get the price out there. Let them buy it." – DeAnn Hammer
People / Resources Mentioned:
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