Impact Pricing Drop Pilot's Game-Changing Pricing Strategies with Michael Hammersley
Michael Hammersley co-founded and invented a payment system designed to locate the market price of any consumer good. He authored the utility patent that protects the invention.
In this episode, Michael discusses the platform he co-founded, a dual-sided marketplace of buyers and sellers that helps businesses reach a pricing competitive advantage.
Why you've got to check out this podcast:
- Discover what Drop Pilot platform is
- Find out how it can benefit both sellers and buyers in determining the best price possible
- Learn to figure out the best pricing your customers are willing to pay
"Find out what your customer is willing to pay before you sell them the product."
- Michael Hammersley
Topics Covered:
01:34 - How he started his career in pricing
02:21 - What's so interesting about analyzing pricing potential as a distressed fund
02:55 - Getting to know what Drop Pilot is and what dual-sided marketplace mean
04:00 - Is Drop Pilot a marketplace or research area and what benefit does this platform have for the sellers?
05:26 - What kinds of businesses work with them and what it means to have multi-unit transactions?
06:18 - Buyer's benefit in using Drop Pilot and explaining the research aspect of the platform
08:34 - Proprietary payment system's role in the marketplace and where his coaching focuses on in regard to the platform
11:01 - How to get people to bid with B2B businesses
12:56 - What is a Drop Day?
18:17 - Is the platform representing the real market?
19:11 - How the whole idea about Drop Pilot started and dealing with scalping issues
20:36 - Michael's best pricing advice that impact's one's business
Key Takeaways:
"We have a lot of repeat droppers who each time they come up with a new product, they'll come back, release it with us, figure out how to price it, and then sell it on their own website." - Michael Hammersley
"If you want to figure out customer willingness to pay for a pricing tool, you really have to generate those numbers on your own based on estimations." - Michael Hammersley
"If you want to look at the pricing analytics and you want to find out what your customers are willing to pay, it actually makes more sense to operate in a pressurized environment because you get the highest and best price." - Michael Hammersley
"What you would want to do is take a look at the analytics and find the clusters of where the most bids came in like what the most common bid was, and then use that as a reference point to set your retail price." - Michael Hammersley
"One thing that our algorithm or our platform actually does is it completely prevents the use of scalping bots." - Michael Hammersley
Connect with Michael Hammersley:
Connect with Mark Stiving:
- Email: mark@impactpricing.com
- LinkedIn: https://www.linkedin.com/in/stiving/