Impact Pricing Unlocking Revenue: The Role of Empathy and Trust in Pricing with Nathan Yeung
With over six years of experience as a leader in marketing operations, Nathan Yeung helps mid-market businesses build, enhance, or support their marketing functions and drive value creation. As the Vice President, CMO Services at Find Your Audience Marketing Partner, he leads teams of marketing managers, graphic designers, media buyers, coordinators, and freelancers to develop and implement marketing strategies for organizations across various industries.
In this episode, Nathan shares how empathy is crucial for understanding and communicating value, which directly influences pricing and client trust. He emphasized that many web pages fail because they attempt to appeal to everyone rather than focus on a specific audience and problem. Additionally, he advised against charging too little, suggesting that higher rates can be justified when trust is established, and recommends offering multiple pricing options to highlight the value of the primary choice.
Why you have to check out today’s podcast:
- Learn to understand and address your customers' pain points to significantly impact your pricing strategy and boost trust, leading to higher revenue.
- Find out why many web pages fail to convert and get actionable advice on how to create focused, empathetic web content that resonates with your target audience.
- Explore how trust plays a crucial role in client relationships and how it can influence pricing decisions, helping you secure higher-value contracts.
"Never give a single price. Think about creative ways to give at least three and make your obvious choice your bottom line."
- Nathan Yeung
Topics Covered:
01:07 - Talking about his disciplined approach to health
02:01 - How he got into pricing and his perspectives on pricing
03:53 - Discussing his approach to helping B2B companies "discover revenue"
06:22 - The reactions and learning opportunities that come when a client quickly accepts a price offer
07:48 - The importance of truly understanding and communicating value when helping businesses discover revenue
11:17 - Value creation in B2B and B2C contexts
14:03 - Expanding on the concept of having marketing take on internal communications
15:08 - Two key issues why web pages fail and bringing in additional point about the "curse of knowledge"
18:22 - Discusses the concept of pricing and positioning in business
22:22 - Trust and how it relates to pricing and business growth
23:04 - Talking about his book, 'The Lazy Consumer', and discussing the concept of trust
24:49 - Elaborating on the importance of empathy in sales and how it can trigger a response from customers
25:53 - Underscoring the crucial link between trust and pricing
27:20 - Nathan's best pricing advice
Key Takeaways:
"When you forget about that [people are human], you get a lot of people locked into this state of logical thinking. And when you're too logical, it's hard to generate a lot of value. Because when they're logical, they're being highly critical." - Nathan Yeung
"Understanding your ideal customer profile and really understanding their true pain points and where they are in a business, you can understand value." - Nathan Yeung
"Value makes you really be empathetic, and you really have to understand what is valuable to your customer." - Nathan Yeung
"Just because there's a quantifiable change that is valuable, that does not necessarily mean that person values that the most." - Nathan Yeung
"HR is great for compliance and process and all that kind of lovely stuff, but they're really not great marketers." - Nathan Yeung
"This idea of building culture, while it's important for HR to take care of that and be the accountable part of that, the reality is that marketers are likely the more important person to actually bring that message to market, which is the company in itself." - Nathan Yeung
Connect with Nathan Yeung:
- LinkedIn: https://www.linkedin.com/in/yeungnathan/
- Website: https://www.findyouraudience.online/
Connect with Mark Stiving:
- LinkedIn: https://www.linkedin.com/in/stiving/
- Email: mark@impactpricing.com