Impact Pricing The Secret to Confidently Raising Your Prices Without the Backlash with Vance Morris
Vance Morris is a former Disney Leader turned entrepreneur, coach, speaker and author. He helps businesses deliver extraordinary customer experiences through workshops, boot camps, and training at Disney.
In this episode, Vance shares practical strategies for implementing premium pricing by presenting options and building value through transparency and trust. He emphasizes the importance of creating emotional connections with customers to enhance loyalty and retention, even in B2B environments. Additionally, he advocates for confident implementation of price increases, highlighting that many pricing challenges stem from business owners' mindset rather than market resistance.
Why you have to check out today’s podcast:
- Learn how to confidently set premium prices and create packages that differentiate your business from competitors.
- Discover how emotional connections, rather than just logic, can drive customer loyalty and enhance sales, even in B2B settings.
- Get tips on overcoming common pricing hurdles and improving customer retention through simple yet effective strategies.
“People have enough information, they don't have enough implementation; just go do it. You could go out right now, raise your prices 10% and nobody's going to bat an eyelash.”
- Vance Morris
Topics Covered:
01:45 - How he found himself in pricing
02:31 - Sustaining a cycle of value and profitability as inspired by Disney's pricing strategies
05:20 - How he justifies premium pricing in his upholstery cleaning business
08:46 - Demonstrating expertise and showcasing value
11:32 - Emphasizing the value of positioning as a premium service rather than competing on being the second cheapest
13:00 - Maintaining pricing integrity
14:21 - Adapting Disney-inspired strategies to differentiate your business making it incomparable to competitors
16:37 - How to differentiate your products or services, even in competitive markets like B2B software
17:57 - How to foster loyalty, enhance customer retention, and make price increases more acceptable
21:09 - Highlighting the value of small, thoughtful gestures to build a positive reputation and stand out in competition
22:42 - Offering premium pricing tiers in clear, non-salesy manner
24:57 - Vance’s best pricing advice
Key Takeaways:
"Not so much to justify [premium pricing], as it is being able to offer a better experience, which then allows me to charge a higher price, which puts more money in my pocket." - Vance Morris
"It's about creating a connection. It's people doing business with people. It's not people doing business with business and creating some kind of emotional connection with the purchasing manager, with whoever's doing the buying. And it just makes selling so much easier." - Vance Morris
"When you have that connection, a price increase may not be overlooked, but is a lot more palatable than just hard excel spreadsheets flying around." - Vance Morris
"There is no competitive advantage to being second cheapest; if you're not going to be the cheapest, you might as well go the other direction." - Vance Morris
People/Resources Mentioned:
- Disney: https://www.disney.com/
- Ritz-Carlton: https://www.ritzcarlton.com/
- Dunkin Donuts: https://www.dunkindonuts.com/en
Connect with Vance Morris:
- LinkedIn: https://www.linkedin.com/in/vancemorris/
- Website: https://deliverservicenow.com/
Connect with Mark Stiving:
- LinkedIn: https://www.linkedin.com/in/stiving/
- Email: mark@impactpricing.com