Impact Pricing Strategic Price Increase: How to Plan, Communicate, and Succeed with Mark Peacock
Mark Peacock helps B2B Tech & Consulting firms expand margin & revenue growth with tailored pricing solutions & sales enablement.
In this episode, Mark shares practical strategies for implementing price increases effectively, including a two-stage communication process to manage customer expectations and reduce resistance. He emphasizes the importance of segmenting clients by price sensitivity and value to tailor pricing strategies and build confidence. Mark also highlighted the need to treat price increases for existing customers with the same care as new business pricing to maximize business impact.
Why you have to check out today’s podcast:
- Learn proven strategies to implement price changes confidently without losing customer trust or loyalty.
- Discover an innovative approach to preparing customers for price increases minimizing resistance, and maximizing acceptance.
- Explore techniques for segmenting clients, leveraging value-based pricing, and fostering long-term relationships.
“Treat price increases for existing customers with the same importance that you do pricing for new business, because it can have such a profound impact on your business and it's nothing to be scared of.”
- Mark Peacock
Topics Covered:
01:48 - Describing his pricing journey
02:58 - The transformative power of smart pricing strategies
06:13 - Check out Mark's article in LinkedIn, ‘Raise Prices Without Raising Eyebrows’
06:52 - The importance of putting as much effort into planning and communicating price increases with existing customers as devoting to winning new business
09:21 - The two-stage process to make price increase more acceptable to your customers
12:34 - The third step to communicating your price increase
14:49 - Explaining the value reasons why customers should stick with you [the fourth step]
16:55 - Communicate your 'investment story' [fifth step]
18:44 - Give your customers the options and do away with hard sell [sixth step]
21:53 - Talking about frictionless approach to price increase [seventh step]
23:22 - Important thoughts on the 'do something nice' strategy
26:45 - One top tip to help you segment customers based on price sensitivity and stop churn
27:59 - More techniques for customer segmentation
28:59 - Mark's best pricing advice
Key Takeaways:
“Communicating a price increase is a sales task, and you would never use negative language in a sales activity.” - Mark Peacock
“The most important thing about a price increase communication is that there is no hard sell.” - Mark Peacock
“You need to provide them with some ways to come back to you however they want, either to approve it, to reject it, to discuss it, or if you've got upgrade or downgrade paths as well.“ - Mark Peacock
“Be as open and transparent as possible so that the buyer has total agency and control over that decision, and you are making it entirely their decision because that's how you build trust.” - Mark Peacock
Connect with Mark Peacock:
Connect with Mark Stiving:
- LinkedIn: https://www.linkedin.com/in/stiving/
- Email: mark@impactpricing.com