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Claire Wang helps startup founders and solopreneurs pick a pricing model that ensures their long-term success.
In this episode, Claire shares her journey of transitioning into her own consulting practice after her corporate job. She talks on the misconceptions about pricing, how people mistakenly equate pricing with just setting a price point when it's all about understanding customer value. She emphasizes the importance of integrating pricing early on in product development, not as an afterthought. She also highlights the need for pricing professionals to be more visible and vocal about the value they bring, as many people don't understand the full scope of their work.
Why you have to check out today’s podcast:
"Understand your customers, understand their needs. And once you do that, then you'll have a better understanding about their willingness to pay."
- Claire Wang
Topics Covered:
01:34 - How she found herself in pricing
02:12 - Pricing as it relates to actuary
03:57 - Explaining the cost-plus pricing in the world of insurance
06:57 - Discussing about price sensitivity and willingness to pay with regard to insurance
08:09 - Reason behind starting her consulting firm
10:02 - The misconception about pricing and what it truly is
14:46 - How success of pricing strategies often depends on how integrated pricing is within a company's overall operations
16:49 - Pricing being more than just setting a number
18:20 - Claire making her point that pricing should not be viewed as a zero-sum game
23:45 - Sharing her thoughts on building visibility for pricing professionals to raise awareness about the pricing profession
25:56 - Gauging perceived value of pricing professionals based on their visibility and content
27:34 - Claire's best pricing advice
Key Takeaways:
"Most people have no clue what pricing really is. They equate pricing with setting a price point, which is completely untrue." - Claire Wang
"Pricing, fundamentally, is all about value." - Claire Wang
"Pricing has got nothing to do with the price point. You really need to go through the whole funnel. And once you've done that, then the price point is just a byproduct." - Claire Wang
People/Resources Mentioned:
Connect with Claire Wang:
LinkedIn: https://www.linkedin.com/in/claire-wang/
Connect with Mark Stiving: