Impact Pricing Practical Methods for Competitive Intelligence in Pricing with Jason Covitz
Jason Covitz, the Vice President of Commercial Finance at Covetrus, possesses a wide range of expertise including CFO, Business Growth, Value-Based Pricing, Sales Effectiveness, and Product Management, among others.
In this episode, Jason shares competitive pricing strategies, emphasizing the importance of understanding both inherent and relative value when comparing products to competitors. He shares practical methods for gathering competitive pricing intelligence and highlights the need for combining analytical and creative thinking in pricing.
Why you have to check out today’s podcast:
- Gain valuable insights into how to approach value-based pricing, understand competitor comparisons, and leverage features to maximize your product's value
- Discover valuable methods for gathering competitive pricing intelligence and innovative techniques to help you make informed pricing decisions
- Learn to "ruthlessly prioritize" tasks based on their potential value to help you effectively focus your efforts and achieve significant business results
"Keep digging. Get your teams comfortable with learning. Be inquisitive, poke around, turn on the lights, and hopefully you find large piles of money."
- Jason Covitz
Topics Covered:
02:11 - What led Jason into pricing
03:17 - Discussing how analytics at Capital One included evaluating factors like the cost of repossessing a car and its post-repossession value
05:01 - Explaining the difference between a private equity (PE) owned company and a public company
07:32 - Advocating for a detailed feature-level competitor comparison
10:45 - Think about ROI conversation
11:45 - The challenge of determining competitor pricing for value-based pricing
16:16 - Discussing strategies for competitive pricing and understanding relative value
20:50 - Important thoughts on the use of conjoint analysis in B2B versus B2C contexts
22:40 - Talking about the blend of skills required in pricing, noting that it's not about pure numbers
23:44 - Jason's best pricing advice
Key Takeaways:
"Competitive intelligence from pricing --- people are like, well, I'm just going to ask them what the number is. Well, the number by itself doesn't stand alone; you got to bring the whole story to the conversation in that case." - Jason Covitz
People/Resources Mentioned:
- Capital One: https://www.capitalone.com
- First Data: https://www.first-datacorp.com
- Covetrus: https://covetrus.com/
Connect with Jason Covitz:
- LinkedIn: https://www.linkedin.com/in/jcovitz/
- Email: jascovitz@gmail.com
Connect with Mark Stiving:
- LinkedIn: https://www.linkedin.com/in/stiving/
- Email: mark@impactpricing.com