Pricing Table Topics: 10 of Hearts – Invest More Time Managing Pricing and Value

This one is the 10 of Hearts from the Impact Pricing card deck.

Besides the alliteration of that meme, the two concepts are crucial. Pricing is possibly the most powerful marketing mix variable you have access to. You must have seen the reports that say, hey, if you could increase price by 1%, that likely increases your profitability by 10% for most companies or an average company.

Well, the only reason somebody is ever going to buy something from you is because they perceive that there's more value to them than it costs them in your price. And so, that means we need to be focused on what's the value to the customer. We need to know, how are they perceiving that value? What is the value that they're willing to exchange or they're thinking about as they exchange their hard earned money to buy your product?

When we think about these two concepts, then pricing and value, they go really hand in hand, very closely related. I know many companies ignore pricing, that you set it and forget it, and they need to think about that more. But even more companies are clueless about value. How is it that your customers perceive value?

You really should be spending more time, more energy, thinking about both of those concepts, pricing and value. And they go really, really well together.

We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script, obviously.

If you have any questions or feedback, please email me, mark@impactpricing.com.

Now, go make an impact.

 

Connect with Mark Stiving: 

• Email: mark@impactpricing.com
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