66 | 🚨 Why Your Messaging Is Killing Your Pricing Power — Fix It NOW! 💸 (Deep Dive)

Happy holidays! Good Revenue is off this week, so we're bringing you one of our favorite episodes from 2024. 

Host Neeta Bidwai breaks down the overlooked power of messaging in influencing customer perceptions of willingness to pay and value. 

Key topics include:

• The science behind effective messaging

• How emotions and psychology affect decision-making and willingness to pay

• Strategies for crafting messages that not only emphasize product benefits but also evoke emotional connections with customers

• The role of framing, laddering, and storytelling in creating impactful messages

• Best practices for language choice and multisensory message delivery

• Comprehensive testing and refinement of messaging strategies

Join us for an in-depth look at how powerful messaging can command price premiums, withstand market pressures, and foster sustainable competitive advantages.

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Where to find Neeta:

https://www.linkedin.com/in/neetabidwai/

Where to find Good Revenue:

https://goodrevenue.io/goodrevenue

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Highlights:

00:00 Introduction to Effective Messaging

00:58 The Science Behind Messaging

02:37 Understanding Customer Emotions

05:57 The Power of Framing

08:37 Laddering and Value Chain Development

09:56 The Art of Storytelling

12:22 Choosing the Right Language

14:18 Message Testing and Refinement

16:37 Multisensory Message Delivery

18:52 Recap and Best Practices

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Referenced:

• Value creation messages increase willingness to pay: https://journals.sagepub.com/doi/10.1509/jm.12.0179

• Value-based selling: https://www.sciencedirect.com/science/article/abs/pii/S0019850115000449 

• Social norms for behavior change: https://edis.ifas.ufl.edu/publication/WC406

• Somatic markers: https://neurorelay.com/2012/05/15/emotions-create-our-preferences-the-somatic-marker-hypothesis/

• Motivated reasoning: https://psycnet.apa.org/doiLanding?doi=10.1037%2F0033-2909.108.3.480

• Prospect theory: https://www.jstor.org/stable/1914185

• Judgments based on emotions: https://www.researchgate.net/publication/8624927_Risk_As_Analysis_and_Risk_As_Feelings_Some_Thoughts_About_Affect_Reason_Risk_and_Rationality

• Laddering: https://is.muni.cz/el/1456/jaro2013/MPH_MVPS/39278324/LadderingTheoy_original.pdf

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