This is an Impact Pricing Blog published on October 17, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/profit-vs-market-share-which-should-your-business-prioritize/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

Mike Wilkinson is referred to as The Value Sales Expert whose focus is on value and value selling.  In this episode, Mike shares what is involved in a successful value-based selling to enable tailored solutions that address specific challenges of your customers. He emphasizes the importance of measuring and reinforcing delivered value while developing ongoing relationships to uncover new opportunities and ensure long-term success.   Why you have to check out today’s podcast: Learn about a five-step value-based selling framework to help you master value-based selling and deepen customer relationships. Gain Insights from real-world perspectives, practical advice, and candid reflections on overcoming common sales challenges. Discover how to shift from a product-first to a customer-first mindset and transform your sales approach.   "The most important thing from a seller's point of view is be confident in your price. And the way to be confident in your pricing is to make sure that you know, you're absolutely certain, that the value that you are delivering is more than a match for the price you're going to be charging." - Mike Wilkinson   Topics Covered: 02:21 - Mike describing what he does 02:52 - Elaborating on the concept of value 07:33 - Highlighting the 'Value Triad' as it relates to the value drivers 11:08 - Mike's approach to teaching value-based selling 14:46 - Outdated sales practices that focus on pushing products rather than solving customer problems 16:48 - Thoughts on Zig Ziglar's sales principles and the importance of value discovery in the sales process 21:48 - How to ask impact-driven questions 24:07 - Detailing an effective value discovery and value demonstration to ensure a successful conclusion 26:51 - What value delivery means 28:07 - Value development and what it encompasses and the importance of regular reviews 29:33 - Mike's best pricing advice   Key Takeaways: “Until we understand how our customers are defining value for them, then to all intents and purposes, value is a mystery. And as sellers in particular, our job is to solve that value mystery.” - Mike Wilkinson “It’s your customer that defines value, not you.” - Mike Wilkinson “Until you've understood what the issues are from the customer's point of view, you do not have a solution.” - Mike Wilkinson   People/Resources Mentioned: McKinsey: https://www.mckinsey.com Zig Ziglar: https://en.wikipedia.org/wiki/Zig_Ziglar Seth Godin: https://www.sethgodin.com   Connect with Mike Wilkinson: Website: https://axiavalue.com/ LinkedIn: https://www.linkedin.com/in/mikewilkinson-thevalueexpert/ Email: mw@axiavalue.com   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

This is an Impact Pricing Blog published on October 10, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/what-every-team-should-learn-from-pricing-experts-focus-on-value/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

Daniel Cho has over 29 years of experience in the healthcare industry, currently serving as the Senior Director of Global Pricing at Philips Healthcare. With a background in sales, product management, and pricing strategy, Daniel has a unique perspective on how to effectively communicate value to customers and drive profitability. In this episode, Daniel shares his journey into pricing and the critical importance of understanding the value your product delivers to customers. He emphasizes that pricing should not just be about features but about the economic, operational, emotional, clinical, and societal value that resonates with different stakeholders. Through real-world examples, Daniel illustrates how a well-structured pricing strategy can lead to stronger, more profitable relationships.   Why you have to check out today’s podcast: Discover the five key value drivers that can transform your pricing strategy and enhance customer relationships. Learn how to effectively communicate value to different stakeholders within a healthcare organization, from CFOs to clinical staff. Gain insights into structuring contracts and pricing metrics that align with customer needs and perceptions of value.   “Resist on the discount as much as possible. Look for every other ways to solve it rather than the discount. The discount should always be a last resort and not the first thing you want to deliver or give.” – Daniel Cho   Topics Covered: 02:33 - Daniel's journey into pricing 03:23 - The power of pricing strategy, using segmentation and perceived value to differentiate identical products for distinct markets 06:58 -  How two identical products can be integrated differently with existing pricing ecosystems 07:57 - Leveraging his expertise in data analysis to establish Philips' first pricing department 12:11 - Initiating a value-based approach at Philips to create, price, and articulate value 14:22 - Defining value and discussing the 5 key value drivers in a health organization 18:03 - Tailoring value propositions and demonstrating how those four other value streams ultimately lead to financial and strategic benefits 25:22 - An effective sales training Daniel created that teaches salespeople to tailor value-based pitches to different stakeholders’ priorities 31:27 - Daniel's best pricing advice   Key Takeaways: “We cannot continue to sell features and benefits, we have to go and sell value.” - Daniel Cho “If the product is not value-based, you can't ask the salespeople to sell value because you have to start from the product that actually deliver and generate value. So, we started from the product managers.” - Daniel Cho “The first one is economic value. Very simple. Help me to make more revenue or help me to save costs so I have an economic benefit.” - Daniel Cho “The next value is the emotional value. How can we create a better experience for the patients and also their own staff so the staff don't get burnout.” - Daniel Cho “Financial value, although as strong as it is, doesn't resonate with everyone.” - Daniel Cho “Stop giving discounts for free. Always get something back from the customer.” - Daniel Cho   People/Resources Mentioned: Philips Healthcare: https://www.philips.com/ Apple Watch Launch: https://www.apple.com/ Bausch and Lomb Contact Lens Case: https://www.bausch.com/   Connect with Daniel Cho: LinkedIn: https://www.linkedin.com/in/danielkkcho/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

This is an Impact Pricing Blog published on October 3, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/for-b2b-value-is-incremental-profit/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

Lisa Thompson has corporate experience that spans software/SaaS, industrial manufacturing, life sciences/healthcare, medtech, fintech, and B2B services. Together with clients, she delivers unique, actionable solutions tailored to their organizational needs and realities leading to profitable, sustainable revenue and growth.  In this episode, Lisa shares the importance of deeply understanding the economic value your product delivers to customers and aligning it with their buying processes, highlighting that many companies fall short in these areas. Through real-world examples, Lisa shows how uncovering the true drivers of customer satisfaction can transform pricing strategies and lead to stronger, more profitable relationships.   Why you have to check out today’s podcast: Deep dive into the critical importance of understanding and quantifying the economic value your product delivers to customers so you gain actionable insights to refine your approach. Gain valuable guidance on structuring contracts, from incorporating escalators to aligning terms with customer needs, ensuring profitability and flexibility in volatile markets. Learn how to evaluate and select pricing metrics that truly reflect the value customers derive, unlocking hidden revenue opportunities.    "In the metric, understand how you currently charge customers. Not the price level, but the price metric. Double check to see if that aligns with whether they get high value or low value. If it doesn't, we don't necessarily have the right metric. There can be magic and a lot of money in getting the metric right."  - Lisa Thompson   Topics Covered: 01:43 - How she ended up in pricing 03:44 - Why value-based pricing is not simply charging higher prices for more value 05:32 - Highlighting the nuances in pricing strategies, explaining ways to leverage value other than higher prices 11:39 - Sharing a lighthearted story about Tom Nagle's amusing moments 13:37 - Emphasizing what many companies struggle to do with deal structuring 16:50 - Explaining why understanding the economic value of a product must come hand in hand with a deep knowledge of the customer's buying process 23:02 - The need for long-term contracts to include appropriate escalators and de-escalators 26:54 - Why contract structures should align with how customers perceive and experience value 30:59 - Lisa's best pricing advice   Key Takeaways: "Just because value's high, it doesn't mean I can always get a high price for it." - Lisa Thompson "One of the things I want people to understand in our work is that getting a price premium or charging more than you used to charge isn't the only way to get paid for adding more value." - Lisa Thompson "We know the value, but that's not the same thing as knowing the buying process." - Lisa Thompson   People/Resources Mentioned: Tom Nagle: https://impactpricing.com/podcast/604-insights-into-value-based-pricing-strategies-for-b2b-with-tom-nagle/ Reed Holden: https://impactpricing.com/podcast/ep97-pricing-in-the-new-normal-with-reed-holden/ Gilette: https://gillette.com   Connect with Lisa Thompson: LinkedIn: https://www.linkedin.com/in/lisa-spadafora-thompson/ Email: LThompson@sturbridgegrowthpartners.com   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

This is an Impact Pricing Blog published on September 23, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-new-products-myth-1/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

Every decision can make or break profitability, and pricing remains one of the most powerful yet underutilized levers. There is fear that often holds companies back from taking bold steps in pricing. How about getting a proven playbook to guide you? Get to have a peek at Mark Stiving's groundbreaking new book, Instant Profits: How to Raise Prices Without Losing Customers.  In this episode, together with Mark and guest-host, Rebecca Kalogeris, we explore how this concise, impactful guide empowers executives and decision-makers to conquer pricing fears, implement value-based strategies, and unlock untapped revenue potential—all in under an hour of reading. Let's bring your pricing game to a whole new level and make a lasting impact.   Why you have to check out today’s podcast: Gain access to the behind-the-scenes of the making of Instant Profits book and how it showcases a concise, actionable guide that can help executives make meaningful changes in their companies. Delve into the common fear of raising prices and gain actionable strategies to address it and boost your revenue confidently. Learn how to price based on the value delivered rather than arbitrary metrics in order to optimize profitability.   "If you are an executive, this book is awesome because it gives you a chance to read about what you could or should be doing in pricing, and you can do it in less than an hour. Come up with at least one or two ideas of things you can go do, and it's going to make the company money." - Mark Stiving   Topics Covered: 01:43 - The reason why Mark wrote the book, Instant Profits: How to Raise Prices Without Losing Customers 03:18 - Mark highlighting how fear of raising prices can hinder action 04:47 - How his new book, Instant Profits: How to Raise Prices Without Losing Customers differ from the previous one 06:05 - Why you should go and buy this book for $100 and who should purchase and read it 08:05 - Rebecca explaining Amazon's royalty system and the real reason why the book is priced at $100 10:40 - Kindle version available for now and why the hardcover is still to be released 13:30 - Mark emphasizing what makes this book an invaluable and concise resource for executives   Key Takeaways: “If you are an executive, this book is awesome because it gives you a chance to read about what you could or should be doing in pricing. And you can do it in less than an hour. Come up with at least one or two ideas of things you can do and it's going to make the company money.” - Mark Stiving “The reason I'm charging a hundred dollars isn't because I need the 30 bucks or the 70 bucks or something like that. The reason we're charging a hundred dollars is because I want buyers to know that it's worth a hundred dollars. That's it.” - Mark Stiving   People/ Resources Mentioned: Instant Profits: How to Raise Prices Without Losing Customers by Mark Stiving: https://impactpricing.com/instant-profits-book/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

This is an Impact Pricing Blog published on September 19, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/how-you-reduced-prices-without-you-or-customers-realizing-it/ If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go make an impact.   Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/

Mike Danford is a Growth Optimizer - CSO, UX Strategist and Product Management Consultant at Adverio.io In this podcast, Mike shares valuable insights on optimizing pricing strategies for businesses, emphasizing the importance of testing and adjusting prices regularly to stay competitive. He discusses the complexities of Amazon's Buy Box. He also provides practical advice for businesses with tight margins, highlighting how small pricing adjustments can lead to significant improvements in profitability, especially when using dynamic pricing strategies.   Why you have to check out today’s podcast: Gain actionable strategies for optimizing pricing in competitive markets with concrete examples of how small pricing changes can impact profits. Learn about the complexities of Amazon’s Buy Box, including how pricing, seller ratings, and competition affect your visibility and sales potential. Discover how to leverage dynamic and intraday pricing strategies to stay competitive, including tips on when and how to make real-time price adjustments.   "If you haven't tested pricing, do it today. Don't wait. There's no better time than right now." - Mike Danford   Topics Covered: 01:36 - What paved his entry into pricing 02:21 - Explaining how in B2C dynamic pricing is critical to staying competitive across platforms like Amazon and Walmart, where frequent promotions and price changes impact rank and visibility 03:27 - Defining 'Omnichannel' 03:59 - How brands sell through these omni channels and how brick-and-mortar sales data can be integrated with online data to enhance omnichannel strategies 05:03 - 'Omnichannel pricing' and the challenges that comes with it 07:20 - A strategy used to avoid direct price comparison 07:45 - Strategies for effective omnichannel pricing to maximize sales 12:00 - Describing how price adjustments are often small, typically starting below 3% to gauge elasticity 13:52 - The three main buckets of categorizing pricing strategy 16:15 - Explaining Amazon's automated pricing tools and third-party repricing software that generally adjust prices dynamically 18:55 - How the Amazon buy box has been a competitive issue since the platform’s early days 21:20 - Hourly changes being typically unnecessary unless there’s exceptionally high product turnover 23:25 - How geolocation-based pricing isn’t possible on major marketplaces 25:08 - Maintaining control over the buy box on Amazon 26:27 - Mike's best pricing advice   Key Takeaways: “If you haven't tested pricing, do it today. Don't wait. There's no better time than right now. If you tested it a year ago and you haven't touched it, or you did it six months ago, do it again. The market is constantly changing. Be willing to make those small changes.” - Mike Danford   People/Resources Mentioned: Amazon: https://www.amazon.com Home Depot: https://en.wikipedia.org/wiki/Home Walmart: https://www.walmart.com Best Buy: https://www.bestbuy.com Target: https://www.target.com   Connect with Mike Danford: Linked: https://www.linkedin.com/in/danfordmike/ Website: https://www.adverio.io/   Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com