Impact Pricing

Kiran Gange founded RapidPricer and is currently working on automated pricing and promotions for retailers using image processing, spectral images, IOT data and artificial Intelligence. In this episode, Kiran shares a dynamic pricing strategy for retailers that increases profits while providing greater value to customers.   What you will learn from this episode: Develop a dynamic pricing strategy that prioritizes maintaining long-term customer trust rather than solely focusing on profit Discover opportunities for retailers to implement dynamic pricing strategies Learn about a pricing strategy that reduces food wastage in the retail industry   "Take a look at your data to understand how customers are reacting to price changes." - Kiran Gange   Topics Covered: 01:16 - What inspired him to write the book 'The Expert Guide to Retail Pricing' 02:55 - The reason for suboptimal pricing in most retail companies he works with 06:13 - Pricing in B2B versus B2C as it relates to value associated with the product or ser

This is an Impact Pricing Blog published on June 22, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/help-whats-bigger-than-pricing/ 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/  

This one is the 3 of Clubs from the Selling Value card deck.  It really is easier to sell to someone who's already trying to solve a problem or realizes they have a problem and wants to go solve it.  As I've mentioned previously, as a pricing expert, I believe that almost every company can use my services. Almost every company will benefit dramatically. And yet for me to go knock on a door of a company and say, "Hey, I'm a pricing expert. Would you like some help with your pricing," probably isn't going to be that fruitful because not many companies say, "Hey, I've got a pricing problem."  But as soon as someone says, "Hey, I have a pricing problem." Now, what do they do? They start to look for someone who could possibly solve that problem. Maybe they go to professional pricing society meetings. Maybe they do Google searches on how to find pricing experts. Maybe they look up content and see who the experts are that are writing about it. And then they reach out to me, or to one of my competitors. But the point

Robert Edwards specializes in delivering consulting and training for company executives to understand how to optimally price their products and services, monetize their products, maximize value generation and extraction from their product portfolio, and develop their promotions and competitive strategy to increase profit. He holds a PhD in Pricing and Competitive Strategy. In this episode, Robert shares how to simplify your pricing and effectively communicate its benefits and what value it generates.   What you will learn from this episode: Understand how to use price to generate value for your product or services Learn to use pricing to attract the customers you want Find out about the connection between behavioral economics and pricing   "Creating value for your pricing could be an extra dimension to what we talk about regularly when we're thinking about designing our products and pricing those products."  - Robert Edwards   Topics Covered: 01:25 - How he found his route into pricing 03:15 - Discussing th

This is an Impact Pricing Blog published on June 15, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-ikea-effect-and-pricing/ 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/  

This one is the 3 of Hearts from the Selling Value card deck.  As you're doing your prospecting, you have to decide who you're going to reach out to for the prospecting. And since we know that buyers only buy products to solve problems that they have, what we should be thinking about is, well, where's the community or the marketplace of people that actually have this problem. So, if I were a moving company and I were trying to find companies that were trying to move, then there may be a way to say, "Hey, I want to go to commercial Realtors because I know commercial Realtors are aware of companies who are moving." And so now I can get commercial Realtors to give me potential names or customer possibilities and that's where I might go prospect.  So, when you think about what your product is, you want to think about, where are the people who actually have the problem that I solve? As I mentioned last week, I'm lucky in that I think all companies have pricing problems. But notice I only talk to companies. I don't

Karen Chiang is a co-founder and managing partner of Ibbaka, a company that provides software and expertise to enable business growth by optimizing revenue performance through customer value management and talent optimization. In this episode, Karen discusses the importance of linking your pricing to value and creating pricing packages that accurately reflect the value provided to consumers.   What you will learn from this episode: Understand the concept of net dollar retention in relation to your customer base and as a means of measuring your revenue from operations Learn how to effectively package your offers by linking value to pricing Explore these net dollar retention levers to better understand the value your customers are seeking   "Getting to a value-based mindset is extremely important in order to improve your pricing power." - Karen Chiang   Topics Covered: 01:19 - How she got her into pricing 02:33 - Defining 'net dollar retention' 04:48 - Pricing as it relates to net dollar retention 09:18 - Lin

This is an Impact Pricing Blog published on June 8, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/value-based-pricing-is-an-attitude/ 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/  

This one is the 3 of Spades from the Selling Value card deck.  Of course, salespeople, marketing people, we have to do prospecting. The question becomes, who do we look for as prospects to move into our sales funnel?  Well, now that we know that people really have to solve problems, that's the reason they buy our products. The question now is, do we think it's easier to sell to people who already know they have a problem, or to people that we have to convince they have a problem?  You often see advertising like this where people will say, "Hey, come solve this problem." And now what's happening is people are self-selecting and, "Oh, yeah, I've got that problem," so they're trying to find those people. On the other hand, sometimes we have to convince somebody they have a problem. I find it interesting, I used to run a company a long, long time ago, and my cell phone number still is the phone number that I had when I had that company. And I'll get calls from moving companies that the opening line is, "Hey, I he

Jonathan Stark is a former software developer who is on a mission to rid the world of hourly billing. He is the author of Hourly Billing Is Nuts, the host of Ditching Hourly, and writes a daily newsletter on pricing for independent professionals. In this episode, Jonathan highlights the drawbacks of billing hourly which can reduce your value to just a commodity. Instead, he suggests pricing your services based on the outcome you deliver, thereby providing maximum value to your clients.   What you will learn from this episode: Discover the top reasons behind the shift away from hourly billing Find out the advantages of choosing outcome-based pricing over hourly billing Uncover why positioning your service effectively can have a significant impact on your pricing strategy   "Positioning is critically important for any kind of upward lift on your fees." - Jonathan Stark   Topics Covered: 01:04 - What got him into pricing 03:35 - The problem with having an hourly rate 06:11 - Pricing uncertainty in the case of

This is an Impact Pricing Blog published on June 1, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/commit-to-expand/ 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/  

This one is the 4 of Diamonds from the Selling Value card deck.  Wow, walk away from a negotiation, ouch! We're essentially saying, "No, we're not going to negotiate anymore. Take the deal that we've given you or not. Totally up to you." And what happens when we do this?  First off, we're at risk of losing the deal, and that's painful. Especially, if you're in sales and you're paid to get revenue. You've got to meet a quota, your commission comes from that. But it turns out, from a company perspective, oftentimes that's a really smart thing to do.  First off, maybe it's the wrong customer for you. Maybe they need a deep, deep discount because they really don't get the value from your product that they should be getting. Or maybe that they're just negotiating and if you walk away, they come back and say, "Okay, we'll take it." And so, now you've made the sale.  Or, what if you even lose the deal? But because you lost that deal, word gets out, especially to channel partners, other salespeople, we're not willing

Carole Mahoney is an author, speaker, coach, and trainer taking a cognitive approach to sales success. In this episode, Carole shares how salespeople should initiate a pricing conversation that should be 'Not Be About Me' and quantify the cost of not doing something. That way, buyers make a decision for fear of negative business impact.   What you will learn from this episode: Discover a powerful pricing conversation technique that focuses on addressing potential objections and inspires people to take action by tapping into their fears of negative outcomes Find out how salespeople add value and uncover urgency for people to make a decision Understand why salespeople need to create a ‘dirty laundry list’ and include them in their conversation "The biggest piece of advice for finding value in a conversation and talking about pricing is to make it a collaborative conversation." - Carole Mahoney   Topics Covered: 01:30 - How she found a career in pricing 02:20 - Salespeople find it uncomfortable talking about

This is an Impact Pricing Blog published on May 25, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/quick-and-dirty-pricing-research/ 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/  

This one is the 4 of Clubs from the Selling Value card deck.  It turns out that procurement people often lie to us. And it's their job, not necessarily to lie, but it's their job to get a better price.  And what often happens is they'll say to you, "Hey, you're up against these other two or three competitors. In this situation, you have to lower your price if you expect to win this deal." And it turns out oftentimes that's not true. Oftentimes, you're not up against two or three different competitors.  Back many, many years ago when I was in sales, I recall procurement people actually saying, "You're up against this other competitor." And it turns out the competitive product they were looking at wasn't even similar to the product that I was offering. And so, it was obvious to me that they were just lying.  And in fact, I experienced this extremely clearly when I was on the buying situation. I was part of a committee and we'd chosen a software application that we wanted to purchase. And I was in the meeting wh

John Ray is a Pricing and Business Development Coach for Professional Services Firms, and a Podcast Host and Producer. In this episode, John shares optimal strategies for positioning your value proposition to attract the best fit clients for your business.   What you will learn from this episode: Discover how to craft a compelling value proposition by identifying the unique value that your clients perceive in your offerings Learn about the importance of continuing value conversation Overcome the fear of pricing the value you provide to your clients   "Develop your options around that client and let them choose. And you'll find out your pricing suddenly improves." - John Ray   Topics Covered: 01:15 - How he got himself into pricing 02:10 - Who is his ideal client? 03:59 - Insights on solopreneurs making their business work even if they don't necessarily plan on being a business owner 05:28 - The feeling of fear and inadequacy in pricing in a lot of solopreneurs 06:11 - It's not all about expertise but the va

This is an Impact Pricing Blog published on May 18, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/what-if-they-find-out/ 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/

This one is the 4 of Hearts from the Selling Value card deck. This concept of asking for something anytime we're going to give a discount, we simply refer to it as gives and gets. We don't give anything without getting something. And so, what should we be getting when we're giving something? Well, surely we could get almost anything. What we really want to do is get the things that protect the profit of the company. And what are those things? If you think about all of the different items that you might be able to claw back from a customer. For example, it might be who pays for delivery. It might be how long the delivery takes. It might be when we schedule it. There's many, many different things we might be able to claw back. What we want to do is, think about how much does it cost us to deliver that thing to the customer so that if we claw it back, if we take that back from our customer, we're actually saving us costs on our side. Now, a couple quick thoughts. You know that, first off, I'm a pricing person, b

Michael Hammersley co-founded and invented a payment system designed to locate the market price of any consumer good. He authored the utility patent that protects the invention. In this episode, Michael discusses the platform he co-founded, a dual-sided marketplace of buyers and sellers that helps businesses reach a pricing competitive advantage.   Why you've got to check out this podcast: Discover what Drop Pilot platform is Find out how it can benefit both sellers and buyers in determining the best price possible Learn to figure out the best pricing your customers are willing to pay   "Find out what your customer is willing to pay before you sell them the product." - Michael Hammersley   Topics Covered: 01:34 - How he started his career in pricing 02:21 - What's so interesting about analyzing pricing potential as a distressed fund 02:55 - Getting to know what Drop Pilot is and what dual-sided marketplace mean 04:00 - Is Drop Pilot a marketplace or research area and what benefit does this platform have for

This is an Impact Pricing Blog published on May 11, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/price-segmentation-in-tioli-markets/ 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/