Impact Pricing

Do I really have to tell you how pricing is for?  I hope not, but let's talk about powerful pricing. It is incredibly powerful.  You might've heard that, if you could improve pricing by 1% on average, that has an impact of 10% or 11% profitability on your company. This is huge.  “Pricing is such an amazing topic. It's complex, quantitative, and psychological. It's huge, powerful, and emotional. Most of all it's fun.”- Mark Stiving This is powerful, but I have to say what I think I love the most about pricing is nobody else really understands it.  Once we become an expert at pricing, a value, and we're able to communicate that in other departments, in our company, we ended up building our own reputation. We build our own value inside the company because we're able to do things and we know things that other people don't. Now that doesn't mean that we can be A-holes about it. We have to teach. We have to be collaborative.  We're helping people do their jobs better. But if every department in the company focused

Kate Mandrell is a trusted executive with a demonstrated track record of over-delivering promised business results in large-scale commercial transformations on leading-edge marketing & sales topics. An inspiring leader, team builder, and impact-oriented problem solver. In this episode, Kate discusses how you can embed pricing into the company culture in order to gain the best price, not just for the companies benefit, also for the customers as well.   Why you have to check out today's podcast: Learn how to instill a focus on pricing within your organization Find out how to differentiate your product and communicate your value Discover how to drive a transformative change within your company by partnering with salespeople to sell on value rather than price   "Make sure that you're not too internally focused. I think a lot of people get caught up in what are my costs? How do I manage my costs? But pricing has the ability to do so much more than just make money." - Kate Mandrell   Topics Covered: 01:17 - H

This is an Impact Pricing Blog published on October 27, 2021, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-saas-on-top-of-aws/ 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

Nobody cares about your features. They only care about what value your features provide them.  That happens to be one of my favorite sayings. ‘Nobody cares about your features.’ And what's pretty fascinating is when you look at companies' webpages, what do they talk about?  They talk about their products. They talk about their features and it's true. Nobody really cares.   “Nobody cares about your features. They only care about what value your features provide them.” - Mark Stiving Actually experts can look at one of your features or look at your product and say, yeah, I know what that does for me. I know what value, I'm going to be able to get out of this. But how many people are truly experts when they're shopping for your product?  Most people look at your features and don't know if that's important or not. They don't know if they need it.  They don't know how much value they're going to get from it. If they buy your product and use that feature a much better approach is to think about value.  What does va

Joe Woodard's vision is to "transform small businesses through small business advisors." And in the service of that vision, he and his team educate, coach, provide resources and build communities for small business advisors, with the overarching goal of empowering them to play a powerful, high-impact advisory role with their clients. In this episode, Joe shares how you can create product differentiation that provides maximum pricing leverage where people lean in to the product’s value more than the price.   Why you have to check out today's podcast: Find out the key factors that create pricing leverage Find out how to make your services or products more valuable Learn how to truly get differentiated from among the rest of your competitors   "Well, I'm going to restate something I've already said: Be unlike everybody else. But I'm going to state something I haven't stated before: Make sure you over-manage your brand because you could be unlike everybody else, and nobody knows it." - Joe Woodard   Topics Cove

This is an Impact Pricing Blog published on October 20, 2021, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-saas-on-top-of-aws/ 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

I hate the word commodity. When I see product managers or marketers or salespeople using it, it makes me think they're lazy. It makes me think they haven't thought through what they're really saying because there really is no such thing as a commodity.  Think about the ultimate commodity product for second and that's gold. I could look online and tell you what the spot price is for gold right now.  And then I could go to a webpage and I could buy a gold medallion and it turns out if I go to more than one gold broker, I'm going to get a different price for that gold coin. “There is no such thing as a commodity. There is no such thing as a commodity. There is no such thing.” - Mark Stiving Now, why is that even possible?  This is a commodity.  How could one company be charging me more money than another company would?  Well, there are lots of reasons. Maybe the company that charges more has faster delivery or better credit terms, or they've built a reputation with me, or they have a better looking webpage or th

Mark Cox has been fortunate enough to have sold, structured, and negotiated some of the largest single-sale transactions in North America (including a billion-dollar transaction with a top-10 U.S. bank). He founded In the Funnel (ITF) with the mission of dramatically improving the performance and professionalism of business to business sales teams. He accomplished this via (1) Public Sales Workshops for salespeople and sales managers and (2) Sales Enablement Consulting. During this episode, Mark discusses how it is crucial for salespeople to focus on selling value instead of price. The company would benefit from this move economically, ensuring long-term profitability.   Why you have to check out today's podcast: Learn how your capability to communicate as a salesperson contributes to your customer’s desired business outcome Uncover top 3 business leader's desired outcomes for each sales transaction to help you lead the sales conversation with value rather than pitch Learn the 'common sense revolution' every

This is an Impact Pricing Blog published on October 13, 2021, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/why-aws-can-sell-credits/  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

Buyers by perceived value, but perceived value is easiest to come about. If we build products that are better than our competitors, and then we make sure we communicate that to our customers so they understand our products are better. “You create real value by improving your products and services relative to your competition.”- Mark Stiving So I break this up into real value and perceived value perceived says, yes, we had to have done our marketing, but real value says. Is our product truly better than our competitions?  If you want to win more deals, we should be building products that truly are better than our competitors. So let's be thinking about what it is that our competitors have? What can we do better?  And in particular, what problems does our marketplace have that our competitors are not addressing? If we can do that exceptionally well. And then we're able to communicate that to the marketplace.  We end up winning more deals at higher prices.  We hope you enjoyed this podcast. If you see have any q

Jennifer Kerr is a results-driven professional with a proven track record of delivering top and bottom-line profitability. She is a strategic thinker with the ability to create a strategy, vision, and execute to promote business growth. With a focus on capturing customer value, she consistently delivered projects on time and on budget.    In this episode, Jennifer talks about designing your sales compensation plan and structure to drive behavior and incentivize salespeople appropriately.       Why you have to check out today's podcast:    Discover how to use sales compensation to motivate salespeople to bring in more revenue for your company     Learn how to use KPIs to motivate your sales team to close deals at higher prices by incorporating them into your compensation structure   Find out how salespeople can sell value rather than price        "Value-based pricing has to meet value-based selling in order to be effective."   - Jennifer Kerr      Topics Covered:    01

This is an Impact Pricing Blog published on October 6, 2021, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/dont-sell-credits/ 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

Simon Kucher & Partners did a study that found that a huge percentage of people thought that they were in a price war. But when you ask the people who thought they were in a price war, who started it. It was like 80% said the other guy started it. Remember that last deal that came in and the sales person said, ‘Hey, we really have to do a deep discount. Otherwise, we're going to lose this.’ And so we did a deep discount.  What is your competitor just seeing? They just saw you competing on price. "Don't compete on price, compete on value." - Mark Stiving We often think our competitors are competing on price, wherein truth, they're thinking the exact same things we are. How can we win more deals at higher prices? How can we change the conversation to value instead of price? So my recommendation is to focus much, much more on value than on price.  See, if we can win deals that way your competitors are trying to do the same. We hope you enjoyed this podcast. If you see have any questions or feedback please em

Wendy Johnson started out as an M&A consultant at Accenture, and she got to IBM ten years ago. Now, she is the Vice President at PagerDuty. In this episode, Wendy talks about the reasons you work with a consultant and not just with someone internally. She emphasize the idea of looking at pricing not as a project but as a process that needs tweaking as you go along and not overhauling.   Why you have to check out today's podcast: Discover the reasons how companies benefit from hiring external consultants Find out the advantages and disadvantages of hiring external vs. internal consultants. Find out how to hire and work with an excellent consultant to avoid wasting money, time, and effort.   “Structure your data and your dashboards in a way to inform all your decisions and such that all of the decisions you make in pricing could be data-driven.” - Wendy Johnson   Topics Covered: 01:39 - Why is it relevant to talk now about a topic on consultants 02:15 - Getting consultants versus hiring them 04:52 - Makin

This is an Impact Pricing Blog published on Sept 29, 2021, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/usage-based-pricing-is-not-new/ 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

I don't really want you to just sit around and think about lifetime value. What I want you to do is think about lifetime value and how that influences your business, how that influences your pricing and your product development and your. If you're in a subscription-type business, this becomes so obvious.  Because we need to win a new customer. We want to keep that customer.  "Think about the lifetime value of a customer. Think about it and then do something about it." - Mark Stiving We want to grow that customer and we can start to think about if I could win a customer over their entire lifetime, how much revenue. How much profit do I think I'm going to end up getting from that customer? And SaaS companies or subscription companies actually do a pretty good job at this, but if you're not a subscription company, you should be thinking the exact same thing. You put out a lot of energy and money in order to win a new customer. You have a high customer acquisition cost. You obviously want the sale that you got. B

Frederico Zornig is the CEO of Quantiz Pricing Solutions – a pricing consultancy that aims to increase the profitability of their clients through strategies implementing improvements in the Pricing, Revenue Management and Commercial Excellence processes. He earned a PhD in Pricing from the International School of Management, and he was a professor for 11 years. Frederico initially fell in love with pricing while he was pursuing his MBA at the University of Illinois. It was 15 years ago when he decided to start his own consulting firm. In this episode, Frederico discusses insights you should take note of in terms of price implementation and inflation. He shares stories that illustrate how the price of your goods can totally make a difference to your business.   Why you have to check out today’s podcast: Discover how strategic pricing is critical to defining winners and losers in today's increasingly competitive environment Learn about price implementation and how to go about getting people to adopt new strate

This is an Impact Pricing Blog published on Sept 22, 2021, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/combining-cost-plus-and-value-based-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

It seems obvious to me that we want to find the buyers that value our products the most and then sell to them.  But once we really start to understand what value means, when we start to understand that value is really about solving buyers' problems, what problems do they have? What results might they expect and value comes from what's the impact of those results? Once we understand that well, we start looking around and we look at many, many different potential customers or even existing customers. We can start to articulate, which are the problems that are most painful. “Find the buyers that value your product the most. Sell to them.” - Mark Stiving What are the results? People who have those problems are most likely going to experience going to achieve. And then finally, how important, how valuable, how impactful is it when people get that? When we can identify that. Now it's easy for us to say, oh, these are the people. Or at least these are the problems that are most impactful and that have the most value

Kyle Poyar is the Vice President for Market Strategy at OpenView since 2016.  He is responsible for helping OpenView’s portfolio companies accelerate top-line growth through deep insights.  He leads segmentation, positioning, channel/partner strategy, new market entry, and packaging/pricing initiatives, partnering closely with portfolio leadership teams. He also covers OpenView’s SaaS metrics and benchmarking research.   Previously, he worked for Simon-Kucher & Partners as a Pricing Consultant for six years.  Kyle earned his AB Economics & Environmental Studies at Brown University.  He graduated Magna cum Laude with departmental honors in Environmental Studies. In this episode, Kyle shares how you have to charge based on a pricing metric that has a lifetime value to your business.   Why you have to check out today’s podcast: Find out the many nuances of usage-based pricing and see where customers are seeing value and provide more of that Understand the nuances between consumers and businesses in term