This is an Impact Pricing Blog published on March 14, 2024, turned into an audio podcast so you can listen on the go.

Read Full Article Here: https://impactpricing.com/blog/using-value-to-break-down-silos/

If you have any feedback, definitely send it. You can reach us at [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

Rishi Bhatia is an experienced analytics consultant, data expert and market research professional with domain expertise in retail, technology, telecom, apparel, manufacturing, and insurance domain.

In this episode, Rishi shares about Walmart's lower pricing strategy. He emphasizes the importance of prioritizing the customer when determining pricing strategies. He also highlights the significance of leveraging data and analytics to inform pricing decisions. And also the importance of adopting AI-driven models to streamline operations and remain competitive in the market.

Why you have to check out today’s podcast:

• Learn how Walmart maximizes profitability while maintaining its everyday low prices
• Discover how AI revolutionizes the retail industry by enabling retailers to make informed pricing decisions, rather than just providing pricing insights
• Explore the impact of retail pricing on customer loyalty and retention

"Put your customer first. Rather than going for the traditional route, learn from the data as much as you can. And then, improve your models constantly based on how can you get the prices right."

 - Rishi Bhatia

Topics Covered:

01:01 - How he found himself in pricing

02:46 - Why everyday low price policy for Walmart and how do they maximize revenue with this strategy

03:46 - Pricing and how it affects loyalty and retention

05:18 - What makes Walmart's margins high other than lower prices

06:48 - How AI in pricing optimization has evolved from basic insights generation to sophisticated model-driven recommendations

08:41 - Is AI a blackbox and how the process works in achieving pricing decision

11:31 - Walmart's primary focus regarding pricing decisions and how AI ensures timely transitions between product cycles and maintaining profitability

13:47 - How algorithms and recommendations ensures consistency and optimization across the retail chain

14:44 - Discussion around Wendy's dynamic pricing

19:49 - Rishi's response to Mark's advice for retailers and also talking about Walmart Plus

21:15 - Rishi's best pricing advice

23:12 - How do you measure value in retail products

Key Takeaways:

"Value pricing, what does your customer want, at what price your customer will be more loyal to you and what will they... because pricing is one component that everyone wants low price." - Rishi Bhatia

"When you're putting the product, rather than going for the traditional route, learn from the data as much as you can and improve your models constantly based on that, how can you get the prices right." - Rishi Bhatia

"If you're able to improve on that and the customer, your overall complaints are also going down. And that is one value you can measure from that perspective as well. It's not always in the monetary term, it's always on the customer satisfaction side as well." - Rishi Bhatia

People/ Resources Mentioned:

• Walmart: https://www.walmart.com
• Uber: https://www.uber.com

Connect with Rishi Bhatia:

• LinkedIn: https://www.linkedin.com/in/rishi-bhatia-5480577/

Connect with Mark Stiving:

• LinkedIn: https://www.linkedin.com/in/stiving/
• Email: [email protected]

This is an Impact Pricing Blog published on March 7, 2024, turned into an audio podcast so you can listen on the go.

Read Full Article Here: https://impactpricing.com/blog/to-fee-or-not-to-fee-that-is-the-question/

If you have any feedback, definitely send it. You can reach us at [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

Stephan Liozu has studied, researched, and practiced value-based pricing for over 15 years now. That includes training, speaking, consulting, managing pilot projects, and coaching large scale pricing transformations.

In this episode, Stephan highlighted the utmost importance of understanding the value delivered to customers before setting prices, emphasizing a value-first approach to pricing strategies.

Why you have to check out today’s podcast:

• Learn the significance of focusing on a specific market segment to avoid distractions, streamline operations and increase chances of success
• Find out why you don't need to excessively customize your products
• Discover why prioritizing value over price can develop to more effective pricing strategies and maximize profitability

"Do the value work first and then worry about pricing. So, value-based pricing is 90% value, 10% price. So, if you want to do that very well, value first, then price."

- Stephan Liozu

Topics Covered:

02:25 - How Stephan started in pricing

04:13 - Customer segmentation as it relates to value pricing

05:25 - Effective ways of maximizing segmentation

07:17 - Defining customer segmentation and how the SaaS scenario Mark described relate to that

10:16 - Integrating value pricing into customer segmentation

13:03 - What value means to the price buyer

14:11 - How is market segmentation different from customer segmentation?

16:52 - Discussing about product segmentation and taking software for an example

21:28 - The challenge of operationalizing customer segmentation

24:57 - Why focus on one market segment

26:41 - The need to not excessively customize your product

27:42 - Stephan's best pricing advice

Key Takeaways:

"Pick one market, focus on it, find your ICP, and then get a few logos; see what happens." - Stephan Liozu

"Do the value work first and then worry about pricing." - Stephan Liozu

"If you want to do that [value-based pricing] very well, value first, then price." - Stephan Liozu

People/Resources Mentioned:

• Owens Corning: https://investor.owenscorning.com/
• Thales: https://www.thalesgroup.com/en

Connect with Stephan Liozu:

• LinkedIn: https://www.linkedin.com/in/stephanliozu/

Connect with Mark Stiving:

• LinkedIn: https://www.linkedin.com/in/stiving/
• Email: [email protected]

This is an Impact Pricing Blog published on February 29, 2024, turned into an audio podcast so you can listen on the go.

Read Full Article Here: https://impactpricing.com/blog/your-inward-focus-causes-horrible-decisions/

If you have any feedback, definitely send it. You can reach us at [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

Mike Bosworth is a Co-Founder of WeConcile considered as the world's first Relationship Rescue and Restoration application.

In this episode, Mike shares effective pricing strategies and sales techniques to hold prices.

Why you have to check out today’s podcast:

• Learn about the concept of "buying vision" and help your customers recognize the value of your product or service
• Learn how to stand firm against pricing pressure and maintain your desired price
• Discover how to effectively use "polite No's" to firmly establish pricing boundaries

"Understand the value, i.e. how your buyer would use a particular piece of your product to solve their problem. And if you have that knowledge, it's really easy to defend the value of your price." 

- Mike Bosworth

Topics Covered:

02:13 - Mike's pricing approach

03:16 - Understanding why salespeople are losing the conversation when it comes to price

06:40 - What is a 'buying vision' and how helpful it is for buyers

07:26 - The need for salespeople to know well their customer's business

10:20 - How 'premature elaboration' gets you at a disadvantage

13:58 - Explaining 'cost justify' and 'price justify' from the buyers point of view

20:49 - The importance of patience in negotiation and use of "polite No's" to stand your ground on pricing

24:36 - Book resource of major negotiation stories you can check out

25:42 - Mike’s pricing advice

Key Takeaways:

"The only salespeople who can go out and negotiate their own prices are those ahead of quota." - Mike Bosworth

"I say to the managers, if your salesperson is under quotas, you have to go out there and provide the backbone and coach the call ahead of time.” - Mike Bosworth

“We want to teach them how to survive that call, but on their own, they're not going to have the ability to do it." - Mike Bosworth

People/Resources Mentioned:

• Xerox: https://www.xerox.com/en-us
• Sales Force: https://www.salesforce.com
• David Crabtree: https://www.barnesandnoble.com/w/hold-out-david-n-crabtree/1119321227

Connect with Mike Bosworth:

• Linkedin:https://www.linkedin.com/in/mikebosworth/

Connect with Mark Stiving:   

• LinkedIn: https://www.linkedin.com/in/stiving/
• Email: [email protected]

This is an Impact Pricing Blog published on February 22, 2024, turned into an audio podcast so you can listen on the go.

Read Full Article Here: https://impactpricing.com/blog/fear-stymies-your-growth/

If you have any feedback, definitely send it. You can reach us at [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

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 strategies for Infusing feelings and solutions into your pricing models that drive people's buying decisions.

Why you have to check out today’s podcast:

• Find out effective strategies for your sales approach
• Discover effective hiring strategies to find the perfect team and talent that align with your needs
• Understand two foundational pillars of value to be effective in selling your product or service

"Infuse everything we've talked about [sales approach] with feelings and solutions into something the client can consume, easily understand, comprehend, and buy easily."

- Joe Woodard

Topics Covered:

02:51 - From a Quickbooks advisor to hiring and teaching coaches how to coach businesses

05:40 - How this great quote from John Maxwell became a huge inspiration for his upcoming conference

07:28 - Understanding the two foundational pillars of value

09:31 - Methodologies used to maximize product's value proposition

12:06 - Gaining a competitive by catering to both emotional and solution-oriented needs

13:48 - Incorporating emotional intelligence into your sales approach

18:44 - How mimicking good behaviors is effective in selling

19:33 - Understanding the DISC method for hiring people

24:26 - Delegating outcomes, holding individuals accountable using methodologies like OKRs (Objectives and Key Results)

25:58 - Infusing pricing strategies with a combination of emotional resonance

28:47 - Interplay between emotions and problem-solving in both B2B and B2C contexts

30:06 - Joe's best pricing advice

31:51 - What this conference, 'Boldly Go!' is about

Key Takeaways:

"If you're waiting for all risk to go away, you're waiting for all fear to go away, you'll never act. And if you're waiting for perfection, you'll never act. So don't wait on those things. Enter the danger, proceed afraid, fail forward, and then read a lot. That's how I did it." - Joe Woodard

"People will only exchange their hard earned dollars for one of two things, how you make me feel, or how you solve my problem." - Joe Woodard

"It's not about price, it's about nature." - Joe Woodard

People/Resources Mentioned:

• John Maxwell: https://www.maxwellleadership.com
• Michio Kaku: https://en.wikipedia.org/wiki/Michio_Kaku
• Neil deGrasse Tyson: https://neildegrassetyson.com
• Malcolm Gladwell: https://www.gladwellbooks.com/
• Outliers: https://www.amazon.com/Outliers-Story-Success-Malcolm-Gladwell/dp/0316017930
• Positive Intelligence: https://www.amazon.com/s?k=positive+intelligence&language
• Measure What Matters: How Google, Bono, and the Gates Foundation Rock the World with OKRs by John Doerr :https://www.amazon.com/Measure-What-Matters-Google-Foundation/dp/0525536221
• Axe: https://www.axe.com/us/en/home.html
• Red Bull: https://www.redbull.com/ph-en/

Connect with Joe Woodard:

• Website: https://www.woodard.com/
• LinkedIn: https://www.linkedin.com/in/quickbooksadvisor/

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

This is an Impact Pricing Blog published on February 15, 2024, turned into an audio podcast so you can listen on the go.

Read Full Article Here: https://impactpricing.com/blog/stopping-one-of-your-biggest-revenue-leaks-discounts/

If you have any feedback, definitely send it. You can reach us at [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/

Steve Laborda is a CEO of Valuebizbooster, Consultant, Coach, Author and Speaker. He is a practitioner in B2B sales and marketing, focusing on improving profitability, how to capture value, and developing the competencies of the commercial people through customer orientation and commercial excellence.

In this episode, Steve delves into the intricate blend of art and science involved in the sales process. He emphasizes the importance of incorporating intangibles alongside hard facts, highlighting that both are essential for success and reaching a deal. Furthermore, he underscores the collaborative efforts of individuals within the company, working cohesively as a team to uphold a value-based approach throughout the entire sales process.

Why you have to check out today’s podcast:

• Find out the three essential components to value selling in which without each one no decision is reached
• Discover how value-based selling works in the whole sales process within the company
• Uncover the effective use of the ROI calculator as a value driver

"Don't forget to work with sales when you do your pricing." 

- Steve Laborda

Topics Covered:

01:00 - How he got into pricing

01:30 - The many roles he played

02:41 - Pointing out the 'art' in value, pricing, and selling

04:16 - The intangible benefit other than the emotional, and cognitive aspect of value selling

06:24 - How was his experience different from any other salesperson who's good at building relationships

9:47 - Examples illustrating the three components of the sales process of relationship building, the science part, and the intangibles

11:38 Defining cross-functional value selling

15:04 - Why companies often fail at value-based pricing

17:55 - Calling it a value calculator and not the ROI calculator

20:10 - Why a collaborative way of using the value calculator instead of leaving it to the customer alone

23:36 - Reasons customers likely buy from you

25:35 - Pricing a highly volatile product in the chemical industry

29:23 - Steve's best pricing advice

Key Takeaways:

"Yes, you need to do value quantifications, but you need to be able also to be emotional and to read body language and to read the skills that people have in front of you." - Steve Laborda

"You need to have sales, marketing, pricing, the technical people, if it's a technical context, to have all those people together to develop that value-based approach so that everybody is behind it..." - Steve Laborda

"The value calculator is there for me to give confidence to the salesperson about the price that you can defend to the customer." - Steve Laborda

Connect with Steve Laborda:

• LinkedIn:https://www.linkedin.com/in/stevelaborda/

Connect with Mark Stiving:   

• LinkedIn: https://www.linkedin.com/in/stiving/
• Email: [email protected]

This is an Impact Pricing Blog published on February 8, 2024, turned into an audio podcast so you can listen on the go.

Read Full Article Here: https://impactpricing.com/blog/proven-value-can-be-a-game-changer/

If you have any feedback, definitely send it. You can reach us at [email protected]. 

Now, go make an impact.

Connect with Mark Stiving:

• Email: [email protected]
• LinkedIn: https://www.linkedin.com/in/stiving/