Impact Pricing

This is an Impact Pricing Blog published on August 15, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here:  https://impactpricing.com/blog/value-based-pricing-a-simple-definition/ 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/

Barrett Thompson is a firm believer that applied advanced math and data science can significantly improve customer lifetime value. For more than 25 years, he has helped Fortune 500 companies improve profitability and grow revenues by delivering science-based, optimized decision models. He has found that relying on the accuracy and objectivity of predictive models to guide daily decisions, rather than more subjective methods, yields superior financial results for B2B companies. In this episode, Barrett shares AI's role in pricing, how it enhances pricing strategies, identifies trends, and improves pricing decisions. He also highlights the value of understanding customer-specific needs and using data to create more tailored and effective pricing models.   Why you have to check out today’s podcast: Deep dive into how AI, particularly tools like ChatGPT, can revolutionize pricing strategies, making it more efficient, transparent, and data-driven. Gain valuable advice on how B2B companies can simplify and moderni

This is an Impact Pricing Blog published on August 8, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/value-is-created-twice/ 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/

Claire Wang helps startup founders and solopreneurs pick a pricing model that ensures their long-term success. In this episode, Claire shares her journey of transitioning into her own consulting practice after her corporate job. She talks on the misconceptions about pricing, how people mistakenly equate pricing with just setting a price point when it's all about understanding customer value. She emphasizes the importance of integrating pricing early on in product development, not as an afterthought. She also highlights the need for pricing professionals to be more visible and vocal about the value they bring, as many people don't understand the full scope of their work.    Why you have to check out today’s podcast: Discover the common misconception that pricing is just about setting a number and uncover how it is deeply intertwined with customer value and business strategy. Gain insights on what’s missing in the pricing industry and how professionals can elevate the value of their role. Learn how pricing sho

This is an Impact Pricing Blog published on August 1, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/southwest-airlines-new-seating-strategy-a-billion-dollar-decision/ 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/

With over six years of experience as a leader in marketing operations, Nathan Yeung helps mid-market businesses build, enhance, or support their marketing functions and drive value creation. As the Vice President, CMO Services at Find Your Audience Marketing Partner, he leads teams of marketing managers, graphic designers, media buyers, coordinators, and freelancers to develop and implement marketing strategies for organizations across various industries. In this episode, Nathan shares how empathy is crucial for understanding and communicating value, which directly influences pricing and client trust. He emphasized that many web pages fail because they attempt to appeal to everyone rather than focus on a specific audience and problem. Additionally, he advised against charging too little, suggesting that higher rates can be justified when trust is established, and recommends offering multiple pricing options to highlight the value of the primary choice.   Why you have to check out today’s podcast: Learn to un

This is an Impact Pricing Blog published on July 25, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/stop-pre-discounting/ 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/  

Frank Luby is a writing partner and editor for business books, articles, and corporate communication and co-founder and CEO at Present Tense LLC. In this episode, Frank emphasizes the importance of clear and effective writing for pricing professionals, offering techniques like the "10-10" and "Rule of 13" methods to structure writing efficiently. He highlights how good writing can influence decision-making within organizations, often reaching and persuading people beyond initial conversations. Additionally, he underscores the value of listening to customers and understanding their real needs, which can significantly enhance pricing strategies and company success.   Why you have to check out today’s podcast: Discover practical writing tips and actionable strategies to help you organize and improve your writing, making it more persuasive and impactful. Learn how writing plays a crucial role in influencing and shifting thinking within organizations amplifying your message beyond one-on-one conversations. Gain i

This is an Impact Pricing Blog published on July 18, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/the-5-ws-of-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/  

Tim Hanni is a trailblazer in the wine industry, renowned for his groundbreaking work in wine education, sensory sciences, and his mission to demystify wine for all. With the prestigious title of Master of Wine, Hanni holds the distinction of being one of the first Americans to earn this credential, marking a significant milestone in his illustrious career. In this episode, Tim shares how perceptions of wine quality are influenced more by psychological and sensory factors than by price, often making expensive wines indistinguishable from cheaper ones in blind tastings. He introduces the concept of "perceptual individualism," explaining how personal differences in taste perception affect wine preferences. Additionally, he highlights the complexities of wine pricing, contrasting the traditional cost-plus approach with the need to consider market perceptions and branding.   Why you have to check out today’s podcast: Gain insights into wine perception and psychology. Discover the challenges of traditional wine w

This is an Impact Pricing Blog published on July 11, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/high-prices-and-lost-deals/ 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/

Christine Nicholson has a 25-year experience of running companies in multiple sectors. She started, built, and exited multiple successful businesses. She took a business from £0-£4.5m turnover in 15 months. And she also rescued a bankrupt company from millions in debt to an eight-figure exit in under 18 months. More than just experience, she studied hard to become a Chartered Management Accountant with a law degree, a postgraduate degree in Information Systems Management - and a Professionally Accredited and Experienced Business Mentor.  In this episode, Christine shares valuable insights on several key topics related to business valuation and pricing like the owner's emotional attachment, preparing a business for sale and customer feedback for pricing strategies. She provides a balanced view of how to strategically prepare a business for sale, emphasizing the importance of logical pricing decisions and understanding customer value perceptions.   Why you have to check out today’s podcast: Gain insights on em

Patrick Taylor is a global business improvement expert with over 30 years of delivered value leveraging experience across all domains of pricing and margin improvement as well as commercial and financial processes. In this episode, Patrick shares the critical aspects of effective pricing strategies and their impact on business profitability. He emphasizes the importance of understanding both the external market and customer needs when setting prices. He also advocates for the use of various data visualization tools, such as scatterplots and Pareto charts, to analyze pricing effectiveness and identify areas for improvement.    Why you have to check out today’s podcast: Gain insights into customer-focused pricing and understand market conditions when setting prices to align pricing strategies with customer expectations. Learn about profitability metrics and delve into the significance of monitoring profitability by customer and product. Understand sales team dynamics to empower sales teams with the knowledge a

David Brown is the author of "Banned Business Books, Volume 1, Pricing," a fictional account that narrates how a marketer and a pricing guru stand up and optimize the pricing function in a company. In this episode, David shares what his book 'Banned Business Books' is all about highlighting the "Nine Boxes" framework for organizing and executing pricing strategies effectively. He emphasizes the critical role of a Pricing Council in bringing order and clarity to pricing decisions within a company. Additionally, he highlights the value of understanding customers deeply and segmenting them to optimize pricing and business outcomes.   Why you have to check out today’s podcast: Deep dive into the nine boxes framework, a comprehensive tool for organizing and executing pricing strategies.  Learn the critical importance of understanding your customers as the foundation for effective pricing. Discover how to set up a pricing council and navigate the challenges of pricing in different organizations.   "Don't start th

This is an Impact Pricing Blog published on July 4, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/understanding-fencing-googles-strategy-to-maintain-regional-pricing-for-youtube-premium/ 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/  

Kristen Berman co-founded Irrational Labs, a behavioral product design company, with Dan Ariely in 2013. Irrational Labs helps companies and nonprofits understand and leverage behavioral economics to increase the health, wealth and happiness of their users. In this episode, Kristen explores the intricacies of pricing strategies, emphasizing the importance of understanding behavioral economics to influence consumer decisions effectively. She discusses how techniques like the decoy effect, anchoring, and the power of price endings (like 99 cents) can drive customer behavior. Additionally, she highlights the challenges of pricing revolutionary products due to the lack of reference points and the creative approaches needed to establish them in the market.   Why you have to check out today’s podcast: Deep dive into pricing strategies like the Good-Better-Best model, the Decoy Effect, and the psychology behind price ending to help you understand how to make pricing decisions that drive customer behaviors and incre

This is an Impact Pricing Blog published on June 27, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/how-to-charge-different-customers-based-on-value-received/ 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/  

Florian Bauer is an internationally sought-after expert and speaker on the subject of price psychology and behavioral pricing. He is an honorary professor at the Technical University of Munich and author of several books on price research. He also has a doctorate in Psychology at TU Darmstadt, MIT, and Harvard. In this episode, Florian talks about how discounts can give you short-term gain but cost you long-term. He underscores that there are other means to incentivize customers without diminishing a products’ value perception. And that cashback is one thing to consider other than discounts. He also talks about buyers’ irrationalities and how to use Behavioral Economics to influence their decision-making and let it work in your favor.   Why you have to check out today’s podcast: Learn about the psychology of price structure and how it influences consumers’ buying behavior Find out what you can, what you should, and what you should not do when giving a discount  Learn how Behavioral Economics can help you inf

This is an Impact Pricing Blog published on June 20, 2024, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/revamp-your-pricing-strategy-pros-cons-of-4-popular-models/ 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/  

Steven Forth is Ibbaka’s Co-Founder, CEO, and Partner. Ibbaka is a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business. In this episode, Steven explores the concept of generative pricing, emphasizing how AI can transform pricing strategies through real-time value measurement and dynamic proposal evaluation. He discusses how composable AI applications and generative adversarial networks might drive advancements in pricing and proposal management. Practical advice is also provided on using AI to optimize proposals, including developing effective evaluation rubrics and leveraging AI for better decision-making.   Why you have to check out today’s podcast: Delves into the concept of generative pricing and how it can revolutionize pricing strategies through real-time value measurement, composability, and AI-driven proposal evaluation. Discover actionable advice on using AI to evaluate and improve proposals before submission which includes tips on developing effective rubr