Impact Pricing

This one is the Ace of Spades from the Impact Pricing card deck.  First, companies really do exist to create value for customers.  Think about what you do as a business. Everything you do is to get a customer to pay you money. And the only reason a customer would ever pay you money is if you are delivering more value to them than they're receiving. And so, our entire company needs to be focused on how do we create more value for customers? How do we deliver more value? How do we communicate the value?  But we spend all this time creating, communicating value, pricing is the one thing that we do that captures the value that we're able to create and communicate. So, when a buyer chooses to buy our product, they pay the price that we're asking, and that happens to be the transaction value. That's how we capture the value of what we deliver to our customers. We hope you enjoyed this example of Pricing Table Topics. What you just heard was done without a script. If you want to get better at speaking about pricing

This is an Impact Pricing Blog published on August 17, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pros-and-cons-of-price-variance/ 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 a decade of experience as an author, speaker, coach, and trainer, Carole Mahoney helps entrepreneurs, founders, and salespeople grow their businesses with a collaborative and science-based sales formula. In this episode, Carole shares how to make an engaging and collaborative sales conversation that makes your potential buyers feel valued and heard. In doing so, you transform your sales conversations into positive and fruitful interactions.   What you will learn from this episode: Learn about this exercise called 'Questions and Periods Game', how to go about it and how it works with your clients Discover the step-by-step process of doing the 'Questions and Periods Game' through a role play demonstration of Carole and Mark Find out the essential principles you need to know about the art of selling   "Selling isn't something we do to other people. It's something we do with them. And I think that's a fundamental shift that we need to start making in sales." - Carole Mahoney   Topics Covered: 01:17 - Synop

This is an Impact Pricing Blog published on August 10, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/defining-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/  

This is an Impact Pricing Blog published on August 3, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/which-business-do-you-want/ 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/  

David Falzani is a CEO at Polaris Associates and a Professor at Nottingham University. In this episode, David discusses the strategy for driving higher pricing by understanding the value delivered to customers. He also dispels the myths surrounding the notion that high pricing lowers sales, sharing the results of experiments conducted with various companies that prove otherwise.   What you will learn from this episode: Learn how to achieve profitability without constantly chasing pricing Find out the underlying reasons for underpricing and dispel common misconceptions about the negative impact of higher prices on sales Discover experiments where doubling your price yields significantly higher profitability compared to low pricing strategies   "Think dynamically about price and do it often." - David Falzani   Topics Covered: 01:42 - Expounding on 'sustainable wealth creation' 02:54 - What caught his interest in pricing 04:36 - Three reasons why underpricing exist 06:48 - Emotional baggage and fear that comes

This is an Impact Pricing Blog published on July 27, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/pricing-usage-and-value-metrics/ 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 Joker 2 from the Selling Value card deck.  Almost always when we're dealing with B2B customers, B2B business, value can be measured in additional profit. And that's one of the things I love about B2B business and pricing, is because we know our price has to be related to how much additional profit will they make when they use our product, or when they use our product relative to a competitor's product. But it turns out, sometimes, buyers inside our customers don't really care about profit. Imagine that you're selling a piece of medical equipment and you're talking to a doctor in a big hospital. Now the doctor actually doesn't care how much additional profit you're going to make the hospital. There's an administrator someplace who cares a lot about how much additional profit you're going to make the hospital. And so, we still need to understand the profit side of this conversation.  But from that doctor's perspective, they couldn't care less about profit. What do they care about? They care abou

Sebastian Baier is the founder of Buynomics, an AI for ultimate customer-centric RGM decisions- in one SaaS solution. In this episode, Sebastian discusses how Buynomics' AI utilizes vast amounts of consumer behavior data to generate virtual customers, enabling the implementation of optimal pricing strategies.   What you will learn from this episode: Learn how to create a customer simulation to identify the key factors that drive the value of a product and develop effective pricing strategies for optimal results Discover how to create a customer model for B2B, even when limited data is available Learn how to effectively analyze and interpret customer data in terms of distribution rather than segment    "Collect data however ugly it might look." - Sebastian Baier   Topics Covered: 01:12 - What got him into pricing 02:47 - Buynomics and what it does 04:41 - Understanding customer simulation and segmentation in the way Buynomics work 08:03 - Talking about segments and distribution densities 12:24 - How Buynomic

This is an Impact Pricing Blog published on July 20, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/why-do-they-buy/ 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 Joker 1 from the Selling Value card deck.  You heard earlier that there are really three types of buyer's value journeys. Those happen to be analytical, relationship, and trust.  In the analytical relationship, there's typically a lower level person who's doing a lot of side by side comparison between your product and a competitor's product, and our buyers are by far the most price sensitive in that situation. Or we could go all the way to the trust journey, and that is where they come to us. They ask us, "Hey, what do you do? How do you help us solve our problems?" They never even look at a competitive alternative. And in that situation, they're the least price sensitive.  The relationship journey is the one in the middle, where people would come to us and say, "Hey, how do you help us solve our problem?" We guide them. They build a great relationship. They really like us. And then they say, "Yeah, but we have to go look at competitive alternatives." We've built up enough goodwill and probabl

Ian Campbell is the author of Wall Street Journal Best Seller "The Value Sale". As Chief Executive Officer of Nucleus Research he is responsible for the company’s investigative research approach, product set, and overall corporate direction. He is a recognized expert on the return on investment (ROI) and total cost of ownership (TCO) analysis of technology and has written and presented extensively on a range of organizational topics and the importance of matching technology to business organizational objectives. In this episode, Ian shares how you can create optimal pricing by understanding how customers use your product and find value in them.   What you will learn from this episode: Learn how to quantify a product's value in measurable terms Find out the three value propositions you can derive from when helping people find and understand their product's value Discover how to restructure your conversations to help people recognize the value you offer and you get empowered to price that value   “Look at the

This is an Impact Pricing Blog published on July 13, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/its-too-expensive/ 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 2 of Diamonds from the Selling Value card deck.  I'm often asked who should own pricing, and one of the departments that often comes up is finance. And of course, I'm not a huge fan of finance owning pricing. And the biggest reason is finance doesn't truly understand the value of our products. Usually that's going to be someone in product management, product marketing, or even sales, which I'm not a fan of them owning pricing either. However, finance so much wants to be involved with pricing. It's so crucial to their projections. It's so crucial to company growth, which they care a lot about. They really want to be involved with pricing, even though they don't understand value. So, how do we get them involved in pricing?  That's pretty simple. Finance has a bunch of quant people. They have access to every piece of data inside the entire company, and they have the desire to make us or help us do better in our pricing. And so, let's figure out what are the KPIs, the key performance indicators, t

Amy L. Riley is an internationally renowned speaker, author and leadership development consultant. She’s worked with organizations such as Deloitte, Cisco Systems and Aon Hewitt and has over 20 years of experience working with leaders at all levels. In this episode, Amy shares effective ways of identifying your strengths, finding solutions to people's problems, and quantifying the results of your solutions. By doing so, you can accurately assess your ability to bring about transformation for your clients and determine your true worth.   What you will learn from this episode: Learn to know your strength and what value you bring so you know your worth Discover the benefits of receiving feedback to identify areas for improvement and areas to maintain to enhance your leadership skills Find out how to develop people skills so you become a more effective leader   "Encourage leaders to get feedback all the time." - Amy Riley   Topics Covered: 00:57 - What Amy is helping people with 02:09 - The value you bring--wha

This one is the 2 of Clubs from the Selling Value card deck.  Salespeople are going to use every single tool they have available to them. Absolutely, they're going to use value selling if we've taught them how, and they understand, and they're doing a great job. But even if they're using value selling, it's very easy for them to offer discounts. And there's this attitude or belief that offering discounts helps close a deal faster. And maybe it does. Maybe when a customer or a buyer asks you for a discount, it takes longer to say no and explain why. And we could have just said yes and close the deal and we're done.  Wouldn't that be great if it worked that way? But here's the key. Every dollar that we discount comes straight off of our profit. We still have to cover all of our costs, and so our margin just got shrunk by more than our revenue did on a percentage basis. So, if we want our salespeople to not rely on price, we have to make it painful for salespeople to offer discounts.  How do you do that? Create

This one is the 2 of Hearts from the Selling Value card deck.  When you get an RFP, you have to decide, are you going to bid or not. Believe it or not, that's actually a decision you get to make. You do not have to respond to every RFP that comes through. And my advice, if you are not involved in the creation of the RFP, or at the very least, if you cannot have conversations with the decision makers or executives of the group who created that RFP, you have a very low chance of winning. And so, the time and energy that you spend replying to the RFP makes you feel like you're doing work, but odds are really good you're not going to win that deal. There's somebody else that has already built a relationship with the client, understands exactly what the client wants, is able to create a response to that RFP that fits them almost perfectly. They've built the rapport so the client's going to give them the benefit of the doubt no matter what.  If you're going in blind to an RFP, you're probably not going to win.  Let

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 designed to help companies create and capture value. In this episode, Steven discusses the challenges of pricing AI, primarily due to the limited availability of data. He emphasizes the importance of shortening the time required to build value models in order to easily establish pricing.   What you will learn from this episode: Discover the complaints and challenges associated with pricing AI Enhance transparency in establishing the price point with creating value models Find out the most recent advancements in AI pricing concerning language models and software, which greatly enhance productivity   "Once you have a good value model, coming up with pricing is maybe not trivial but it's certainly much easier."  - Steven Forth   Topics Covered: 01:15 - Discussing complaints about AI through the Value Models 07:57 - Steven's added thoughts to Mark's su

This is an Impact Pricing Blog published on July 6, 2023, turned into an audio podcast so you can listen on the go. Read Full Article Here: https://impactpricing.com/blog/next-book-title/ 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 2 of Spades from the Selling Value card deck.  You've heard me talk about value conversations before, where value conversations are really the conversation we have with a customer or potential buyer, so they can determine how much additional profit they're going to make when they use your product. And that's awesome when they're only making a 'Will I' decision. Am I going to buy your product or not? Am I going to buy a product in your category or not?  But what happens when they say, "Am I going to buy your product or somebody else's product?" Now what we want to do is understand our differentiation because value in that case comes from the price of our competitor's product plus the value of our differentiation. We need to determine the value of our differentiation. Or said better, we need our customers or buyers to determine the value of our differentiation.  And that's what a relative value conversation is. We want to see what's our differentiation relative to our competitors, and then go th