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Impact Pricing

Mark Stiving, Ph.D.

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Impact Pricing

Impact Pricing

Mark Stiving, Ph.D.

1
Followers
3
Plays
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The Impact Pricing Podcast will help you win more business at higher prices by teaching you about pricing and value. Once you understand how your buyers perceive the value of your product, you can build, market and sell products that win at higher prices. Pricing is really about creating, communicating and capturing value.

Latest Episodes

How a Configure Price Quote (CPQ) Solution Can Give You the ‘Winning’ Price with Steve Wilkins

Why you have to check out today’s podcast: Learn about what a CPQ is and the value it gives to a company Find out how to bundle products together to cater to a customer’s specific needs Learn how to achieve price optimization through the use of CPQ Steve Wilkins is the Head of Pricing Solutions at Standav Corp, a seasoned executive with many years of experience advising senior management teams on revenue growth, new business model development, pricing strategy, data preparation and cleaning, price and revenue management, commercial excellence, change management, profitability improvement, and business transformation. In this episode,Stevetalks about his experience working with pricing-focused CPQ companies,how CPQ helps in bundling products together,how pricing optimizationis attainedwith the use of CPQ, and much more. “Pricing is a journey. It's not a sprint. So take it in steps. Don't think that you have to go for that end-goal right away.” - Steve Wilkin Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Topics Covered: 01:37 - Dealing with a lawsuit is the last thing you want to have. But interestingly, it's how Steve started his pricing career. 03:06 - What is a CPQ and what is a pricing system? How do they differ from each other? 03:55 - What does a configured product look like? Steve gives an example. 05:26 - Manufacturers with customizable products can use CPQ. How can they bundle products? 06:28 - What is so important about CPQ systems? What benefit do you get for buying a CPQ system for your company? 08:12 - What about time to quote? What big of a deal is it about? 11:56 - Pricing systems consider different factors, and when you add this to different configurations of products it gets complicated. Let's hear Steve's thoughts about it. 13:13 - What is Standav and what does it do? What differentiates it from other implementer companies? 14:23 - Data cleaning is one of the tools Standav offers. What goes on in this process? 15:18 - Dealing with master data management. How does Standav solve the problem of bad data? Key Takeaways: “With CPQ you're providing a single source for putting multiple things together.” - Steve Wilkins “Right now they all integrate into a CPQ to provide the more relevant price or winning price that's going to help speed the process up. So that's where you're going to hear that story of, I can get this through quicker, win more deals at the best price. - Steve Wilkins “I believe in the idea of getting the data ready, fixing the problem that caused the data to be bad. And then building that integration into it, is it a pricing system, a CPQ system, a CRM system, we build that.” - Steve Wilkins People and Resources Mentioned: Frank Sohn PROS Apttus Salesforce Zilliant Price f(x) Dell Computer Connect with Steve Wilkins: LinkedIn E: steven.wilkins@standav.com Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

19 MIN2 d ago
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How a Configure Price Quote (CPQ) Solution Can Give You the ‘Winning’ Price with Steve Wilkins

Who has the Most Pricing Power? with Steven Forth

Why you have to check out today’s podcast: Discover how to develop a pricing strategy that leverage the value your organization creates Learn how to execute pricing actions to drive commercial outcomes and growth Discover how to use pricing tools to create and transform pricing that supports your business model Pricing is where it all comes together, says Steven Forth - co-founder of Ibbaka the leading platform to price and differentiate for the client’s market. In this episode. Steven shares how he helps companies redefine their value, as well as how they price offerings in the marketplace through a combined deep understanding of pricing design with market segmentation and value creation. “Segment your customers based on value. You need to understand what your value drivers are.” - Steven Forth Increase Your Pricing Knowledge: Become aChampions of Value INSIDER! To sign up go toinsider.championsofvalue.com. Topics Covered: 01:24 - Backstory of how Steven started his pricing career: How sitting down with Tom Nagle and reading his book was a turning point in Steven’s career 03:56 - Pricing being an indicator and diagnostic tool in business 05:00 - With new trends coming up in the market, Steven shares what he is seeing as happening in Pricing these days and his insights about it 06:32 - Pricing and one's willingness to pay 08:05 - As there are different views about value-based pricing, Steven shares what value-based pricing means to him 11:42 - Some companies say they have a problem with pricing, but after digging deeper they actually have a value problem. Steven expounds on this 16:02 - Pricing optimization is based on available data around. How do B2B and B2C differ when it comes to available data to utilize 16:02 - As B2C obtains more data than B2B, how do these two differ in terms of value-based pricing and dynamic pricing 19:31 - Steven expounds on conventional economic theory and how it relates to price elasticity of the demand curve 22:28 - Where does value-based pricing tie into outcomes-based pricing 26:21 - Talking about pricing power. Who has the most pricing power? 28:21 - Why do you need to have a deep understanding of value when it comes to executing outcomes-based pricing 30:35 - Steven discusses the importance of different economic value drivers and emotional value drivers especially where medical companies are concerned Key Takeaways: “Pricing is a great indicator and diagnostic tool. It lets you explore so many different parts of the business.”- Steven Forth “Dynamic pricing has always been how commodities are priced. Markets are dynamic pricing. That's what they are. And we've learned how to make the algorithmic and apply artificial intelligence and machine learning to it.” - Steven Forth “Willingness to pay is an outcome. It's what you're trying to shape. Framing pricing around willingness to pay, and doing analytics to estimate willingness to pay, I think is actually a way to sub-optimize your pricing outcomes.” - Steven Forth “Value-based pricing for me is an understanding of the economic, emotional, and community value that your offer creates compared to the alternatives.” - Steven Forth “Whoever takes on the most risk has the most pricing power. The seller’s ability to predict value outcomes should be more powerful than the buyers. Therefore the seller should be willing to take on more risk.” - Steven Forth People and Resources Mentioned: The Strategy and Tactics of Pricing by Thomas Nagle William Gibson Connect With Steven Forth: LinkedIn Ibbaka.com Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

33 MIN1 w ago
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Who has the Most Pricing Power? with Steven Forth

Dynamic Pricing Engine for Better Pricing Decisions with Burc Tanir

Why you have to check out today’s podcast: Learn about the dynamic pricing engine and its impact in making data-driven pricing decisions Learn about the pricing elements that are crucial in making an informed pricing decision Understand why in as much as data-driven decision-making helps companies, a product’s value must also be considered in pricing Price monitoring software is becoming more and more accessible to all levels of markets such as SMEs and startups. Burch says it's not an excuse to invest in such technologies since they are no longer expensive for enterprise players. Burc Tanir is the CEO of Prisync - a company that helps e-commerce companies automatically track their competitor prices and dynamically price their products deliberately. In this episode, Burc shares his insights on why pricing is critical to e-commerce success, and why analyzing your competitors’ prices manually is laborious. He gives emphasis that focusing on adding value to your product and working ...

21 MIN2 w ago
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Dynamic Pricing Engine for Better Pricing Decisions with Burc Tanir

Why Service Professionals Need to Hire Pricing Experts with Stuart Dodds

Why you have to check out today’s podcast: Discover why should a law firm hire a pricing person, the impact that pricing had on a firm’s bottom line, the benefits of having those types of roles in place How to go beyond the hourly rate fees for service professional Learn the array of ‘in the trenches’ perspective on how service professional firms can price smarter Stuart Dodds is a sought after speaker, pricing and project management expert, and author of Smarter Pricing, Smarter Profit, and Pricing On the Front Line, both published by the American Bar Association. Stuart was one of the first and longest-serving pricing and legal project management directors in the legal industry, first with Linklaters and most recently with Baker McKenzie. In this episode, Stuart addresses the key pricing challenges encountered by services whether within a law firm or a law department. He also shares he helps professional firms in having targeted pricing, negotiation, and project management sup...

28 MIN3 w ago
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Why Service Professionals Need to Hire Pricing Experts with Stuart Dodds

Why IoT is NOT a One Size Fits All Solution to Customer Problems with Daniel Elizalde

Why you have to check out today’s podcast: Learn the step-by-step framework that helps product managers define, communicate, and drive their IoT product vision forward Identify costly blind spots in your IoT product pricing strategy Learn how to provide enough value that makes sense for the customer to adapt your IoT solution Daniel Elizalde is an expert on all things IoT. He works as VP-Head of IoT at Ericsson. He’s helped train over a thousand product professionals at Stanford’s Continuing Studies program. In this episode, Daniel shares how he helps product leaders create winning products and gain the skills they need to confidently and efficiently manage any IoT product. “One of the challenges when defining value for IoT (Internet of Things) is having a clear understanding of who your customer is.” – Daniel Elizalde Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code 'INSIDERNOW' to take adv...

29 MINMAY 4
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Why IoT is NOT a One Size Fits All Solution to Customer Problems with Daniel Elizalde

How to Fight Churn with Data Science in Your Subscription Business with Carl Gold

Why you have to check out today’s podcast: Discover how to use data science techniques to reduce churn in subscription services Learn how to create a churn dataset as benchmark metrics for subscription economy decisions Learn what is predictive of churn, and what can be done to reduce it Carl Gold is the Chief Data Scientist at Zuora where he created the Subscription Economy Index and the data science behind Zuora's Subscriber Insights. He has a Ph.D. from the California Institute of Technology and has authored publications on Machine Learning and Neuroscience. Before coming to Zuora, he spent most of his post-academic career as a quantitative analyst on Wall Street. In this episode, Carl shares his insights about using data to increase subscriber engagement and reduce customer churn. He provides a clear overview of churn concepts, along with hands-on tricks and tips he has developed through years of experience analyzing subscriber behavior. “The thing about churn is there is no one solution. If you think a customer is going to leave, the next question is ‘why’.” - Carl Gold Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code 'INSIDERNOW' to take advantage of our special $5 offer for the first month. Topics Covered: 02:18 — Backstory of Carl’s career, the stint he had at Wall Street finance industry being a quant and eventually becoming a data scientist 04:40 — The similarities of a quant and a data scientist, what they do. And the similarities of machine learning to data science 06:04 — All about subscription economy index and how companies use it 07:22 — The biggest challenge a subscription company faces when it comes to billing and where does Zuora come in to help 10:03 — Carl addressing the bias dealing with index and metrics 11:23 — Carl's thoughts on subscription companies being recession-proof than traditional companies 15:50 — Book alert: "Fighting Churn with Data" by Carl Gold - what is it all about 23:19 — How to convert leads to customers by looking at a buyers' journey and sequences of action leading to conversion or churn 29:20 — Carl's best pricing advice to listeners that could have a big impact on their business Key Takeaways: “If you can't bill people correctly then you know, what's your pricing plan good for?” - Carl Gold “Some subscription companies are probably seeing boom times because if it's a product that people can enjoy and consume more of when they're confined to their home. Demand is supposed to be through the roof right now and they're struggling to keep up.” - Carl Gold “If you want to reduce churn in a meaningful way, you have to give people more value.” - Carl Gold “One of the most valuable metrics that you can ever make for a subscription business is the recurring unit cost that the customer pays. That is one of the most important churns and retention indicators that will give you your amazing insight into the value that customers are getting.” - Carl Gold Resources: Fighting Churn With Data by Carl Gold Zuora Facebook Zoom Connect with Carl Gold: fightchurnwithdata.com LinkedIn Twitter Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

30 MINAPR 27
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How to Fight Churn with Data Science in Your Subscription Business with Carl Gold

Why Knowing How Your Customers Perceive a Price is as Important as the Price Itself with Valerie Howard

Why you have to check out today’s podcast: Understanding why continually aligning your pricing to what customers’ value is a never-ending journey Discover the importance of knowing what appeals to the customer and how they perceive your price when optimizing your price and value offer Learn how to leverage AI-powered pricing strategies to take your customer engagement to the next level Valerie Howard is the Solution Strategy Director at PROS. She manages the go-to-market strategy for the PROS pricing solution portfolio. In this episode, Valerie shares her insights on how to use data science to optimize price in today’s world of personalization and digital selling, how to leverage the benefits of Artificial Intelligence (AI), and why knowing what appeals to the customer and how they perceive a price is as important as the price itself. “When it comes to pricing, we've got to constantly invest in that. There's no end goal there, it's a constant journey of evolution to continually aligning your pricing to what customers’ value and a better understanding of what they value.” - Valerie Howard Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code 'INSIDERNOW' to take advantage of our special $5 offer for the first month. Topics Covered: 02:36 — Backstory of how Valerie got into pricing and the socio-economic behavior lessons related to pricing she learned while working with Continental Airlines 04:35 — What she does at PROS, how she manages the pricing solution portfolio of their airline clients 08:00 — How does cross-selling work with the solution that PROS offers 08:47 — All about price optimization and price governance: How this helps in the price execution across all channels and regions for PROS airline clients 09:56 — Personalization and Digital Selling defined: how they differ from each other 15:11 — The infrastructures of digital selling 18:59 — All about dynamic pricing and how it works 20:46 — Valerie on the importance of knowing what appeals to the customer and how they perceive your price when optimizing your price and value offer 22:35 — Where do price segmentation and dynamic pricing come into play with regards to a speaker's of ‘fee integrity’ 23:26 — Discussion around price variation and price segmentation techniques in the medical service industry Key Takeaways: “When it comes to personalization, I think what we always hear is that customers really want their buyers to understand them, really want to understand their needs at a personalized level. I think pricing gives us a unique way to better understand, ‘Do they really value this?’ Because if they’re not willing to pay for it, then maybe, it is not something they are valuing so much.” - Valerie Howard “When it comes to digital selling, there is a relationship to personalization there, too. It's easier for us to purchase in a self-served way. What are the different ways businesses are tuning in to their customers and making it easier for them to purchase? -- It’s by understanding them so well that they don’t even have to be present and don’t have a sales rep holding their hand through the whole purchase process.” - Valerie Howard Resources: PROS Continental Airlines Hanover Research Connect with Valerie Howard: LinkedIn E: vhoward@pros.com Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

25 MINAPR 20
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Why Knowing How Your Customers Perceive a Price is as Important as the Price Itself with Valerie Howard

How to Functionally Manage Your Pricing During Crisis with Lydia DiLiello

Why you have to check out today’s podcast: Learn about price gouging as a functional price management strategy Discover the importance of value differentiation relative to pricing and market segmentation in turbulent times Pricing strategies that you must consider at this time of crisis to keep up with your competitors Lydia DiLiello is the CEO and founder of Capital Pricing Consultants, an expert model revenue management and business consultancy dedicated to sustainably improving revenue and profitability for its clients through relevant and timely insights, strategic plans and targeted training programs. In this episode, Lydia shares her insights on how to manage your pricing during a crisis, how to keep up with competitors to maintain market share, and why a crisis management plan is important in such times of downturn. “Determine what the single most important thing is that they want out of a business every year, one thing, and then make everything else drive back to it from a strategic standpoint.” - Lydia DiLiello Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code 'INSIDERNOW' to take advantage of our special $5 offer for the first month. Topics Covered: 01:17 — Lydia’s backstory how she got into Pricing 05:53 — Price gouging as a functional price management strategy 07:28 — Pricing advice for companies, how to keep your business going in the hard times 09:20 — How to manage manpower layoffs during the crisis: e.g. If you are a restaurant and all you’re allowed to do is a curbside delivery, would you lay off your waitresses and waiters? 10:58 — Lydia’s thoughts on lowering your price to maintain your market share 12:14 — Why discounting shouldn’t be your standard operating policy relative to your pricing strategy 15:50 — Thoughts about competitors lowering their prices at this turbulent economic condition 17:21 — All about market segmentation relative to pricing and value 18:33 — All about having a crisis management plan: How should management react, prepare, and pivoting during a crisis 22:16 — Best pricing advice Lydia has for the listeners Key Takeaways: “Companies that are making decisions based upon the welfare of their employees are going to end up in a stronger place just to brand loyalty and recognition.” — Lydia DiLiello “If there are things that require labor and you have the resources to do it, get it done now, keep your people employed because it puts you in a stronger position when this finishes to come out ahead.” — Lydia DiLiello “I believe that’s not a good thing to do, lower your prices just to keep going. I think they should not do that, and I feel strongly about that because what it does is it devalues their brand.” — Lydia DiLiello “I think that brand advertising is all the more important. Continue to sell it at what it sold before the crisis or find ways to run co-specials where you’re not changing your base price. That base price remains but maybe now it’s buying one get the second half off for a short period of time, but don’t readjust that base price.” — Lydia DiLiello “Change your value offering as fast as you possibly can. If you change your value offering, it takes six months for the competition to keep taking that business. Less and less price. They’ll gain the market share. But eventually, your good customers will see the difference in your products. And if you really do have value and product differentiation, they’ll come back to you.” — Lydia DiLiello Resources / Links: Jim Tressel General Motors Procter and Gamble Connect with Lydia DiLiello: LinkedIn E: lydia@capitalpricingconsultants.com Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

25 MINAPR 13
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How to Functionally Manage Your Pricing During Crisis with Lydia DiLiello

Understanding Amazon Selling and its Business Model with Carlos Alvarez

Why you have to check out today’s podcast: Find out how to achieve greater financial independence through Amazon selling Learn how to choose the right Amazon business model Learn how to sell on Amazon and achieve greater financial independence Carlos Alvarez is an Amazon Marketing Consultant and Teacher. He is the CEO of Blue Bird Marketing Solutions and Founder of Wizards of Amazon. Twelve years ago, he took the “plunge” and decided to sell full time on Amazon, didn't know he would create, let alone grow his brands into nine figures a year in gross revenues. And nine years ago he had no idea his love for online selling would be rivaled only by his passion for digital marketing. In this episode, Carlos shares his mission to empower brands to take advantage of selling on Amazon as well as help entrepreneurs break the shackles of their nine to fives and achieve greater financial independence through Amazon and digital marketing. “Merch is probably one of the newest, most attractiv...

30 MINAPR 6
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Understanding Amazon Selling and its Business Model with Carlos Alvarez

Mastering Pricing and Packaging for Your Subscription Business: Taking People on a Journey with Amy Konary

Why you should check out today’s podcast: Find out the basic differences between SaaS, subscription and traditional perpetual licenses Learn about subscription pricing decision and how to set-up the revenue buckets for acquisition, retention, and monetization Discover why it is important that your pricing and packaging be aligned to the buyer journey Amy Konary has more than 20 years of experience advising companies on subscription business strategies. She is the founder and chair of The Subscribed Institute presented by Zuora, a think tank for the subscription economy. Through The Subscribed Institute Amy brings together a community of business executives, thought leaders, and industry experts at a series of Executive Summits and events, and generates research and industry benchmarks on subscription transformation topics. Amy also advises Zuora customers on subscription business strategy development, execution, and maturity. In this episode, Amy talked about the strategies and different pricing models used to craft the revenue buckets for acquisition, retention and monetization of your subscription business. "When you're selling a subscription, you have to take people on a journey." - Amy Konary Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code ‘INSIDERNOW’ to take advantage of our special $5 offer for the first month. Topics Covered: 02:14 - How she got started in Pricing 04:35 - Pricing and packaging in traditional businesses as compared with subscriptions 08:11 - What to focus on in subscriptions and the challenges that go with subscriptions 12:54 - Her thoughts on this particular difference between a traditional business and subscriptions 15:04 - Why consumption pricing isn't the most viable option in subscription pricing 15:54 - What is Subscribed Institute and what does it do 19:07 - Her best Pricing advice that would greatly impact your business Key Takeaways: "You're selling relationships when you're selling subscriptions." - Amy Konary "All of the sorts of principles about how people make decisions and the balance of simplicity with flexibility and the paradox of choice, all these sorts of behavioral economic concepts seemed very, very strong when it comes to subscription pricing." - Amy Konary "In subscription, rather than selling all the value upfront, you have to make sure they can see value really quickly and you'll also have to give them a path forward." - Amy Konary "For a new business, you absolutely have to focus on new subscriber acquisition and that might dictate or it does dictate how you price and package." - Amy Konary "In subscription, you can't monetize unless you have that relationship, have that subscriber." - Amy Konary Resources: Subscribed: Why the Subscription Model Will Be Your Company's Future - and What to Do About It by Tien Tzuo Connect With Amy Konary: E: akonary@zuora.com LinkedIn Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

20 MINMAR 30
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Mastering Pricing and Packaging for Your Subscription Business: Taking People on a Journey with Amy Konary

Latest Episodes

How a Configure Price Quote (CPQ) Solution Can Give You the ‘Winning’ Price with Steve Wilkins

Why you have to check out today’s podcast: Learn about what a CPQ is and the value it gives to a company Find out how to bundle products together to cater to a customer’s specific needs Learn how to achieve price optimization through the use of CPQ Steve Wilkins is the Head of Pricing Solutions at Standav Corp, a seasoned executive with many years of experience advising senior management teams on revenue growth, new business model development, pricing strategy, data preparation and cleaning, price and revenue management, commercial excellence, change management, profitability improvement, and business transformation. In this episode,Stevetalks about his experience working with pricing-focused CPQ companies,how CPQ helps in bundling products together,how pricing optimizationis attainedwith the use of CPQ, and much more. “Pricing is a journey. It's not a sprint. So take it in steps. Don't think that you have to go for that end-goal right away.” - Steve Wilkin Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Topics Covered: 01:37 - Dealing with a lawsuit is the last thing you want to have. But interestingly, it's how Steve started his pricing career. 03:06 - What is a CPQ and what is a pricing system? How do they differ from each other? 03:55 - What does a configured product look like? Steve gives an example. 05:26 - Manufacturers with customizable products can use CPQ. How can they bundle products? 06:28 - What is so important about CPQ systems? What benefit do you get for buying a CPQ system for your company? 08:12 - What about time to quote? What big of a deal is it about? 11:56 - Pricing systems consider different factors, and when you add this to different configurations of products it gets complicated. Let's hear Steve's thoughts about it. 13:13 - What is Standav and what does it do? What differentiates it from other implementer companies? 14:23 - Data cleaning is one of the tools Standav offers. What goes on in this process? 15:18 - Dealing with master data management. How does Standav solve the problem of bad data? Key Takeaways: “With CPQ you're providing a single source for putting multiple things together.” - Steve Wilkins “Right now they all integrate into a CPQ to provide the more relevant price or winning price that's going to help speed the process up. So that's where you're going to hear that story of, I can get this through quicker, win more deals at the best price. - Steve Wilkins “I believe in the idea of getting the data ready, fixing the problem that caused the data to be bad. And then building that integration into it, is it a pricing system, a CPQ system, a CRM system, we build that.” - Steve Wilkins People and Resources Mentioned: Frank Sohn PROS Apttus Salesforce Zilliant Price f(x) Dell Computer Connect with Steve Wilkins: LinkedIn E: steven.wilkins@standav.com Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

19 MIN2 d ago
Comments
How a Configure Price Quote (CPQ) Solution Can Give You the ‘Winning’ Price with Steve Wilkins

Who has the Most Pricing Power? with Steven Forth

Why you have to check out today’s podcast: Discover how to develop a pricing strategy that leverage the value your organization creates Learn how to execute pricing actions to drive commercial outcomes and growth Discover how to use pricing tools to create and transform pricing that supports your business model Pricing is where it all comes together, says Steven Forth - co-founder of Ibbaka the leading platform to price and differentiate for the client’s market. In this episode. Steven shares how he helps companies redefine their value, as well as how they price offerings in the marketplace through a combined deep understanding of pricing design with market segmentation and value creation. “Segment your customers based on value. You need to understand what your value drivers are.” - Steven Forth Increase Your Pricing Knowledge: Become aChampions of Value INSIDER! To sign up go toinsider.championsofvalue.com. Topics Covered: 01:24 - Backstory of how Steven started his pricing career: How sitting down with Tom Nagle and reading his book was a turning point in Steven’s career 03:56 - Pricing being an indicator and diagnostic tool in business 05:00 - With new trends coming up in the market, Steven shares what he is seeing as happening in Pricing these days and his insights about it 06:32 - Pricing and one's willingness to pay 08:05 - As there are different views about value-based pricing, Steven shares what value-based pricing means to him 11:42 - Some companies say they have a problem with pricing, but after digging deeper they actually have a value problem. Steven expounds on this 16:02 - Pricing optimization is based on available data around. How do B2B and B2C differ when it comes to available data to utilize 16:02 - As B2C obtains more data than B2B, how do these two differ in terms of value-based pricing and dynamic pricing 19:31 - Steven expounds on conventional economic theory and how it relates to price elasticity of the demand curve 22:28 - Where does value-based pricing tie into outcomes-based pricing 26:21 - Talking about pricing power. Who has the most pricing power? 28:21 - Why do you need to have a deep understanding of value when it comes to executing outcomes-based pricing 30:35 - Steven discusses the importance of different economic value drivers and emotional value drivers especially where medical companies are concerned Key Takeaways: “Pricing is a great indicator and diagnostic tool. It lets you explore so many different parts of the business.”- Steven Forth “Dynamic pricing has always been how commodities are priced. Markets are dynamic pricing. That's what they are. And we've learned how to make the algorithmic and apply artificial intelligence and machine learning to it.” - Steven Forth “Willingness to pay is an outcome. It's what you're trying to shape. Framing pricing around willingness to pay, and doing analytics to estimate willingness to pay, I think is actually a way to sub-optimize your pricing outcomes.” - Steven Forth “Value-based pricing for me is an understanding of the economic, emotional, and community value that your offer creates compared to the alternatives.” - Steven Forth “Whoever takes on the most risk has the most pricing power. The seller’s ability to predict value outcomes should be more powerful than the buyers. Therefore the seller should be willing to take on more risk.” - Steven Forth People and Resources Mentioned: The Strategy and Tactics of Pricing by Thomas Nagle William Gibson Connect With Steven Forth: LinkedIn Ibbaka.com Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

33 MIN1 w ago
Comments
Who has the Most Pricing Power? with Steven Forth

Dynamic Pricing Engine for Better Pricing Decisions with Burc Tanir

Why you have to check out today’s podcast: Learn about the dynamic pricing engine and its impact in making data-driven pricing decisions Learn about the pricing elements that are crucial in making an informed pricing decision Understand why in as much as data-driven decision-making helps companies, a product’s value must also be considered in pricing Price monitoring software is becoming more and more accessible to all levels of markets such as SMEs and startups. Burch says it's not an excuse to invest in such technologies since they are no longer expensive for enterprise players. Burc Tanir is the CEO of Prisync - a company that helps e-commerce companies automatically track their competitor prices and dynamically price their products deliberately. In this episode, Burc shares his insights on why pricing is critical to e-commerce success, and why analyzing your competitors’ prices manually is laborious. He gives emphasis that focusing on adding value to your product and working ...

21 MIN2 w ago
Comments
Dynamic Pricing Engine for Better Pricing Decisions with Burc Tanir

Why Service Professionals Need to Hire Pricing Experts with Stuart Dodds

Why you have to check out today’s podcast: Discover why should a law firm hire a pricing person, the impact that pricing had on a firm’s bottom line, the benefits of having those types of roles in place How to go beyond the hourly rate fees for service professional Learn the array of ‘in the trenches’ perspective on how service professional firms can price smarter Stuart Dodds is a sought after speaker, pricing and project management expert, and author of Smarter Pricing, Smarter Profit, and Pricing On the Front Line, both published by the American Bar Association. Stuart was one of the first and longest-serving pricing and legal project management directors in the legal industry, first with Linklaters and most recently with Baker McKenzie. In this episode, Stuart addresses the key pricing challenges encountered by services whether within a law firm or a law department. He also shares he helps professional firms in having targeted pricing, negotiation, and project management sup...

28 MIN3 w ago
Comments
Why Service Professionals Need to Hire Pricing Experts with Stuart Dodds

Why IoT is NOT a One Size Fits All Solution to Customer Problems with Daniel Elizalde

Why you have to check out today’s podcast: Learn the step-by-step framework that helps product managers define, communicate, and drive their IoT product vision forward Identify costly blind spots in your IoT product pricing strategy Learn how to provide enough value that makes sense for the customer to adapt your IoT solution Daniel Elizalde is an expert on all things IoT. He works as VP-Head of IoT at Ericsson. He’s helped train over a thousand product professionals at Stanford’s Continuing Studies program. In this episode, Daniel shares how he helps product leaders create winning products and gain the skills they need to confidently and efficiently manage any IoT product. “One of the challenges when defining value for IoT (Internet of Things) is having a clear understanding of who your customer is.” – Daniel Elizalde Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code 'INSIDERNOW' to take adv...

29 MINMAY 4
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Why IoT is NOT a One Size Fits All Solution to Customer Problems with Daniel Elizalde

How to Fight Churn with Data Science in Your Subscription Business with Carl Gold

Why you have to check out today’s podcast: Discover how to use data science techniques to reduce churn in subscription services Learn how to create a churn dataset as benchmark metrics for subscription economy decisions Learn what is predictive of churn, and what can be done to reduce it Carl Gold is the Chief Data Scientist at Zuora where he created the Subscription Economy Index and the data science behind Zuora's Subscriber Insights. He has a Ph.D. from the California Institute of Technology and has authored publications on Machine Learning and Neuroscience. Before coming to Zuora, he spent most of his post-academic career as a quantitative analyst on Wall Street. In this episode, Carl shares his insights about using data to increase subscriber engagement and reduce customer churn. He provides a clear overview of churn concepts, along with hands-on tricks and tips he has developed through years of experience analyzing subscriber behavior. “The thing about churn is there is no one solution. If you think a customer is going to leave, the next question is ‘why’.” - Carl Gold Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code 'INSIDERNOW' to take advantage of our special $5 offer for the first month. Topics Covered: 02:18 — Backstory of Carl’s career, the stint he had at Wall Street finance industry being a quant and eventually becoming a data scientist 04:40 — The similarities of a quant and a data scientist, what they do. And the similarities of machine learning to data science 06:04 — All about subscription economy index and how companies use it 07:22 — The biggest challenge a subscription company faces when it comes to billing and where does Zuora come in to help 10:03 — Carl addressing the bias dealing with index and metrics 11:23 — Carl's thoughts on subscription companies being recession-proof than traditional companies 15:50 — Book alert: "Fighting Churn with Data" by Carl Gold - what is it all about 23:19 — How to convert leads to customers by looking at a buyers' journey and sequences of action leading to conversion or churn 29:20 — Carl's best pricing advice to listeners that could have a big impact on their business Key Takeaways: “If you can't bill people correctly then you know, what's your pricing plan good for?” - Carl Gold “Some subscription companies are probably seeing boom times because if it's a product that people can enjoy and consume more of when they're confined to their home. Demand is supposed to be through the roof right now and they're struggling to keep up.” - Carl Gold “If you want to reduce churn in a meaningful way, you have to give people more value.” - Carl Gold “One of the most valuable metrics that you can ever make for a subscription business is the recurring unit cost that the customer pays. That is one of the most important churns and retention indicators that will give you your amazing insight into the value that customers are getting.” - Carl Gold Resources: Fighting Churn With Data by Carl Gold Zuora Facebook Zoom Connect with Carl Gold: fightchurnwithdata.com LinkedIn Twitter Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

30 MINAPR 27
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How to Fight Churn with Data Science in Your Subscription Business with Carl Gold

Why Knowing How Your Customers Perceive a Price is as Important as the Price Itself with Valerie Howard

Why you have to check out today’s podcast: Understanding why continually aligning your pricing to what customers’ value is a never-ending journey Discover the importance of knowing what appeals to the customer and how they perceive your price when optimizing your price and value offer Learn how to leverage AI-powered pricing strategies to take your customer engagement to the next level Valerie Howard is the Solution Strategy Director at PROS. She manages the go-to-market strategy for the PROS pricing solution portfolio. In this episode, Valerie shares her insights on how to use data science to optimize price in today’s world of personalization and digital selling, how to leverage the benefits of Artificial Intelligence (AI), and why knowing what appeals to the customer and how they perceive a price is as important as the price itself. “When it comes to pricing, we've got to constantly invest in that. There's no end goal there, it's a constant journey of evolution to continually aligning your pricing to what customers’ value and a better understanding of what they value.” - Valerie Howard Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code 'INSIDERNOW' to take advantage of our special $5 offer for the first month. Topics Covered: 02:36 — Backstory of how Valerie got into pricing and the socio-economic behavior lessons related to pricing she learned while working with Continental Airlines 04:35 — What she does at PROS, how she manages the pricing solution portfolio of their airline clients 08:00 — How does cross-selling work with the solution that PROS offers 08:47 — All about price optimization and price governance: How this helps in the price execution across all channels and regions for PROS airline clients 09:56 — Personalization and Digital Selling defined: how they differ from each other 15:11 — The infrastructures of digital selling 18:59 — All about dynamic pricing and how it works 20:46 — Valerie on the importance of knowing what appeals to the customer and how they perceive your price when optimizing your price and value offer 22:35 — Where do price segmentation and dynamic pricing come into play with regards to a speaker's of ‘fee integrity’ 23:26 — Discussion around price variation and price segmentation techniques in the medical service industry Key Takeaways: “When it comes to personalization, I think what we always hear is that customers really want their buyers to understand them, really want to understand their needs at a personalized level. I think pricing gives us a unique way to better understand, ‘Do they really value this?’ Because if they’re not willing to pay for it, then maybe, it is not something they are valuing so much.” - Valerie Howard “When it comes to digital selling, there is a relationship to personalization there, too. It's easier for us to purchase in a self-served way. What are the different ways businesses are tuning in to their customers and making it easier for them to purchase? -- It’s by understanding them so well that they don’t even have to be present and don’t have a sales rep holding their hand through the whole purchase process.” - Valerie Howard Resources: PROS Continental Airlines Hanover Research Connect with Valerie Howard: LinkedIn E: vhoward@pros.com Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

25 MINAPR 20
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Why Knowing How Your Customers Perceive a Price is as Important as the Price Itself with Valerie Howard

How to Functionally Manage Your Pricing During Crisis with Lydia DiLiello

Why you have to check out today’s podcast: Learn about price gouging as a functional price management strategy Discover the importance of value differentiation relative to pricing and market segmentation in turbulent times Pricing strategies that you must consider at this time of crisis to keep up with your competitors Lydia DiLiello is the CEO and founder of Capital Pricing Consultants, an expert model revenue management and business consultancy dedicated to sustainably improving revenue and profitability for its clients through relevant and timely insights, strategic plans and targeted training programs. In this episode, Lydia shares her insights on how to manage your pricing during a crisis, how to keep up with competitors to maintain market share, and why a crisis management plan is important in such times of downturn. “Determine what the single most important thing is that they want out of a business every year, one thing, and then make everything else drive back to it from a strategic standpoint.” - Lydia DiLiello Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code 'INSIDERNOW' to take advantage of our special $5 offer for the first month. Topics Covered: 01:17 — Lydia’s backstory how she got into Pricing 05:53 — Price gouging as a functional price management strategy 07:28 — Pricing advice for companies, how to keep your business going in the hard times 09:20 — How to manage manpower layoffs during the crisis: e.g. If you are a restaurant and all you’re allowed to do is a curbside delivery, would you lay off your waitresses and waiters? 10:58 — Lydia’s thoughts on lowering your price to maintain your market share 12:14 — Why discounting shouldn’t be your standard operating policy relative to your pricing strategy 15:50 — Thoughts about competitors lowering their prices at this turbulent economic condition 17:21 — All about market segmentation relative to pricing and value 18:33 — All about having a crisis management plan: How should management react, prepare, and pivoting during a crisis 22:16 — Best pricing advice Lydia has for the listeners Key Takeaways: “Companies that are making decisions based upon the welfare of their employees are going to end up in a stronger place just to brand loyalty and recognition.” — Lydia DiLiello “If there are things that require labor and you have the resources to do it, get it done now, keep your people employed because it puts you in a stronger position when this finishes to come out ahead.” — Lydia DiLiello “I believe that’s not a good thing to do, lower your prices just to keep going. I think they should not do that, and I feel strongly about that because what it does is it devalues their brand.” — Lydia DiLiello “I think that brand advertising is all the more important. Continue to sell it at what it sold before the crisis or find ways to run co-specials where you’re not changing your base price. That base price remains but maybe now it’s buying one get the second half off for a short period of time, but don’t readjust that base price.” — Lydia DiLiello “Change your value offering as fast as you possibly can. If you change your value offering, it takes six months for the competition to keep taking that business. Less and less price. They’ll gain the market share. But eventually, your good customers will see the difference in your products. And if you really do have value and product differentiation, they’ll come back to you.” — Lydia DiLiello Resources / Links: Jim Tressel General Motors Procter and Gamble Connect with Lydia DiLiello: LinkedIn E: lydia@capitalpricingconsultants.com Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

25 MINAPR 13
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How to Functionally Manage Your Pricing During Crisis with Lydia DiLiello

Understanding Amazon Selling and its Business Model with Carlos Alvarez

Why you have to check out today’s podcast: Find out how to achieve greater financial independence through Amazon selling Learn how to choose the right Amazon business model Learn how to sell on Amazon and achieve greater financial independence Carlos Alvarez is an Amazon Marketing Consultant and Teacher. He is the CEO of Blue Bird Marketing Solutions and Founder of Wizards of Amazon. Twelve years ago, he took the “plunge” and decided to sell full time on Amazon, didn't know he would create, let alone grow his brands into nine figures a year in gross revenues. And nine years ago he had no idea his love for online selling would be rivaled only by his passion for digital marketing. In this episode, Carlos shares his mission to empower brands to take advantage of selling on Amazon as well as help entrepreneurs break the shackles of their nine to fives and achieve greater financial independence through Amazon and digital marketing. “Merch is probably one of the newest, most attractiv...

30 MINAPR 6
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Understanding Amazon Selling and its Business Model with Carlos Alvarez

Mastering Pricing and Packaging for Your Subscription Business: Taking People on a Journey with Amy Konary

Why you should check out today’s podcast: Find out the basic differences between SaaS, subscription and traditional perpetual licenses Learn about subscription pricing decision and how to set-up the revenue buckets for acquisition, retention, and monetization Discover why it is important that your pricing and packaging be aligned to the buyer journey Amy Konary has more than 20 years of experience advising companies on subscription business strategies. She is the founder and chair of The Subscribed Institute presented by Zuora, a think tank for the subscription economy. Through The Subscribed Institute Amy brings together a community of business executives, thought leaders, and industry experts at a series of Executive Summits and events, and generates research and industry benchmarks on subscription transformation topics. Amy also advises Zuora customers on subscription business strategy development, execution, and maturity. In this episode, Amy talked about the strategies and different pricing models used to craft the revenue buckets for acquisition, retention and monetization of your subscription business. "When you're selling a subscription, you have to take people on a journey." - Amy Konary Increase Your Pricing Knowledge: Become a Champions of Value INSIDER! To sign up go to insider.championsofvalue.com. Use the promo code ‘INSIDERNOW’ to take advantage of our special $5 offer for the first month. Topics Covered: 02:14 - How she got started in Pricing 04:35 - Pricing and packaging in traditional businesses as compared with subscriptions 08:11 - What to focus on in subscriptions and the challenges that go with subscriptions 12:54 - Her thoughts on this particular difference between a traditional business and subscriptions 15:04 - Why consumption pricing isn't the most viable option in subscription pricing 15:54 - What is Subscribed Institute and what does it do 19:07 - Her best Pricing advice that would greatly impact your business Key Takeaways: "You're selling relationships when you're selling subscriptions." - Amy Konary "All of the sorts of principles about how people make decisions and the balance of simplicity with flexibility and the paradox of choice, all these sorts of behavioral economic concepts seemed very, very strong when it comes to subscription pricing." - Amy Konary "In subscription, rather than selling all the value upfront, you have to make sure they can see value really quickly and you'll also have to give them a path forward." - Amy Konary "For a new business, you absolutely have to focus on new subscriber acquisition and that might dictate or it does dictate how you price and package." - Amy Konary "In subscription, you can't monetize unless you have that relationship, have that subscriber." - Amy Konary Resources: Subscribed: Why the Subscription Model Will Be Your Company's Future - and What to Do About It by Tien Tzuo Connect With Amy Konary: E: akonary@zuora.com LinkedIn Connect with Mark Stiving: Email: mark@impactpricing.com LinkedIn Twitter

20 MINMAR 30
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Mastering Pricing and Packaging for Your Subscription Business: Taking People on a Journey with Amy Konary
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