Impact Pricing Mark Stiving, Ph.D.

As a consultant, coach, and 6-time executive, Amanda Northcutt has launched, grown, and scaled online businesses with fantastic results on both the individual and organizational level, while creating extraordinary, frictionless, and successful journeys for their customers. 
In this episode, Amanda delves on the importance of focusing on customer retention and expansion to maximize recurring revenue. And  leveraging foundational desires and social proof to enhance one's marketing efforts. She also highlights the value of dynamic and continuous pricing strategies and the need for personalized connections in sales and the impact of showing proven value to customers.
 
Why you have to check out today’s podcast:
Learn to prioritize expansion, not just acquiring and retaining customers, to maximize lifetime value Discover why it's crucial to avoid static pricing and the importance of regularly testing and adjusting your pricing Gain a deep understanding of your customers' core desires and master the art of leveraging social proof to create highly effective marketing strategies  
"Always be testing your pricing. Your pricing should not be static. That is such a rookie mistake to think that you've nailed it the first time, or at any time really."
- Amanda Northcutt
 
Topics Covered:
01:39 - An accidental entry into recurring revenue
03:20 - Talking about the time of Salesforce' rise in the SaaS industry
04:46 - Sharing her journey into the subscription-based business model
05:57 - The challenges and importance of marketing and delivering value in subscription-based businesses
08:25 - An added challenge for SaaS businesses of needing a product that continuously delivers value to retain customers
10:46 - The need to create expansion opportunities with tailored solutions and the need to leverage social proof to strengthen the value proposition to potential and existing customers
13:31 - Understanding and leveraging consumer psychology and desires to drive value perception and retention in both B2B and B2C contexts.
15:46 - Expanding on customer's foundational desires as effective marketing strategies
17:21 - Helping customers achieve their goals and meet their needs rather than simply trying to make a sale.
20:06 - Describing her current work and her pricing approach for her clients' customers. 
25:52 - Amanda's best pricing advice
26:57 - What it means to be always testing your pricing
 
Key Takeaways:
"...the whole deal with recurring revenue: If your marketing sucks, one, people aren't going to sign up. Two, if you're not delivering value over and over and over and over and over again, people are going to churn." - Amanda Northcutt
"If you truly actually care about someone and you want to help match them with a solution that is actually going to help them not only reach their foundational desires, but the real business needs that they have, that's where the most sales are going to be made." - Amanda Northcutt
"Desperation is the enemy of all sales, ever." - Amanda Northcutt
"Another element of closing the deal in an automated sales funnel is that guarantee is very, very, very important. It's right up there with social proof." - Amanda Northcutt
 
People/Resources Mentioned:
Texas A&M University: https://www.tamu.edu/ TexAgs.com: https://texags.com Marc Benioff: https://en.wikipedia.org/wiki/Marc_Benioff Salesforce: https://www.salesforce.com/ap/ Alan Weiss: https://alanweiss.com/about-alan-weiss/ Convertkit: https://convertkit.com Active Campaign: https://www.activecampaign.com/ Amazon Prime Video: https://www.primevideo.com/  
Connect with Amanda Northcutt:
LinkedIn: https://www.linkedin.com/in/northcuttamanda/ Email: amanda@welevelupcreators.com  
Connect with Mark Stiving:
LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

This is an Impact Pricing Blog published on April 4, 2024, turned into an audio podcast so you can listen on the go.
Read Full Article Here: https://impactpricing.com/blog/discover-our-custom-pricing-gpt/
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/

Sundar Ramanathan is a Banking Product and Pricing Executive with experience in exceeding/meeting growth, capital, liquidity, and profitability objectives through product and pricing levers.
In this episode, Sundar emphasizes the importance of moving beyond product commoditization, instead, focusing on creating value through customer experiences, and pricing as the outcome of value creation.
 
Why you have to check out today’s podcast:
Discover the fascinating concept of the indifference curve in the context of pricing banking products Learn the art of developing a customer-centric approach to pricing banking products, taking into account essential factors for success Find out how you can implement value pricing strategies, even with commoditized banking products  
"On the retail banking side, we hear commoditization a lot. But I think there is an opportunity to go beyond that. I think products disappear and experiences emerge, and experience is what creates value. And value can be priced."
- Sundar Ramanathan
 
Topics Covered:
01:36 - How he found himself in pricing
02:47 - Talking about examples of banking products
04:39 - Is bank's pricing based on value or cost
09:15 - The importance of balancing cost and value and highlighting the indifference curve in pricing 
11:55 - Determining the area of indifference in banking pricing
16:06 - How to let borrowers decide in your favor over your competitors
19:37 - Where you create value pricing in banking products
22:06 - Sundar's best pricing advice
 
Key Takeaways:
"The product structure and pricing might be commoditized, but where you create the value and enhance your pricing margin is the experience." - Sundar Ramanathan
"You will never know the right pricing unless you are bold enough to make those decisions to test that elasticity and have a plan B." - Sundar Ramanathan
"You can only create value by removing the friction as much as possible compared to competition.” - Sundar Ramanathan
"You can never win by pricing." - Sundar Ramanathan
 
Connect with Sundar Ramanathan:
LinkedIn: https://www.linkedin.com/in/sundar
 
Connect with Mark Stiving:
LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

This is an Impact Pricing Blog published on March 28, 2024, turned into an audio podcast so you can listen on the go.
Read Full Article Here: https://impactpricing.com/blog/show-me-the-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/

Vivek Anand leads a team of data scientists, statisticians and operations research professionals that apply Data Science and Operations Research techniques to build production ready solutions for problems related to Price Optimization, Inventory Management, and Fulfillment Optimization for a Fortune Fashion retailer.
In this episode, Vivek delves into the strength of combining science and machine learning to make informed pricing decisions. He emphasizes the importance of starting small and continuously enhancing strategies through data-driven approaches. It also explores the differences in B2C and B2B pricing, the impact of AI on supporting salespeople, and the challenges of misaligned incentives in achieving business success.
 
Why you have to check out today’s podcast:
Understand the need for compensation structures and incentives to align with business objectives that support desired outcomes Discover how AI is impacting the way salespeople handle pricing and negotiation Learn how to leverage both science and machine learning to make more informed pricing decisions  
"If you're new to the journey, start small. You don't have to go and build a transformer network on day one. Even a simple EDA, Exploratory Data Analysis, can give you a ton of insights than just a guesswork."
- Vivek Anand
 
Topics Covered:
01:19 - What paved his way into pricing
03:26 - How credit risk and interest risk influence pricing derivatives
04:37 - Thoughts on quantifying risks
05:36 - Data science in relation to AI advancement
07:39 - AI capabilities in capturing contextual and temporal information and other pricing techniques using AI
11:30 - Talking about AI and extrapolation
12:47 - B2C pricing versus B2B pricing and the significant difference in data availability between the two
18:38 - How AI can be utilized in the B2B world to assist salespeople in pricing and negotiation
23:57 - Vivek's one best pricing advice
 
Key Takeaways:
"B2C is mostly, pricing is a lever to generate demand. Whereas in B2B, it's more of a lever to gauge the willingness to pay from the customer's standpoint.” - Vivek Anand
"I think data science is a big tent, and AI is a part of it." - Vivek Anand
“The way I think about AI is like, instead of making it heuristics, it learns from the data or it just comes up with a mechanism that just translates input to the output, more systemic, faster learning and can be deployed at scale.” - Vivek Anand
 
Connect with Vivek Anand:
LinkedIn: https://www.linkedin.com/in/va2260/
 
Connect with Mark Stiving:
LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com  

This is an Impact Pricing Blog published on March 21, 2024, turned into an audio podcast so you can listen on the go.
Read Full Article Here: https://impactpricing.com/blog/a-value-perception-gap/
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/