Impact Pricing Mark Stiving, Ph.D.
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- Business
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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.
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Blogcast: Using Value to Break Down Silos
This is an Impact Pricing Blog published on March 14, 2024, turned into an audio podcast so you can listen on the go.
Read Full Article Here: https://impactpricing.com/blog/using-value-to-break-down-silos/
If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.
Now, go make an impact.
Connect with Mark Stiving:
Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/ -
Navigating Retail Pricing: Walmart's Pricing Strategy Explored with Rishi Bhatia
Rishi Bhatia is an experienced analytics consultant, data expert and market research professional with domain expertise in retail, technology, telecom, apparel, manufacturing, and insurance domain.
In this episode, Rishi shares about Walmart's lower pricing strategy. He emphasizes the importance of prioritizing the customer when determining pricing strategies. He also highlights the significance of leveraging data and analytics to inform pricing decisions. And also the importance of adopting AI-driven models to streamline operations and remain competitive in the market.
Why you have to check out today’s podcast:
Learn how Walmart maximizes profitability while maintaining its everyday low prices Discover how AI revolutionizes the retail industry by enabling retailers to make informed pricing decisions, rather than just providing pricing insights Explore the impact of retail pricing on customer loyalty and retention
"Put your customer first. Rather than going for the traditional route, learn from the data as much as you can. And then, improve your models constantly based on how can you get the prices right."
- Rishi Bhatia
Topics Covered:
01:01 - How he found himself in pricing
02:46 - Why everyday low price policy for Walmart and how do they maximize revenue with this strategy
03:46 - Pricing and how it affects loyalty and retention
05:18 - What makes Walmart's margins high other than lower prices
06:48 - How AI in pricing optimization has evolved from basic insights generation to sophisticated model-driven recommendations
08:41 - Is AI a blackbox and how the process works in achieving pricing decision
11:31 - Walmart's primary focus regarding pricing decisions and how AI ensures timely transitions between product cycles and maintaining profitability
13:47 - How algorithms and recommendations ensures consistency and optimization across the retail chain
14:44 - Discussion around Wendy's dynamic pricing
19:49 - Rishi's response to Mark's advice for retailers and also talking about Walmart Plus
21:15 - Rishi's best pricing advice
23:12 - How do you measure value in retail products
Key Takeaways:
"Value pricing, what does your customer want, at what price your customer will be more loyal to you and what will they... because pricing is one component that everyone wants low price." - Rishi Bhatia
"When you're putting the product, rather than going for the traditional route, learn from the data as much as you can and improve your models constantly based on that, how can you get the prices right." - Rishi Bhatia
"If you're able to improve on that and the customer, your overall complaints are also going down. And that is one value you can measure from that perspective as well. It's not always in the monetary term, it's always on the customer satisfaction side as well." - Rishi Bhatia
People/ Resources Mentioned:
Walmart: https://www.walmart.com Uber: https://www.uber.com
Connect with Rishi Bhatia:
LinkedIn: https://www.linkedin.com/in/rishi-bhatia-5480577/
Connect with Mark Stiving:
LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com -
Blogcast: To Fee or Not To Fee? That is the Question
This is an Impact Pricing Blog published on March 7, 2024, turned into an audio podcast so you can listen on the go.
Read Full Article Here: https://impactpricing.com/blog/to-fee-or-not-to-fee-that-is-the-question/
If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.
Now, go make an impact.
Connect with Mark Stiving:
Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/ -
Segmentation Strategies Uncovered: Driving Revenue through Focus and Value with Stephan Liozu
Stephan Liozu has studied, researched, and practiced value-based pricing for over 15 years now. That includes training, speaking, consulting, managing pilot projects, and coaching large scale pricing transformations.
In this episode, Stephan highlighted the utmost importance of understanding the value delivered to customers before setting prices, emphasizing a value-first approach to pricing strategies.
Why you have to check out today’s podcast:
Learn the significance of focusing on a specific market segment to avoid distractions, streamline operations and increase chances of success Find out why you don't need to excessively customize your products Discover why prioritizing value over price can develop to more effective pricing strategies and maximize profitability
"Do the value work first and then worry about pricing. So, value-based pricing is 90% value, 10% price. So, if you want to do that very well, value first, then price."
- Stephan Liozu
Topics Covered:
02:25 - How Stephan started in pricing
04:13 - Customer segmentation as it relates to value pricing
05:25 - Effective ways of maximizing segmentation
07:17 - Defining customer segmentation and how the SaaS scenario Mark described relate to that
10:16 - Integrating value pricing into customer segmentation
13:03 - What value means to the price buyer
14:11 - How is market segmentation different from customer segmentation?
16:52 - Discussing about product segmentation and taking software for an example
21:28 - The challenge of operationalizing customer segmentation
24:57 - Why focus on one market segment
26:41 - The need to not excessively customize your product
27:42 - Stephan's best pricing advice
Key Takeaways:
"Pick one market, focus on it, find your ICP, and then get a few logos; see what happens." - Stephan Liozu
"Do the value work first and then worry about pricing." - Stephan Liozu
"If you want to do that [value-based pricing] very well, value first, then price." - Stephan Liozu
People/Resources Mentioned:
Owens Corning: https://investor.owenscorning.com/ Thales: https://www.thalesgroup.com/en
Connect with Stephan Liozu:
LinkedIn: https://www.linkedin.com/in/stephanliozu/
Connect with Mark Stiving:
LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com -
Blogcast: Your Inward Focus Causes Horrible Decisions
This is an Impact Pricing Blog published on February 29, 2024, turned into an audio podcast so you can listen on the go.
Read Full Article Here: https://impactpricing.com/blog/your-inward-focus-causes-horrible-decisions/
If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.
Now, go make an impact.
Connect with Mark Stiving:
Email: mark@impactpricing.com LinkedIn: https://www.linkedin.com/in/stiving/ -
Price Justification Techniques: Building Confidence in Sales with Mike Bosworth
Mike Bosworth is a Co-Founder of WeConcile considered as the world's first Relationship Rescue and Restoration application.
In this episode, Mike shares effective pricing strategies and sales techniques to hold prices.
Why you have to check out today’s podcast:
Learn about the concept of "buying vision" and help your customers recognize the value of your product or service Learn how to stand firm against pricing pressure and maintain your desired price Discover how to effectively use "polite No's" to firmly establish pricing boundaries
"Understand the value, i.e. how your buyer would use a particular piece of your product to solve their problem. And if you have that knowledge, it's really easy to defend the value of your price."
- Mike Bosworth
Topics Covered:
02:13 - Mike's pricing approach
03:16 - Understanding why salespeople are losing the conversation when it comes to price
06:40 - What is a 'buying vision' and how helpful it is for buyers
07:26 - The need for salespeople to know well their customer's business
10:20 - How 'premature elaboration' gets you at a disadvantage
13:58 - Explaining 'cost justify' and 'price justify' from the buyers point of view
20:49 - The importance of patience in negotiation and use of "polite No's" to stand your ground on pricing
24:36 - Book resource of major negotiation stories you can check out
25:42 - Mike’s pricing advice
Key Takeaways:
"The only salespeople who can go out and negotiate their own prices are those ahead of quota." - Mike Bosworth
"I say to the managers, if your salesperson is under quotas, you have to go out there and provide the backbone and coach the call ahead of time.” - Mike Bosworth
“We want to teach them how to survive that call, but on their own, they're not going to have the ability to do it." - Mike Bosworth
People/Resources Mentioned:
Xerox: https://www.xerox.com/en-us Sales Force: https://www.salesforce.com David Crabtree: https://www.barnesandnoble.com/w/hold-out-david-n-crabtree/1119321227
Connect with Mike Bosworth:
Linkedin:https://www.linkedin.com/in/mikebosworth/
Connect with Mark Stiving:
LinkedIn: https://www.linkedin.com/in/stiving/ Email: mark@impactpricing.com
Customer Reviews
One of the most important pricing platforms
Mark Stiving is well known in the price space as a thought leader and visionary. This podcast serves as an important platform for pricing professionals to learn about trends, strategies, and tactics that affect companies across many industries.
Pontification
Extremely arrogant host. Hard to understand why anyone sits through this. He’s constantly patronizing guests, rewording their answers, and generally trying to correct them to make himself seem smarter. It’s not working. His “big” ideas? 1) Good, better, best works for everything and 2) cost-based pricing is bad, except that he pontificates about value-based pricing which he describes as a percentage of the revenue anticipated by the customer, seemingly a variant of cost-based pricing. Takeaway: skip unless you like hearing people being negged into becoming his clients.
Pricing made fun and enjoyable!
Mark is one of the leading independent Pricing experts globally. His commercial background coupled with relevant academic research, a few books and hundreds of client engagements make him one of the most engaging personalities in the world of Pricing.
I appreciate the honest, pragmatic nature of his podcasts and the fact that his actionable advice not only helps Pricing practitioners, but also those in Sales, Marketing and Finance.