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  • Blogcast: Mastering the Good-Better-Best Strategy: A Guide to Increasing Win Rates and Revenue

    Blogcast: Mastering the Good-Better-Best Strategy: A Guide to Increasing Win Rates and Revenue
    2024/11/15

    This is an Impact Pricing Blog published on September 12, 2024, turned into an audio podcast so you can listen on the go.

    Read Full Article Here: https://impactpricing.com/blog/mastering-the-good-better-best-strategy-a-guide-to-increasing-win-rates-and-revenue/

    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/
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    13 分
  • The Infinity Effect: Value Creation from Every Level of Your Company with Mark Boundy

    The Infinity Effect: Value Creation from Every Level of Your Company with Mark Boundy
    2024/11/11
    Mark Boundy is a business builder, sales leader, author, coach, consultant, teacher…and Chief Clarity Officer…he has grown businesses in a variety of industries using a relentless focus on customer-perceived value. In this episode, Mark discusses the importance of aligning every employee's actions with customer value, emphasizing that every touchpoint with a customer either creates or destroys value. He shares stories from his experience, including a manufacturing operator and a receptionist, to illustrate how seemingly small ideas can have significant impacts on customer satisfaction and business outcomes. Boundy underscores that value creation is about helping customers achieve desired outcomes, and this focus can drive growth, profitability, and employee fulfillment across all levels of an organization. Why you have to check out today’s podcast: Discover real-life stories about how employees at every level, from operators to receptionists, can innovate to drive customer satisfaction and business results, making it relatable and motivating.Gain actionable strategies to ensure every team member understands how their role impacts customer value, helping you foster a culture focused on positive customer experiences.Learn how traditional metrics can sometimes hinder value creation, providing tips on aligning KPIs with customer-centric goals to achieve greater long-term success. "Customer value comes from two things, one, your differentiation, and two, the outcome that customer achieves because of your differentiation." - Mark Boundy Topics Covered: 01:25 - Sharing the experience that gave rise to using the word 'antipreneurial' in his book 04:08 - The importance of flexibility within processes, contrasting rigid corporate guidelines with adaptable checklists 07:41 - Stressing the importance of a value-oriented organization not just sales around delivering customer outcomes 09:14 - Highlighting the importance of aligning sales and implementation teams to ensure realistic promises are made to customers 12:39 - What it requires to create a value-driven organization 16:09 - Emphasizing the need to prioritize customer-focused KPIs over purely efficiency-driven ones with real-life illustrations 20:12 - How focusing on customer satisfaction and adding value leads to substantial growth, high profitability, and employee satisfaction 21:35 - Stressing a point that employees feel more fulfilled and engaged when they understand how their work directly impacts customers’ lives 22:51 - Defining value and illustrating how value was created by understanding customer outcomes deeply 26:51 - Mark sharing how anyone in the company, even janitors and receptionists can add value Key Takeaways: "If the most important process in your company is your customer's buying journey, and your KPI has nothing to do with that buying journey, that's a yellow light." - Mark Boundy "If maximizing that KPI inhibits the customer journey, I call that a masking KPI. You're measuring something that makes you worse by making yourself good at stopping the customer from complaining. You get bad at turning customers into joyous partners." - Mark Boundy People/Resources Mentioned: The Infinity Effect How Elite Growth Companies Abolish Antipreneurial Patterns and Create More Profitable, Happy, Lifetime Customers by Mark Boundy: https://www.amazon.com/Infinity-Effect-Summary-Antipreneurial-Profitable-ebook/dp/B0D1NNLWRHLucent technologies: https://lucenttek.com/index.htmlCisco: https://www.cisco.com/#tabs-35d568e0ff-item-194f491212-tabMiller Heiman Group: https://www.kornferry.com/about-us/our-story/miller-heiman-groupZappos: https://www.zappos.comBarefoot Wines: https://www.barefootwine.com Connect with Mark Boundy: LinkedIn: https://www.linkedin.com/in/markboundy/Website: www.boundyconsulting.comEmail: mark@boundyconsulting.com Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/Email: mark@impactpricing.com
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    30 分
  • Blogcast: Uncover Hidden Profits with Our Opportunity Signals Worksheet

    Blogcast: Uncover Hidden Profits with Our Opportunity Signals Worksheet
    2024/11/08

    This is an Impact Pricing Blog published on September 5, 2024, turned into an audio podcast so you can listen on the go.

    Read Full Article Here: https://impactpricing.com/blog/uncover-hidden-profits-with-our-opportunity-signals-worksheet/

    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/
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    3 分
  • Value-based Pricing and Willingness To Pay, What’s the Difference? with Steven Forth

    Value-based Pricing and Willingness To Pay, What’s the Difference? with Steven Forth
    2024/11/04

    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 emphasizes the importance of shaping willingness to pay by understanding and communicating real value to customers. He also highlights the role of AI and context-driven pricing in adapting to customer needs dynamically, stressing that consistent delivery and documentation of promised value are crucial for long-term retention.

    Why you have to check out today’s podcast:

    • Explore the nuances of pricing strategies, distinguishing between perceived, real, and proven value and how each impacts customer retention and willingness to pay.
    • Learn why documenting value delivered to customers can significantly reduce churn, with actionable steps to demonstrate value in B2B sales.
    • Gain insights on Context-Driven Pricing, offering a fresh approach to optimize pricing in real time.

    "You need to make sure that the value you promise in sales is the value that you deliver and that you can document that value. Because if you don't do that, you're going to struggle with renewals."

    - Steven Forth

    Topics Covered:

    02:09 - Why Steven believes that value-based pricing and willingness to pay are distinct, with value coming first shaping willingness to pay

    06:19 - How techniques from behavioral economics, like anchoring, actually impact value perception rather than solely increasing willingness to pay

    07:12 - Acknowledging Mark's example of using "good-better-best" as a framing strategy but argues that it’s more than just a "trick"

    10:40 - Introducing his concept of generative pricing, which leverages generative AI to dynamically adjust product configurations and prices based on each buyer’s context

    12:35 - Steven emphasizes the need for a clear value model rather than solely relying on AI-driven willingness-to-pay estimates

    14:49 - Highlights how value is not only unique to each customer but also varies over time for the same customer

    17:05 - Underscoring that willingness to pay is actively shaped by how a company communicates and delivers value

    18:34 - Emphasizes the need for a value model in pricing, contrasting it with software approaches like revenue management that estimate willingness to pay without actively shaping it

    20:37 - Explaining why B2B pricing cannot rely on traditional price elasticity curves

    21:36 - Steven's best pricing advice

    Key Takeaways:

    "Willingness to pay is an outcome that you shape. It's not something that is given to you by something outside of your product and how you sell it, and that you play a huge role in defining the context." - Steven Forth

    "We want people to pay a fair amount of money. If I can trick someone into paying more than something's valuable, greater than its actual value, and value in this case means the economic return they're going to get, I don't think I've done myself a service in the long term." - Steven Forth

    People/Resources Mentioned:

    • Pros: https://pros.com
    • Pricefx: https://www.pricefx.com
    • Zilliant: https://zilliant.com
    • Vendavo: https://www.vendavo.com
    • Tom Nagle: https://impactpricing.com/podcast/604-insights-into-value-based-pricing-strategies-for-b2b-with-tom-nagle/
    • Barret Thompson: https://impactpricing.com/?s=barrett+thompson
    • B.F. Skinner: https://en.wikipedia.org/wiki/B._F._Skinner

    Connect with Steven Forth:

    • LinkedIn: https://www.linkedin.com/in/stevenforth/
    • Email: steven@ibbaka.com

    Connect with Mark Stiving:

    • LinkedIn: https://www.linkedin.com/in/stiving/
    • Email: mark@impactpricing.com
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    23 分
  • Blogcast: Better Stories, Better Pricing

    Blogcast: Better Stories, Better Pricing
    2024/11/01

    This is an Impact Pricing Blog published on August 29, 2024, turned into an audio podcast so you can listen on the go.

    Read Full Article Here: https://impactpricing.com/blog/better-stories-better-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/
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    2 分
  • The Power of AI in Pricing Optimization for B2B and B2C Markets with George Boretos

    The Power of AI in Pricing Optimization for B2B and B2C Markets with George Boretos
    2024/10/28

    George Boretos has over 25 years of professional experience in leadership positions in the enterprise software market, a deep understanding of AI technologies, and a successful journey as an entrepreneur launching three startups and raising $9mn in Seed & Series A funding, working with Fortune 500 and other customers worldwide. His most recent endeavor, FutureUP, brings in this experience to help enterprises make data-driven decisions to optimize pricing, improve profitability, and accelerate growth.

    In this episode, George shares about using AI for price optimization, particularly in SaaS and manufacturing industries. He explains how his company, FutureUP, helps businesses analyze customer and macroeconomic data to determine optimal pricing strategies, focusing on standardized products. He also discusses AI’s role in predicting pricing for new markets and the importance of taking the first step to review and adjust prices regularly.

    Why you have to check out today’s podcast:

    • Learn how AI is revolutionizing pricing strategies, particularly in SaaS and manufacturing sectors.
    • Gain a deeper understanding of the key differences between pricing in B2B and B2C markets, including negotiation tactics, price variance, and strategic vs. deal-based pricing.
    • Discover practical advice on how to approach pricing in your business, including why regular pricing reviews and value-based pricing can make a big impact.

    "Just start doing something. Even if this something is, okay, reexamine your prices. Not once per two years or per year, examine them every quarter of a year, at least. Not just your cost plus your margin, do something a bit more sophisticated. Ask your customers, for instance, or your partners to establish some other benchmarks and interesting price points."

    - George Boretos

    Topics Covered:

    01:32 - How he got started in pricing and how he initially got into AI before pricing

    03:39 - The differences between AI when he started versus today’s advanced tools

    05:57 - Describing his AI model and how it integrates various parameters at multiple levels

    08:06 - Clarifying the common perception of AI being synonymous with neural networks as a misconception

    11:04 - Explaining that for his particular model, the formulas are pre-existing and universal

    12:31 - Agreeing that AI today can incorporate both internal company data and external factors

    14:07 - What his company FutureUP is built out for

    17:42 - How extrapolating data from one country to another can be challenging if the data sample is small

    19:10 - Explaining how his company, FutureUP’s model can handle both B2B and B2C markets

    20:15 - Key differences between B2B and B2C pricing strategies

    22:47 - How price variance is more common in B2B though in B2C there can still be significant price differences between list and actual price

    23:35 - What company size does FutureUP typically targets

    24:32 - George's best pricing advice

    26:18 - Two main reasons companies don't often prioritize or experiment with pricing

    27:55 - Why change management is crucial in pricing decisions

    Key Takeaways:

    "I do believe, and I do agree that the negotiation part and the discounting part is more complex and more interesting and more important for the B2B environment. The list prices are almost irrelevant." - George Boretos

    People/Resources Mentioned:

    • FutureUP: https://www.futureup.io

    Connect with George Boretos:

    • LinkedIn: https://www.linkedin.com/in/georgeboretos/overlay/contact-info/

    Connect with Mark Stiving:

    • LinkedIn: https://www.linkedin.com/in/stiving/
    • Email: mark@impactpricing.com
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    29 分
  • Blogcast: Evils of Behavioral Economics

    Blogcast: Evils of Behavioral Economics
    2024/10/25

    This is an Impact Pricing Blog published on August 22, 2024, turned into an audio podcast so you can listen on the go.

    Read Full Article Here: https://impactpricing.com/blog/evils-of-behavioral-economics/

    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/
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    3 分
  • Unlocking Hidden Profits: The Power of Value Metrics and Pricing Experiments with Stephen Plume

    Unlocking Hidden Profits: The Power of Value Metrics and Pricing Experiments with Stephen Plume
    2024/10/21
    Stephen Plume has more than 20 years of success in venture, executive leadership, and consulting. He is a General Partner of an early-stage venture fund since 2019, driving business strategy and coaching executives in the portfolio. In this episode, Stephen discusses how AI is shifting pricing models from human-based to consumption-based metrics. He emphasizes the importance of identifying the right value metric that resonates with customers encouraging businesses to experiment with pricing to uncover hidden revenue and margin opportunities. Why you have to check out today’s podcast: Gain insights into the cutting-edge pricing strategies for AI companies and how these differ from traditional user-based models to get a glimpse of the future of tech pricing.Learn about actionable strategies like identifying the right value metric and conducting low-risk pricing experiments, which can help businesses capture hidden revenue and improve margins.Deep dive into how venture capitalists think about returns, risk, and value, which can benefit entrepreneurs and business owners seeking to understand how to attract investment. "There is so much opportunity to learn from low-risk pricing experiments, and people worry so much about their reputation. Get over that feeling, go out and experiment, and learn from it." - Stephen Plume Topics Covered: 01:54 - A funny thing about Stephen not related to pricing 02:46 - How he found his way into pricing 04:21 - Reflecting on his first pricing project with Sybase 05:57 - Contrasting enterprise-level pricing with startup pricing, highlighting the complexity of pricing for larger companies 09:12 - The importance of focusing on the Ideal Customer Profile (ICP) for early-stage companies 10:39 - Explaining how companies often face pricing erosion as they grow and introducing the concept of 'layering' and 'fencing' 16:38 - Discussing how companies, like HubSpot and Salesforce, often start by solving a specific problem with a focused solution but later expand by adding numerous features and add-ons 17:27 - Delving into the concept of competitive positioning 21:40 - The importance of delivering significant value to customers to motivate a decision to switch from a competitor or the status quo 25:09 - Sharing insights about pricing for AI companies and broader trends in AI adoption 29:14 - Discussing the concept of pricing metrics in the context of AI and SaaS 30:32 - Stephen's best pricing advice Key Takeaways: "When I'm working with early stage companies my drumbeat is, don't worry about anybody else right now, worry about your ideal customer profile. Because they are the ones who, by definition because math is a thing, will pay you more money faster than anyone else." - Stephen Plume "In the venture world what I tell the early companies I work with is, for someone to take a bet on you, they're expecting venture returns. They need to be getting 10X their money out. That's not just the investors. That's the customers need to be getting 10X their cost out, or they're not going to adopt you." - Stephen Plume "The advantage of a platform growing to solutions is, if you do it right, your margins improve rather dramatically." - Stephen Plume People/Resources Mentioned: Sybase: https://en.wikipedia.org/wiki/SybaseSalesforce: https://www.salesforce.com/ap/?ir=1Cisco: https://www.cisco.com/#tabs-35d568e0ff-item-194f491212-tabRegis McKenna: https://en.wikipedia.org/wiki/Regis_McKennaGeoffrey Moore: http://geoffreyamoore.comSteve Blank: https://steveblank.comHubSpot: https://www.hubspot.comZoom: https://zoom.usLinkedIn: https://www.linkedin.comSiebel: https://www.oracle.com/ph/cx/siebel/Zendesk: https://www.zendesk.comIntercom: https://www.intercom.comClayton Christensen: https://en.wikipedia.org/wiki/Clayton_Christensen Connect with Stephen Plume: LinkedIn: https://www.linkedin.com/in/stephenplume/ Connect with Mark Stiving: LinkedIn: https://www.linkedin.com/in/stiving/Email: mark@impactpricing.com
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    33 分