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Episode Details – How to Price New B2B Products with Mark Stiving
Pricing your products is key to successful products. But what is the best pathway to finding you optimum prices?
Mark Stiving returns to the show today to unpack his approach, which uses the concept of customer perceived value as the foundation of a price structure. This actionable conversation is sure to give you plenty of ideas for how to set your prices in order to suit your market and keep your business growing!
The last time we had Mark on the show, we talked about his book, Win Keep Grow, in which we got some clarity on subscription models for business, so if you missed that episode make sure to go back and check it out.
Mark is a real authority on the subject of pricing, having worked in the space for almost 30 years now, and his insightful answers to today’s questions will definitely make pricing seem less obscure and complicated. Mark explains his approach of emphasizing value and using this as a guiding principle for your prices. He also goes into evaluating your customers’ willingness to pay you, and the experiments you can run to gain more knowledge.
We touch on the good, better, best pricing model, price increases, and much more, so make sure to joins us for this fantastic conversation! This is an episode that no Product Leader should miss!
About Mark Stiving
Mark is an educator at heart and a pricing enthusiast by education and experience. While teaching pricing, he realized the key problem is companies don’t understand value, what it is and how much they deliver to their customers.
For over 25 years, he has studied, led, and coached businesses through the lens of pricing, a radically different approach from other business experts. He knows that every person inside your company affects the price a buyer is willing to pay. The prices you achieve ultimately indicate how well the entirety of your company operates.
Mark has driven company-wide pricing initiatives worth hundreds of millions of dollars in incremental profit. He started and sold three companies, improving his championship pricing skills in each one.
Mark’s passion is teaching the power of pricing. He evangelizes pricing at major conferences and has conducted over 400 days of corporate training around the globe. Mark’s Price class maintains a net promoter score (NPS) of 81, higher than Apple’s.
Mark also writes about pricing. His first book, Impact Pricing: Your Blueprint for Driving Profits, is a highly readable and practical manual (4.9 stars on Amazon). His soon-to-be-released book, Win Keep Grow: How to price and package to accelerate your subscription business, is chock full of insights on how running a subscription business is different from a traditional business.
Mark will change the way you and your team think about pricing and business as a whole.
To get Mark’s help with your own pricing strategies or to book Mark to enlighten your audience, e-mail mark@impactpricing.com.
Key points from this episode
- Mark’s professional background and long history in the world of pricing.
- Understanding perceived value and Mark’s best practices for this goal.
- Routes to delivering economic value to different types of customers.
- Tools for unpacking the delivery of value and prioritizing the customer’s solution.
- Misunderstandings and mistakes made when dealing with the concept of market segmentation.
- Keeping your marketing’s focus on value and Mark’s thoughts on the articulation of value.
- Turning the value tables into a means towards your pricing structure through the right questions.
- Thoughts on the ‘good, better, best’ model and how it can play out for different types of products.
- Setting pricing and testing iterations to learn more about what works for a specific product and market.
- Reasons Mark believes in using price segmentation and the easiest route to implementing it.
- Direct advice from Mark on how to approach the pricing of B2B software.
To learn more about Mark Stiving
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