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: <ul> <li dir="ltr" role="presentation">Learn how Walmart maximizes profitability while maintaining its everyday low prices</li> <li dir="ltr" role="presentation">Discover how AI revolutionizes the retail industry by enabling retailers to make informed pricing decisions, rather than just providing pricing insights</li> <li dir="ltr" role="presentation">Explore the impact of retail pricing on customer loyalty and retention</li> </ul>   "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: <ul> <li dir="ltr" role="presentation">Walmart: <a href= "https://www.walmart.com">https://www.walmart.com</a></li> <li dir="ltr" role="presentation">Uber: <a href= "https://www.uber.com">https://www.uber.com</a></li> </ul>   Connect with Rishi Bhatia: <ul> <li dir="ltr" aria-level="1"> LinkedIn: <a href= "https://www.linkedin.com/in/rishi-bhatia-5480577/">https://www.linkedin.com/in/rishi-bhatia-5480577/</a> </li> </ul>   Connect with Mark Stiving: <ul> <li dir="ltr" role="presentation">LinkedIn: <a href= "https://www.linkedin.com/in/stiving/">https://www.linkedin.com/in/stiving/</a></li> <li dir="ltr" role="presentation">Email: mark@impactpricing.com</li> </ul>

<description>&lt;p dir="ltr"&gt;&lt;strong&gt;Rishi Bhatia&lt;/strong&gt; is an experienced analytics consultant, data expert and market research professional with domain expertise in retail, technology, telecom, apparel, manufacturing, and insurance domain.&lt;/p&gt; &lt;p dir="ltr"&gt;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.&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Why you have to check out today’s podcast:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;Learn how Walmart maximizes profitability while maintaining its everyday low prices&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Discover how AI revolutionizes the retail industry by enabling retailers to make informed pricing decisions, rather than just providing pricing insights&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Explore the impact of retail pricing on customer loyalty and retention&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;"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."&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt; &lt;em&gt;- Rishi Bhatia&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Topics Covered:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;01:01 - How he found himself in pricing&lt;/p&gt; &lt;p dir="ltr"&gt;02:46 - Why everyday low price policy for Walmart and how do they maximize revenue with this strategy&lt;/p&gt; &lt;p dir="ltr"&gt;03:46 - Pricing and how it affects loyalty and retention&lt;/p&gt; &lt;p dir="ltr"&gt;05:18 - What makes Walmart's margins high other than lower prices&lt;/p&gt; &lt;p dir="ltr"&gt;06:48 - How AI in pricing optimization has evolved from basic insights generation to sophisticated model-driven recommendations&lt;/p&gt; &lt;p dir="ltr"&gt;08:41 - Is AI a blackbox and how the process works in achieving pricing decision&lt;/p&gt; &lt;p dir="ltr"&gt;11:31 - Walmart's primary focus regarding pricing decisions and how AI ensures timely transitions between product cycles and maintaining profitability&lt;/p&gt; &lt;p dir="ltr"&gt;13:47 - How algorithms and recommendations ensures consistency and optimization across the retail chain&lt;/p&gt; &lt;p dir="ltr"&gt;14:44 - Discussion around Wendy's dynamic pricing&lt;/p&gt; &lt;p dir="ltr"&gt;19:49 - Rishi's response to Mark's advice for retailers and also talking about Walmart Plus&lt;/p&gt; &lt;p dir="ltr"&gt;21:15 - Rishi's best pricing advice&lt;/p&gt; &lt;p dir="ltr"&gt;23:12 - How do you measure value in retail products&lt;/p&gt; &lt;p dir="ltr"&gt; &lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Key Takeaways:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;"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." &lt;em&gt;- Rishi Bhatia&lt;/em&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;"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." &lt;em&gt;- Rishi Bhatia&lt;/em&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;"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." &lt;em&gt;- Rishi Bhatia&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;People/ Resources Mentioned:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;Walmart: &lt;a href= "https://www.walmart.com"&gt;https://www.walmart.com&lt;/a&gt;&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Uber: &lt;a href= "https://www.uber.com"&gt;https://www.uber.com&lt;/a&gt;&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Connect with Rishi Bhatia:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;LinkedIn: &lt;a href= "https://www.linkedin.com/in/rishi-bhatia-5480577/"&gt;https://www.linkedin.com/in/rishi-bhatia-5480577/&lt;/a&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Connect with Mark Stiving:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;LinkedIn: &lt;a href= "https://www.linkedin.com/in/stiving/"&gt;https://www.linkedin.com/in/stiving/&lt;/a&gt;&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Email: mark@impactpricing.com&lt;/li&gt; &lt;/ul&gt; &lt;p&gt; &lt;/p&gt;</description>

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...

Navigating Retail Pricing: Walmart's Pricing Strategy Explored with Rishi Bhatia

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: <a href= "https://impactpricing.com/blog/to-fee-or-not-to-fee-that-is-the-question/"> https://impactpricing.com/blog/to-fee-or-not-to-fee-that-is-the-question/</a> 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: <ul> <li dir="ltr" role="presentation">Email: <a href= "mailto:mark@impactpricing.com">mark@impactpricing.com</a></li> <li>LinkedIn: <a href= "https://www.linkedin.com/in/stiving/">https://www.linkedin.com/in/stiving/</a></li> </ul>

<description>&lt;p dir="ltr"&gt;&lt;strong&gt;This is an Impact Pricing Blog published on March 7, 2024, turned into an audio podcast so you can listen on the go.&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Read Full Article Here: &lt;a href= "https://impactpricing.com/blog/to-fee-or-not-to-fee-that-is-the-question/"&gt; https://impactpricing.com/blog/to-fee-or-not-to-fee-that-is-the-question/&lt;/a&gt;&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. &lt;/p&gt; &lt;p dir="ltr"&gt;Now, go make an impact.&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Connect with Mark Stiving:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;Email: &lt;a href= "mailto:mark@impactpricing.com"&gt;mark@impactpricing.com&lt;/a&gt;&lt;/li&gt; &lt;li&gt;LinkedIn: &lt;a href= "https://www.linkedin.com/in/stiving/"&gt;https://www.linkedin.com/in/stiving/&lt;/a&gt;&lt;/li&gt; &lt;/ul&gt; &lt;p&gt; &lt;/p&gt;</description>

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:  If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go make...

Blogcast: To Fee or Not To Fee? That is the Question

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: <ul> <li dir="ltr" role="presentation">Learn the significance of focusing on a specific market segment to avoid distractions, streamline operations and increase chances of success</li> <li dir="ltr" role="presentation">Find out why you don't need to excessively customize your products</li> <li dir="ltr" role="presentation">Discover why prioritizing value over price can develop to more effective pricing strategies and maximize profitability</li> </ul>   "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: <ul> <li dir="ltr" role="presentation">Owens Corning: <a href= "https://investor.owenscorning.com/investors/stock-performance-and-earnings/press-releases/press-release-details/2023/Owens-Cornings-Philanthropic-Roof-Deployment-Project-Crosses-Milestone-of-Providing-500-Free-Roofs-to-U.S.-Veterans/default.aspx"> https://investor.owenscorning.com/</a></li> <li dir="ltr" role="presentation">Thales: <a href= "https://www.thalesgroup.com/en">https://www.thalesgroup.com/en</a></li> </ul>   Connect with Stephan Liozu: <ul> <li dir="ltr" aria-level="1"> LinkedIn: <a href= "https://www.linkedin.com/in/stephanliozu/">https://www.linkedin.com/in/stephanliozu/</a> </li> </ul>   Connect with Mark Stiving: <ul> <li dir="ltr" role="presentation">LinkedIn: <a href= "https://www.linkedin.com/in/stiving/">https://www.linkedin.com/in/stiving/</a></li> <li dir="ltr" role="presentation">Email: mark@impactpricing.com</li> </ul>

<description>&lt;p dir="ltr"&gt;&lt;strong&gt;Stephan Liozu&lt;/strong&gt; 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.&lt;/p&gt; &lt;p dir="ltr"&gt;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.&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Why you have to check out today’s podcast:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;Learn the significance of focusing on a specific market segment to avoid distractions, streamline operations and increase chances of success&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Find out why you don't need to excessively customize your products&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Discover why prioritizing value over price can develop to more effective pricing strategies and maximize profitability&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;"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."&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;em&gt;- Stephan Liozu&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Topics Covered:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;02:25 - How Stephan started in pricing&lt;/p&gt; &lt;p dir="ltr"&gt;04:13 - Customer segmentation as it relates to value pricing&lt;/p&gt; &lt;p dir="ltr"&gt;05:25 - Effective ways of maximizing segmentation&lt;/p&gt; &lt;p dir="ltr"&gt;07:17 - Defining customer segmentation and how the SaaS scenario Mark described relate to that&lt;/p&gt; &lt;p dir="ltr"&gt;10:16 - Integrating value pricing into customer segmentation&lt;/p&gt; &lt;p dir="ltr"&gt;13:03 - What value means to the price buyer&lt;/p&gt; &lt;p dir="ltr"&gt;14:11 - How is market segmentation different from customer segmentation?&lt;/p&gt; &lt;p dir="ltr"&gt;16:52 - Discussing about product segmentation and taking software for an example&lt;/p&gt; &lt;p dir="ltr"&gt;21:28 - The challenge of operationalizing customer segmentation&lt;/p&gt; &lt;p dir="ltr"&gt;24:57 - Why focus on one market segment&lt;/p&gt; &lt;p dir="ltr"&gt;26:41 - The need to not excessively customize your product&lt;/p&gt; &lt;p dir="ltr"&gt;27:42 - Stephan's best pricing advice&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Key Takeaways:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;"Pick one market, focus on it, find your ICP, and then get a few logos; see what happens." &lt;em&gt;- Stephan Liozu&lt;/em&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;"Do the value work first and then worry about pricing." &lt;em&gt;- Stephan Liozu&lt;/em&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;"If you want to do that [value-based pricing] very well, value first, then price." &lt;em&gt;- Stephan Liozu&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;People/Resources Mentioned:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;Owens Corning: &lt;a href= "https://investor.owenscorning.com/investors/stock-performance-and-earnings/press-releases/press-release-details/2023/Owens-Cornings-Philanthropic-Roof-Deployment-Project-Crosses-Milestone-of-Providing-500-Free-Roofs-to-U.S.-Veterans/default.aspx"&gt; https://investor.owenscorning.com/&lt;/a&gt;&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Thales: &lt;a href= "https://www.thalesgroup.com/en"&gt;https://www.thalesgroup.com/en&lt;/a&gt;&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Connect with Stephan Liozu:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;LinkedIn: &lt;a href= "https://www.linkedin.com/in/stephanliozu/"&gt;https://www.linkedin.com/in/stephanliozu/&lt;/a&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Connect with Mark Stiving:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;LinkedIn: &lt;a href= "https://www.linkedin.com/in/stiving/"&gt;https://www.linkedin.com/in/stiving/&lt;/a&gt;&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Email: mark@impactpricing.com&lt;/li&gt; &lt;/ul&gt; &lt;p&gt; &lt;/p&gt;</description>

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...

Segmentation Strategies Uncovered: Driving Revenue through Focus and Value with Stephan Liozu

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: <a href= "https://impactpricing.com/blog/your-inward-focus-causes-horrible-decisions/"> https://impactpricing.com/blog/your-inward-focus-causes-horrible-decisions/</a> 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: <ul> <li dir="ltr" role="presentation">Email: <a href= "mailto:mark@impactpricing.com">mark@impactpricing.com</a></li> <li>LinkedIn: <a href= "https://www.linkedin.com/in/stiving/">https://www.linkedin.com/in/stiving/</a></li> </ul>

<description>&lt;p dir="ltr"&gt;&lt;strong&gt;This is an Impact Pricing Blog published on February 29, 2024, turned into an audio podcast so you can listen on the go.&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Read Full Article Here: &lt;a href= "https://impactpricing.com/blog/your-inward-focus-causes-horrible-decisions/"&gt; https://impactpricing.com/blog/your-inward-focus-causes-horrible-decisions/&lt;/a&gt;&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com. &lt;/p&gt; &lt;p dir="ltr"&gt;Now, go make an impact.&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Connect with Mark Stiving:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;Email: &lt;a href= "mailto:mark@impactpricing.com"&gt;mark@impactpricing.com&lt;/a&gt;&lt;/li&gt; &lt;li&gt;LinkedIn: &lt;a href= "https://www.linkedin.com/in/stiving/"&gt;https://www.linkedin.com/in/stiving/&lt;/a&gt;&lt;/li&gt; &lt;/ul&gt; &lt;p&gt; &lt;/p&gt;</description>

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:  If you have any feedback, definitely send it. You can reach us at mark@impactpricing.com.  Now, go...

Blogcast: Your Inward Focus Causes Horrible Decisions

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: <ul> <li dir="ltr" role="presentation">Learn about the concept of "buying vision" and help your customers recognize the value of your product or service</li> <li dir="ltr" role="presentation">Learn how to stand firm against pricing pressure and maintain your desired price</li> <li dir="ltr" role="presentation">Discover how to effectively use "polite No's" to firmly establish pricing boundaries</li> </ul>   "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: <ul> <li dir="ltr" role="presentation">Xerox: <a href= "https://www.xerox.com/en-us">https://www.xerox.com/en-us</a></li> <li dir="ltr" role="presentation">Sales Force: <a href= "https://www.salesforce.com/ap/form/sem/crm-demo_sf/?d=7013y000002ROh0AAG&nc=7013y000002EmLNAA0&utm_source=google&utm_medium=paid_search&utm_campaign=apac_ph_alllobaw&utm_content=brand-en-multi-product-search_7013y000002ROh0AAG&utm_term=salesforce&ef_id=Cj0KCQjw2PSvBhDjARIsAKc2cgPMTzMOlfydSrJgxDWBsSuJoQCSdQdXAaHptfLQjR4T7or-sn93TGUaAj6UEALw_wcB:G:s&s_kwcid=AL!4720!3!654188415302!e!!g!!sales%20force!19939728400!153553221971&&ev_sid=3&ev_ln=sales%20force&ev_lx=kwd-18613152&ev_crx=654188415302&ev_mt=e&ev_n=g&ev_ltx=&ev_pl=&ev_pos=&ev_dvc=c&ev_dvm=&ev_phy=9061352&ev_loc=&ev_cx=19939728400&ev_ax=153553221971&ev_efid=Cj0KCQjw2PSvBhDjARIsAKc2cgPMTzMOlfydSrJgxDWBsSuJoQCSdQdXAaHptfLQjR4T7or-sn93TGUaAj6UEALw_wcB:G:s&url=!https://clickserve.dartsearch.net/link/click?lid=43700075943690668&ds_s_kwgid=58700008349686121&gad_source=1&gclid=Cj0KCQjw2PSvBhDjARIsAKc2cgPMTzMOlfydSrJgxDWBsSuJoQCSdQdXAaHptfLQjR4T7or-sn93TGUaAj6UEALw_wcB&gclsrc=aw.ds"> https://www.salesforce.com</a></li> <li dir="ltr" role="presentation">David Crabtree: <a href= "https://www.barnesandnoble.com/w/hold-out-david-n-crabtree/1119321227"> https://www.barnesandnoble.com/w/hold-out-david-n-crabtree/1119321227</a></li> </ul>   Connect with Mike Bosworth: <ul> <li dir="ltr" aria-level="1"> Linkedin:<a href= "https://www.linkedin.com/in/mikebosworth/">https://www.linkedin.com/in/mikebosworth/</a> </li> </ul>   Connect with Mark Stiving:    <ul> <li dir="ltr" role="presentation">LinkedIn: <a href= "https://www.linkedin.com/in/stiving/">https://www.linkedin.com/in/stiving/</a></li> <li dir="ltr" role="presentation">Email: mark@impactpricing.com</li> </ul>

<description>&lt;p dir="ltr"&gt;&lt;strong&gt;Mike Bosworth&lt;/strong&gt; is a Co-Founder of WeConcile considered as the world's first Relationship Rescue and Restoration application.&lt;/p&gt; &lt;p dir="ltr"&gt;In this episode, Mike shares effective pricing strategies and sales techniques to hold prices.&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Why you have to check out today’s podcast:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;Learn about the concept of "buying vision" and help your customers recognize the value of your product or service&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Learn how to stand firm against pricing pressure and maintain your desired price&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Discover how to effectively use "polite No's" to firmly establish pricing boundaries&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;"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." &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;em&gt;- Mike Bosworth&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Topics Covered:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;02:13 - Mike's pricing approach&lt;/p&gt; &lt;p dir="ltr"&gt;03:16 - Understanding why salespeople are losing the conversation when it comes to price&lt;/p&gt; &lt;p dir="ltr"&gt;06:40 - What is a 'buying vision' and how helpful it is for buyers&lt;/p&gt; &lt;p dir="ltr"&gt;07:26 - The need for salespeople to know well their customer's business&lt;/p&gt; &lt;p dir="ltr"&gt;10:20 - How 'premature elaboration' gets you at a disadvantage&lt;/p&gt; &lt;p dir="ltr"&gt;13:58 - Explaining 'cost justify' and 'price justify' from the buyers point of view&lt;/p&gt; &lt;p dir="ltr"&gt;20:49 - The importance of patience in negotiation and use of "polite No's" to stand your ground on pricing&lt;/p&gt; &lt;p dir="ltr"&gt;24:36 - Book resource of major negotiation stories you can check out&lt;/p&gt; &lt;p dir="ltr"&gt;25:42 - Mike’s pricing advice&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Key Takeaways:&lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;"The only salespeople who can go out and negotiate their own prices are those ahead of quota." &lt;em&gt;- Mike Bosworth&lt;/em&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;"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.” &lt;em&gt;- Mike Bosworth&lt;/em&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;“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." &lt;em&gt;- Mike Bosworth&lt;/em&gt;&lt;/p&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;People/Resources Mentioned:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;Xerox: &lt;a href= "https://www.xerox.com/en-us"&gt;https://www.xerox.com/en-us&lt;/a&gt;&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Sales Force: &lt;a href= "https://www.salesforce.com/ap/form/sem/crm-demo_sf/?d=7013y000002ROh0AAG&amp;nc=7013y000002EmLNAA0&amp;utm_source=google&amp;utm_medium=paid_search&amp;utm_campaign=apac_ph_alllobaw&amp;utm_content=brand-en-multi-product-search_7013y000002ROh0AAG&amp;utm_term=salesforce&amp;ef_id=Cj0KCQjw2PSvBhDjARIsAKc2cgPMTzMOlfydSrJgxDWBsSuJoQCSdQdXAaHptfLQjR4T7or-sn93TGUaAj6UEALw_wcB:G:s&amp;s_kwcid=AL!4720!3!654188415302!e!!g!!sales%20force!19939728400!153553221971&amp;&amp;ev_sid=3&amp;ev_ln=sales%20force&amp;ev_lx=kwd-18613152&amp;ev_crx=654188415302&amp;ev_mt=e&amp;ev_n=g&amp;ev_ltx=&amp;ev_pl=&amp;ev_pos=&amp;ev_dvc=c&amp;ev_dvm=&amp;ev_phy=9061352&amp;ev_loc=&amp;ev_cx=19939728400&amp;ev_ax=153553221971&amp;ev_efid=Cj0KCQjw2PSvBhDjARIsAKc2cgPMTzMOlfydSrJgxDWBsSuJoQCSdQdXAaHptfLQjR4T7or-sn93TGUaAj6UEALw_wcB:G:s&amp;url=!https://clickserve.dartsearch.net/link/click?lid=43700075943690668&amp;ds_s_kwgid=58700008349686121&amp;gad_source=1&amp;gclid=Cj0KCQjw2PSvBhDjARIsAKc2cgPMTzMOlfydSrJgxDWBsSuJoQCSdQdXAaHptfLQjR4T7or-sn93TGUaAj6UEALw_wcB&amp;gclsrc=aw.ds"&gt; https://www.salesforce.com&lt;/a&gt;&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;David Crabtree: &lt;a href= "https://www.barnesandnoble.com/w/hold-out-david-n-crabtree/1119321227"&gt; https://www.barnesandnoble.com/w/hold-out-david-n-crabtree/1119321227&lt;/a&gt;&lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Connect with Mike Bosworth:&lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" aria-level="1"&gt; &lt;p dir="ltr" role="presentation"&gt;Linkedin:&lt;a href= "https://www.linkedin.com/in/mikebosworth/"&gt;https://www.linkedin.com/in/mikebosworth/&lt;/a&gt;&lt;/p&gt; &lt;/li&gt; &lt;/ul&gt; &lt;p&gt;&lt;strong&gt; &lt;/strong&gt;&lt;/p&gt; &lt;p dir="ltr"&gt;&lt;strong&gt;Connect with Mark Stiving:   &lt;/strong&gt;&lt;/p&gt; &lt;ul&gt; &lt;li dir="ltr" role="presentation"&gt;LinkedIn: &lt;a href= "https://www.linkedin.com/in/stiving/"&gt;https://www.linkedin.com/in/stiving/&lt;/a&gt;&lt;/li&gt; &lt;li dir="ltr" role="presentation"&gt;Email: mark@impactpricing.com&lt;/li&gt; &lt;/ul&gt; &lt;p&gt; &lt;/p&gt;</description>

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...

Price Justification Techniques: Building Confidence in Sales with Mike Bosworth

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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