Mark Stiving, our host has a Ph.D. in Pricing from UC Berkeley. For over 25 years he has studied, helped and led businesses through the lens of pricing, a radically different approach from other business experts.
In this episode, Mark shares the backstory how he started into the pricing career, the decision-making process of a customer right before they buy a product and the process of how he helps companies discover how buyers perceive value and how to price their offerings to capture more of the value they create to grow their business and their profits.
What you’ll learn from this episode
- Learn what a customer willing to pay
- Learn why it is much better not to do hourly billing
- How can you move beyond the fundamentals to “pricing segmentation
“People are not price sensitive when they’re making the “Will I” decision and people are very price sensitive when they are making “Which One” decision.”
– Mark Stiving
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01:10 – Mark talks about his journey how he started into pricing
02:36 – How he takes so much courage to leave Pragmatic Marketing and build his own business
10:19 – Mark’s thoughts regarding the value-based pricing concern of companies
12:30 – Explanation about segmentation between the individual and general outcome in pricing
15:50 – How he helps people perceive value and how to price their offerings
24:00 – Mark’s explains the concept of ‘Which One and Will I’: Understanding the decision customer is making right before he buys your product
“Whenever somebody asks me how I will go up and pricing this, I stepped back and asked, What decision are they making? I think people could adopt that attitude it would have a huge impact on how much they could achieve.” – Mark Stiving
“Buyers don’t understand our products or the outcome they can achieve with our products and what’s funny is we don’t understand our buyers. If we don’t have one of those value conversations, there is no way that we could pick either side to understand the value.” – Mark Stiving
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