Michael Hurwich is the global president of SPMG, a pricing strategy, and consulting services. He has consulted to major Fortune 500 and mid-sized firms for the past 15 years. He is one of the foremost pricing consultants known around the globe for his hands-on, pragmatic approach integrating Value-Based Pricing practices within an organization to Strategy development and tactical pricing. He started his consulting career at Braxton Associates, the strategic arm of Deloitte & Touche Consulting Group.
In this episode, Michael talked about the exciting science and art of pricing, the pricing process hierarchy, and the factors that are involved in the pricing process. Also, he discussed the importance of knowing how the price is communicated and perceived in the marketplace and how customers view an estimate is as critical as the price itself. Check out this episode and be guided in doing value-based pricing.
What You’ll Learn from this Episode
- Discover the importance of knowing how the marketplace perceives your price and value
- Learn why pricing is considered both as an art and a science
- Know why interviewing the key decision-makers and influencers is essential in the pricing process
“It is important to think about how your price is communicated in the market and how your customer perceives it.”
– Michael Hurwich
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01:51 – All about his book The Joy of Pricing, the backstory on how he got into the industry of pricing
04:15 – Pricing as both an art and a science
04:51 – Common methods to price products and services: cost-based pricing and value-based pricing, their differences
05:30 – Why value-based pricing is challenging, the element that is involved in solving the complexities of pricing
07:28 – The organizational considerations when it comes to pricing
12:31 – Determining pricing process hierarchy, why interviewing the key decision-makers and influencers is essential in the pricing process
20:31 – Michael’s one value advice: Think about how your price is communicated in the market and how the customers perceive it.
“Pricing is really powerful in the impact that we could have for our clients.” – Mark Stiving
“The price that you set in the market establishes you of how you wish the customers to perceive you regarding how you deliver value as well as the price in the marketplace.” – Michael Hurwich
“Do you understand how the audience is perceiving your price value proposition in the marketplace relative to other competitors?” – Michael Hurwich
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Tags: pricing value, value-based pricing