Sept. 1, 2021

153 A Formula for Quantifying Value with Mark Stiving, PhD

153 A Formula for Quantifying Value with Mark Stiving, PhD

Accountants have a hard time getting their head around assigning a price to squishy stuff like peace of mind, quick response time, and ease of access. While they understand that these things are valuable, it’s not widely understood how they can be...


Accountants have a hard time getting their head around assigning a price to squishy stuff like peace of mind, quick response time, and ease of access. While they understand that these things are valuable, it’s not widely understood how they can be converted to dollar prices.

Today I speak with Mark Stiving, a pricing educator and advisor. He's the host of the Impact Pricing podcast and is the owner of Impact Pricing, where he teaches clients how to win, keep and grow customers to drive higher revenue.

Mark talks about perceived versus real value, and the concept of the value table to come up with quantifiable results that can then be used for pricing.



Highlights:

— “Understanding how our customers perceive our value is not only how we set our prices or how we should be setting our prices. It also should be how we communicate through our marketing messages or our sales efforts. It also should be how we choose what products to build or services to offer.”

— “Nobody cares about your product. What they care about is the problem they have that you're going to solve for them. They care about the result they might get after they buy and use your product or service.”

— “Buyers are using perceived value when they make a decision to purchase something.”

— “A value metric is how your customers measure the value you deliver to them.”

— “The key to a really good pricing metric is understanding our customer’s value metrics.”



Connect with Mark:

Website: https://impactpricing.com/

LinkedIn: https://www.linkedin.com/in/stiving/



Previous episode with Mark:

Value and Segmented Pricing for CPAs https://smartstrategyforcpas.com/125




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