Why you have to check out today’s podcast: * Discover why value capture is the most important business idea your business should know about * Find-out where should the pricing function reside in your business? * Learn why your pricing strategy should be a team effort
Tim J. Smith is the Founder and CEO of Wiglaf, a dynamic and growing advisory firm, where thought leaders in pricing, marketing, sales, and business strategy help firms achieve improved pricing and help executives manage price better.
Tim is also an adjunct professor at DePaul University where he is an Economics and Marketing Professor specializing in Pricing Strategy. He authors books, Pricing Strategy and Pricing Done Right.
In today’s episode, Tim shares the pervasiveness of pricing in a company. He stressed a point on how each key role in the company should have knowledge about pricing concepts to come up with a team effort on value capture.
“Don't go for the cheapest customer. Go for your best customer and set your price there.”
- Tim J. Smith
Get Accelerate Your Subscription Business: Your Blueprint to Packaging & Pricing for Growth Course at https://www.championsofvalue.com Topics Covered:
01:28 - What paved the way for him into Pricing
02:36 - Why did he name his company Wiglaf
04:04 - What's the big thing about Pricing today
04:50 - Getting deeper into Pricing being a verb piece
06:32 - Pricing being a team effort
08:59 - Who is a Pricing Person
09:58 - A product manager role in pricing
13:13 - What should really be expected of Pricing people
15:26 - What does it mean when you say "pricing should get involve"
17:20 - Pricing is not a person, it is a verb
18:38 - His company's, Wiglaf, big projects
21:53 - Some more problems and concerns in Pricing and clients today
22:51 - His valuable Pricing advice that would have a big impact in business
Key Takeaways:
“Don't go for the cheapest customer. Go for your best customer and set your price there.” - Tim Smith
“I do want to point out that I did mean HR because I see pricing also having a role in structuring sales incentives and other incentives about value capture and value communication.” - Tim Smith
“ Putting the plan to study, adjusting the Deming constantly, and constant improvement cycle, putting these into your commercial policy and your pricing enables you to make this continual improvement in value capture.” - Tim Smith
“Salespeople need tools to communicate value. If you're going to expect those salespeople to capture any, people also need to know what segments of the market is likely to purchase so that they don't waste the time on customers that are out of the market.” - Tim Smith
Links and Resources Mentioned:
Connect with Tim Smith
Connect with Mark Stiving