Sep 03 2024 66 mins
As the drum of inflation beats on, customers are holding on tight to every last dollar—while businesses are running scared, slashing prices in a scramble to the bottom. But price wars are nothing but a race to oblivion, warns acclaimed pricing strategist, Adam Wallace.
There’s a smarter, more sustainable approach: tapping into human nature to reveal what your customers value and will happily pay more for.
Customers are value-hunters, not just bargain-hunters. They’ll pay a premium for experiences that save time, solve problems, make them feel good, and more. The key is finding the value that makes your offering irresistible.
In his new book, (Re)Value: Raise Your Prices and Build Your Legacy (Business Expert Press; July 22, 2024), Adam distills his years as a Fortune 100 fixer into easy-to-apply pricing strategies that will boost your bottom line.
Tune in to hear Adam’s thoughts on:
- What are the most common obstacles businesses face when trying to improve their pricing power?
- How can businesses effectively differentiate themselves in the market?
- How do you suggest businesses navigate the pricing riptides you mention in your book?
- How do values and perception affect customer’s buying decisions?
- Can you explain the concept of the Monetization Curve and its impact on pricing strategies?
- Can you discuss the importance of novelty in product offerings and how it can be leveraged by businesses?
- How do espoused values and embodied values differ, and how do they impact a business’s offerings?
- How can businesses effectively use the concept of ‘gatekeepers’ in their pricing strategies?
- Can you discuss the role of time as a pricing variable and how it can be optimized?
- Can you share some common mistakes businesses make when it comes to pricing and how they can be avoided?
- And much, much more!
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The post Beyond the Price Wars: Tips from a Fortune 100 Fixer, With Adam Wallace first appeared on Business Creators Radio Show with Adam Hommey.