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Hello. 
And thank you all for tuning in 

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to another episode of the 
professional price. 

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In society podcast, my name is 
Terrance and we have a very 

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special guest with us today. 
That's going to help me join 

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into the conversation of raising
prices. 

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Now, before we begin, I'd like 
to remind all of our listeners 

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that this upcoming, maybe we'll 
be in Dallas, Texas. 

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The 34th annual spring pricing 
and workshop conference will be 

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taking place May 2nd through the
fifth and we want to encourage 

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everyone to take the time to 
learn more about the conference 

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and register before. 
The early bird of March 31st by 

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visiting our website pricing 
Society.com. 

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Now, joining with me today, we 
have marks diving, who is the 

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chief pricing educator and an 
amazing company called impact 

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pricing. 
Mark has led coach and taught 

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businesses about value-based 
pricing for the past 30 years. 

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He has driven company wide 
pricing initiatives worth 

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millions of dollars in 
incremental profit. 

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He started and sold three 
companies which is amazing in 

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itself. 
And has written various books on

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pricing and value. 
Mark. 

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How are you doing today? 
I'm doing fabulous. 

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Thanks for having me Terrance. 
And by the way, I'm going to be 

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at the conference so other 
people should come join us. 

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Yes, Mark has a workshop. 
He's going to be spearheading at

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the conference so all the more 
reason to come to our 

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conferences upcoming made to see
Mark and his listen to his 

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expertise. 
I'm glad you're here with us 

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today. 
Aw thanks is going to be fun. 

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I love talking about pricing 
good, good, 30 years, I would 

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imagine you do you should love 
you have after. 30 years, that's

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a truckload of information of 
knowledge that you have. 

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Let's go ahead and jump into the
conversation and when it comes 

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to the topic of price increases,
okay, all across the board. 

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What would you typically I guess
in this state currently? 

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What would you recommend across 
the board regarding price 

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increases? 
Yeah, so so first off, I'm going

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to say we should not be 
recommending across-the-board 

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price increases, okay. 
So when I talk about raising 

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prices and I talked about this a
lot because right now is it 

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Perfect time for companies to be
thinking hard about raising 

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prices and the reason it's a 
perfect time is because we've 

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got inflation costs are going 
up. 

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Your costs are probably going up
for your products, whatever it 

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is that you're selling and your 
customers know it. 

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And so it's this great 
opportunity that says I've got 

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an excuse to raise prices today.
Now when I talk about this, some

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people jump to the conclusion, 
oh, I should raise all my prices

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by 10% or 5%, or whatever the 
number is, and usually See 

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that's not a brilliant strategy.
By you've got some people who 

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buy from you who are very price 
sensitive and if you raise 

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prices, they're probably going 
to leave you or stop buying from

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you. 
You've got other people or 

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market segments who are not 
price sensitive at all. 

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And there's lots of opportunity 
for us to to raise prices on 

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those people using the excuse 
that our costs have gone up. 

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So I think that now is an 
amazing time people should be 

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raising people should be 
thinking about raising prices 

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and Looking at how to do it 
wisely and carefully. 

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Mmm, sure, sure. 
Okay, good. 

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Now, when you come car across 
companies as there a difference 

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between Hardware companies and 
SAS companies, when considering 

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price increases, oh my gosh. 
Yes. 

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So my second book was titled 
when keep grow, which is all 

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about SAS business and and I 
come from a hardware business 

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from a hardware Hardware 
background and what's really 

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different is in the world of 
Hardware. 

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We care about winning new 
customers, right? 

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If I'm going to sell cars, I 
need to sell a new car to 

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someone that's there once every 
five years. 

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And you know, the Loyalty thing 
isn't that big a deal. 

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Although they try to pretend 
that it is, you know, I'm going 

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to go shop for all different 
brands when it's time to go buy 

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a new car, and this is true with
the refrigerator. 

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This is true with a piece of 
manufacturing equipment, I need 

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to sell a piece of equipment at 
a time in the world of sass, it 

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flips upside down because I need
to sell it to you, right? 

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I need to get you to buy my 
product. 

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Yeah, but then I need to keep 
you buying. 

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I need to have you pay me month 
after month after month, for my 

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subscription? 
Mmm. 

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So if we think about raising 
prices in these two worlds, in 

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the world of Hardware, if I 
raise prices on a car, for 

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instance, most people don't know
that I raised the price on the 

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car. 
So it's not a big deal. 

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I still have to be competitive, 
right? 

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It's not to be price competitive
with the other Alternatives. 

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I still need to be within their 
budget. 

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I mean, it's not this unlimited 
range that I can raise prices 

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but nobody knows. 
I did it. 

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So I didn't upset anybody. 
Mmm in the world of subscription

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when Netflix raised your price. 
You're like dang Netflix. 

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Just raise my price and and what
happens in the world of 

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subscription I love this. 
I'll assume most of our 

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listeners. 
Here, Netflix subscribers. 

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All right. 
So what happened. 

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What happens is we just either 
write the check every month or 

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just have it come out of our 
credit card. 

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We don't even think about it 
right? 

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It's an automatic thing until we
get the email that said we're 

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raising your price by $2. 
Mmm. 

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And I guarantee you every single
one of you said, am I watching 

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Netflix enough to justify this 
price or not? 

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And so the price increase caused
all of our subscribers. 

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To rethink their decision. 
Now, many of them would rethink 

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and say, yep, that's worth it. 
I'm still going to pay the two 

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bucks, but some of them said, 
no, and they actually had quite 

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a few people churn out after 
this last price increase. 

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Well, yeah, when it comes 
through subscription-based, I 

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mean, it looking at my own life,
you know, I noticed very quickly

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when a company raises, their 
prices. 

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Now, I'm considering price 
increases for different 

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companies in your opinion who 
has done price increases poorly 

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in comparison to done them 
wealth. 

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Well, since I brought up 
Netflix, let's talk about that 

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flicks. 
Okay, you may recall in 2011 

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Netflix did a huge price 
increase, I mean they raise 

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their prices, probably 80% on 
all their subscribers and it 

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wasn't that their subscribers 
didn't value. 

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It is that they did it so poorly
they just said hey we're going 

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to raise your prices, pay us 
more money and there wasn't good

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communication. 
There wasn't a good strategy and

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it turns out that in 2011, they 
lost 800,000 subscribers. 

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Wow, and their stock price went 
down 75% because of the huge 

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amount of churn in that one 
price increase. 

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Now, I was one of those people 
that I turned out. 

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Now, I'm back. 
Of course, write most of us who 

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turned out a, probably back to 
Netflix at this point in time, 

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but but it caused a huge Ripple 
in their business because they 

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did it so poorly. 
Mmm. 

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So who did it? 
Well, let's talk about Netflix. 

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X. 
Okay, so so they waited two 

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years before they did this 
again. 

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Write this like, ouch, that 
hurt. 

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Let's not hurt ourselves. 
And this time they did it so 

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much better. 
What they did was they raise 

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prices? 
I think it was a dollar may have

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been too but let's call it a 
dollar, okay? 

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So they raise prices by a dollar
on everybody. 

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And, and what they did was, 
since you're a subscriber, they 

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would send you this. 
Notice, it says, hey, we're 

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raising prices, but because you 
are a loyal subscriber. 

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We We're going to hold your 
price steady for six months. 

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Mmm. 
And and we raise prices today. 

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And so then six months later you
get the notice it says hey 

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remember six months ago we raise
prices. 

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So now it's time and that made 
people feel better. 

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So the price increase wasn't 
ridiculously high, the 

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communication about the price 
increase was really much much 

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better done and they announced 
that they were going to do 

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something nice for their 
subscribers. 

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So that one went over 
exceptionally. 

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Well, which is why I think they 
do. 

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Do a price increase, probably, 
every year now that makes sense 

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and that does help a lot. 
I can imagine that there are 

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some platforms. 
I'm subscribed to in which I was

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going to cancel my subscription.
They actually lowered the price 

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for the next three months. 
You know. 

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And that lured me in to stay 
with them for an additional 

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three months for a cheaper 
price? 

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Is that after you told them, you
were going to cancel. 

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Is that? 
That's after I told him, I was 

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going. 
Yeah, so there's this big 

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cancellation strategy, that 
companies use and and You'll 

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find, by the way, I hate this. 
As a, as a consumer, I think 

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this is ridiculous and I try to 
punish these companies but what 

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they'll often do is they make it
really easy to subscribe, mmm. 

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But when it's time to cancel, 
you have to call them. 

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Oh yeah. 
And so when you when you call 

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them, that gives them the 
opportunity to offer you a lower

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price and say would you stay for
this price instead of that? 

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And and so I was just in the 
process of trying to cancel 

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Sirius XM. 
And they caused me to do that. 

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Yeah, I'm going to share a story
with you just real quickly. 

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Sure. 
I hated that so much that I 

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didn't call them and I canceled 
the credit card. 

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No. 
So that means that they're going

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to try to hit my credit card 
again. 

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And it, they're just going to 
spend a ton of time and effort 

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and energy getting me to pay and
it's like, no, you guys didn't 

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make it easy to cancel. 
So go expend your resources in a

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way you didn't want to. 
Hmm? 

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Well, hey that's that's another 
way of of canceling, a 

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subscription Now there's a, 
there's a term called 

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competitive analysis and means 
you study your competition. 

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So how should we think about 
competition? 

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When we Implement price 
increases, this is a really 

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tricky one. 
So let me start with price 

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decreases. 
If I could your rights it since 

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nobody's thinking about this 
right now, although I did just 

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get a notice that someone 
decrease prices Paramount plus 

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just decrease their prices which
I found fascinating. 

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But in most cases I strongly 
recommend that a company never 

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lead a price decrease. 
Okay, right so in other words, 

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put it in your head that says 
look I'm just I'm not going to 

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lower my prices. 
If you lower your prices odds 

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are good, you probably are 
lowering prices because you want

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to capture more share, you want 
to win more business. 

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And if you lower your prices, 
your competitors going to say 

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ouch that hurts, hmm. 
I better lower my price to and 

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all we did was hurt industry 
profits. 

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Didn't change anybody share. 
And so, I would never ever lead 

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a price decrease on a price 
increase. 

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This is a very different story 
right now. 

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Imagine you're a competitor, 
just raise their prices and you 

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have a choice. 
You can either raise your price 

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to match or, you know, copy 
their price increase or you 

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could say, I'm going to hold my 
price still constant so that I'm

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going to gain more business. 
I'm going to gain more share 

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because my competitors raise 
their price. 

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Now, my advice would be raise 
your price, but here's what 

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potentially could happen if you 
hold your price constant and you

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don't raise your price and you 
start taking business from your 

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competitor, your competitors 
going to say. 

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Oops, I didn't mean that and 
bring their price back down. 

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And so, we ended up not getting 
share and we ended up not 

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gaining more profit. 
If we have a competitor who's 

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leading a price increase Bala, 
Low odds are really good. 

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They'll keep the price increase,
everybody makes more money. 

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So the question you have to ask 
yourself is are you in business 

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to win market share, or to make 
money? 

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Mmm, because those are two very 
different things. 

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Now, let's say that you're a 
competitor hasn't raised their 

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prices, and their prices are 
constant. 

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What should you be thinking? 
If you have any influence at all

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in the industry, I would try 
leading a price increase. 

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Right. 
I would explain it, I would 

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announce it in the trade press. 
I want everybody to know, I'm 

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raising my prices because I want
all my competitors to see. 

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I just raise my prices in the 
hopes that they follow and if 

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they follow, I smile and 
everybody makes more money. 

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If they don't follow, I always 
have the option of saying. 

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Oops, I didn't mean that and 
bring my prices back down. 

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Mmm, so it's really a test, the 
market thing and we're watching 

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to see what our competition 
does. 

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Relative to our pricing. 
Now this only really matters if 

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you're in a business where 
people are constantly choosing 

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between your product and a 
competitor's product, right? 

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And prices are really important,
part of that, decision product 

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being, for example, Netflix and 
Paramount plus exactly. 

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And I gotta say I'm not sure why
Paramount plus Lord their price.

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We're going to see what happens 
to that with the with all the 

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marketplace because of that sir,
sure, absolutely. 

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Next coming months now you 
explained, you know, So, the 

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benefits of raising your prices 
and remaining the same and not 

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raising your prices. 
Let me ask you this, who should 

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not be increasing their prices 
right now. 

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So, we started this whole 
conversation out with with me 

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saying, I think everybody should
be thinking about how to raise 

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prices, how to do it 
intelligently and I still stand 

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by that, right. 
Everybody needs to be thinking 

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about it, but there are 
companies or products where you 

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want to try. 
Really, really hard not to raise

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prices, and so, if you are 
selling products to let's call 

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them, the, the not, well off 
people, right? 

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People who are struggling, To 
make budget what happens is 

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they're getting hit with 
inflation, all around them. 

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Their budget is getting squeezed
no matter what. 

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So it is possible or likely that
you're going to sell less units 

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to them. 
Anyway, but if you raise prices,

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then you're squeezing their 
budgets, even more, and you're 

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likely going to sell even less 
to them. 

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And so, if your main market for 
whatever the product is, that 

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you're selling happens to be the
people who are struggling. 

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And by the way, in, B to C, you 
can think People who are 

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struggling in B2B, you could 
think of it as companies, who 

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aren't yet profitable, they're 
trying to grow. 

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They're not, you know, overly 
well-funded bootstrap companies.

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Sure, your companies are going 
to be struggling with budgets 

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and they have to make trade-offs
because inflation is forcing 

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them. 
To make new trade offs. 

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They didn't have to make before 
now Mark, like, as you said 

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before, you will be at the 
conference. 

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Is there anything in particular?
You're really excited about 

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discussing regarding this 
upcoming conference, in your 

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particular session? 
Well, it turns out the session 

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I'm going to do is called how to
fearlessly raise prices now. 

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Yeah, so we're through some of 
these Concepts will have some 

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graphics and visual so that 
people can see the concepts 

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better than what. 
I can just describe them odd 

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audibly. 
So, and and we'll have a chance 

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for people to ask me questions 
about all of this and by the way

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they can ask about anything in 
pricing. 

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A I love talking about pricing. 
Good, good, awesome. 

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Now, this was a nice quick brief
discussion but very insightful. 

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Very informative. 
Do you have any resources? 

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Is available for our listeners 
to maybe learn more about you 

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00:15:00,200 --> 00:15:02,100
and your material things or than
of that nature. 

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Yes, if you go to my website 
impact pricing.com, the home 

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page is just filled with my free
content. 

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So we put out a we put out three
podcast every week we put out a 

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Blog every week. 
There's so much free content 

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there that that you'll get 
inundated with too much. 

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If you if you want to 
communicate with me it's easiest

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to do it on LinkedIn. 
So Actively live on LinkedIn. 

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So I have great conversations 
there. 

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So, feel free to send me 
messages or comment on posts and

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we post every day every day. 
Something on LinkedIn. 

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Okay, good, good, that's 
awesome. 

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Once again, ladies and 
gentlemen. 

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Mark stive, you know what? 
Thank you so much for your time 

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here. 
Good sir. 

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But we'll be seeing you. 
This upcoming May in the 

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meantime you all have a great 
rest of your day and we will 

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tune in next time.