Tim J. Smith – Why Your Pricing Strategy Should Be a Team Effort

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:  Symantec  3M  Wiglaf Pricing    Connect with Tim Smith LinkedIn  Wiglaf Pricing https://wiglafpricing.com    Connect with Mark Stiving   Email: [email protected]   LinkedIn   Twitter   https://www.championsofvalue.com