Are You Pricing Your Life Science Products Correctly?
Pricing is a tricky thing. How do you know if you are doing it right? Are you charging enough? How do you raise prices? Could you change your model completely?
Mark Stiving is the Chief Pricing Educator and Founder at Impact Pricing and also the host of the Impact Pricing podcast. He joined me to talk about all of these things. This episode will be valuable for not just marketing, but also sales and your executives.
Mark says the biggest problem companies have is not knowing the true value of their products. Many will default to a “cost plus” model. They may be leaving a lot of money on the table.
Software companies know the value of their product. Because the incremental cost of one more copy of software is negligible. But they don’t charge zero dollars plus some percentage.
In addition to discussing how to understand what customers value and how much, we talked about the opportunities for instrument manufacturers to move to a subscription model.
This isn’t as crazy as it sounds. Companies that sell based on subscription are priced at a higher valuation, have more predictable revenue and become partners in their customers’ success.
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About My Guest …
Mark Stiving is the Chief Pricing Educator and Founder at Impact Pricing and also the host of the Impact Pricing podcast.
