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How we raised prices without pushback | Rob Merklinger (Influitive)
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Unlock the potential of customer engagement while avoiding the pitfalls of complex pricing models with Rob Merklinger, the CRO and SVP at Influitive. We unravel the sophisticated journey of pricing strategy revamps, providing you with the blueprint for aligning your price points with the perceived value to your customers. Our discussion is peppered with insights into Influitive's pivotal shift towards a simplified, tiered pricing structure that not only fosters transparency but also reinforces upselling, cross-selling, and customer retention.
We dissect the mechanics of shifting perceptions from being "nickel and dimed" to feeling valued, and how this delicate balance requires adept salesmanship and cross-departmental collaboration. Rob offers a play-by-play on how his team trained for tough conversations about pricing changes, ensuring customers felt like partners in the process, not just revenue sources. The episode is a treasure trove of insights for businesses eager to enhance engagement and growth without sacrificing their bottom line or customer happiness.
In this episode:
- Customer Engagement Pricing Strategies - Rob Merklinger shares how customer feedback initially influenced Influitive to rethink its pricing model. The goal was to create a simplified pricing model that was in line with the value perceived by customers, thus enhancing upselling, cross-selling, and customer retention.
- (08:31) Overcoming Internal Challenges - Internal hurdles faced when changing perceptions about pricing. The focus is on the need for understanding and adjusting to these changes within the organization.
- (12:31) The Role of Cross-Departmental Collaboration - The critical role of cross-departmental communication in implementing the new pricing model. Rob discusses how various departments came together to make the transition smooth.
- (17:01) Preparing the Sales Team - The importance of adequately preparing the sales team to discuss price increases with customers and be well-versed with the new pricing structure.
- (21:01)The Power of Customer Feedback - How customer feedback positively impacted pricing changes. Rob underscores the importance of making sure that customers perceive the new pricing structure as fair.
- (25:01) Favorite 90s hip hop jam
Welcome to Street Pricing, the only show where proven SaaS (Software as a Service) leaders share their mindset and mistakes in pricing so we can all stop guessing and start growing. Street Pricing is hosted by Pricing I/O CEO and Pricing Coach, Marcos Rivera, sought after slayer of bad pricing. With 20 years of pricing expertise, he has helped price over 200 SaaS products and coached over 100 SaaS CEOs and counting! From the streets of the Bronx to CEO, Marcos wants to take the guessing out of pricing.
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