David Mok – How Pricing Employees Impact Your Bottom Line

Why you have to check out today’s podcast:  Know what is the critical role of pricing people to your company’s bottom line  Learn why there is a need to have pricing people in an organization  Discover the importance of really knowing your target audiences in relation to price and value setting    David Mok is a global marketing executive, a pricing champion & thought leader, a change agent, and he helps companies improve bottom-line profit.    In this episode, David deep dives into the importance of pricing to the company’s bottom line, and why as a product manager you must have a price strategy that gets everybody in the organization aligned to it.    “Once we ascertain what a product is worth and to whom, which in theory defines the customer's willingness to pay, the next question we ask ourselves is, ‘What do we want to do that is  from a strategy perspective.”  - David Mok   Get Accelerate Your Subscription Business: Your Blueprint to Packaging & Pricing for Growth Course at https://www.championsofvalue.com       Topics Covered:  01:18 - What led him to pricing and his thoughts about it  03:15 - Talking about  pricing people and the need to have it in the organization  06:11 - Skillsets required of a great pricing person  10:52 - Do pricing people not have this leadership influence capability  13:39 - What makes pricing an interesting field  16:52 -  Why companies need to be value-based businesses  18:46 - What is a "Pricing Canvass Framework"  20:48 - Why it's hard to value a product and determine it's worth to someone  23:44 - What could be the likely reason for people not to know their target customer so well  24:58 - His Pricing piece of advice: "A piece of advice is don't boil the ocean, know what you can influence, start small. get some success, and continue to build on success. If you are the product manager, my advice is to have a price strategy and get everybody aligned to it."     Key Takeaways:    "I would say people generally have an idea who their customers are, but they don't understand what is it that they value ." - David Mok    "Think about your role and what you can control. There are a number of things we could do in pricing, don't try to boil the ocean." - David Mok    "If you are a product manager, my advice is to have a price strategy and get everybody aligned to it." - David Mok    Connect With David Mok:   LinkedIn  E: [email protected]     Connect with Mark Stiving:     Email: [email protected]     LinkedIn     Twitter     https://www.championsofvalue.com