The Amazing Effect of Purpose & Impact on Pricing in Your Small Biz
Episode 71 | Live with the Pricing Lady (Thursdays)
How does purpose and impact affect pricing?
Traditionally we think of value being derived simply from the functions & features of a product or the outcome of a service. But what customers value often goes way beyond that.
What about the influence of a company's purpose or their impact on the world? How does that affect value perception? And how does that affect what you charge?
That's what I spoke about in this episode with expert guest Melissa Buch, on Live with the Pricing Lady.
Melissa is the founder of brandbuch: a multi-disciplinary consultancy helping companies and brands find and enhance their purpose as an engine for growth. It's a team of independent people around the world coming together to create purpose-centric strategies, experiences and designs.
When it comes to purpose and impact Melissa is amazing and I'm thrilled to be having this discussion with her about how that can influence how people perceive the value your business brings and in turn your pricing. You're going to love this interview.
Here are the highlights:
- 0:31 Who's Melissa
- 1:59 How she started her business
- 4:07 Her experience with pricing
- 6:41 The influence of impact and purpose
- 7:17 Pricing & Brand are linked
- 8:56 Pricing decisions affect your brand
- 13:18 Buying an apple
- 15:30 The experience impacts the value
My favorite quotes:
"Pricing is an expression of who you are, how do we want people to perceive you? How much value you think you're bringing? It's one of the most important touch points for your brand." Melissa Buch
"...for a lot of small businesses, they don't make that they don't yet make that connection. They don't see the link between whether or not they participate in something like a black Friday and how that is aligned or not with their messaging and their brand." Janene Liston
" (pricing is) one of the most important touch points for your brand. It's a communication it's not only about the profit, but what do you want people to perceive." Melissa Buch
"It's very clear that a powerful brand and a powerful purpose and powerful experience, is going to allow you to charge more." Melissa Buch
What the most important message you want people to learn from this episode?
"Everything you do with your brand and business should be aligned with our purpose and especially your pricing." Melissa Buch
What advice would you give your younger self about starting you own business?
"Learn how to say no more than, yes...Your time in the day is limited. If you're busy doing things you don't want to do, then you don't have time to fight for the ones you want. You want to do." Melissa Buch
Here is a link to the transcript and ways you can connect with Melissa.
See you next time!