May 29, 2023
Andrew Bailey is a Value Pricing and Price Negotiation Specialist. He is the founder of Commercial Strategy 4. He helps you unleash your pricing power to sell more, more often, and at a higher price to achieve the profits you deserve.
In this episode, Andrew shares his strategy for value-based pricing negotiations to help you achieve the highest possible pricing for your product or service.
Why you have to check out today's podcast:
- Explore how you can present alternative options during negotiations by combining price and value selling strategies
- Discover one great technique for setting the stage and preparing the buyer's mindset for a pricing value conversation
- Uncover a more effective approach to pricing instead of simply relying on discounts
"Improve your prices and just get really good at customer conversations."
- Andrew Bailey
Topics Covered:
01:14 - How he started in pricing
03:40 - Important consideration for negotiation
04:58 - Defining value for clients and questions to ask to understand the value you're delivering
09:21 - Dealing with procurement people versus the pricing committee as you go through value discovery process
12:32 - Key insights on opposing viewpoints between procurement and committee
14:28 - Practicing real-life price negotiations
16:36 - Pricing and value negotiation strategy that people rarely do but should be considered
24:08 - The biggest mistake in pricing negotiations and what should be done instead
27:53 - Andrew's best pricing advice to impact one's business
Key Takeaways:
"Ultimately, your ability to achieve the results that you want in pricing and negotiating is focused around your negotiating strength." - Andrew Bailey
"What I talk to people about is understanding what's really important to customers, what matters to them." - Andrew Bailey
"Don't try to make a whole long list of things that you can do for your clients and customers. It's probably two or three things that's really important to them. Just focus on that. That's a great place to get to." - Andrew Bailey
"We can give some discount and then we agree to it without really thinking about, could we do this differently? Is there a better way, is there more value here than simply that price and that quantity?" - Andrew Bailey
Connect with Andrew Bailey:
- LinkedIn: https://www.linkedin.com/in/pricingmentor/?originalSubdomain=uk
- Email: andrew@pricewithoutfear.com
Connect with Mark Stiving:
- Email: mark@impactpricing.com
- LinkedIn: https://www.linkedin.com/in/stiving/