Oct 18, 2021
For a change, Mark doesn't have a guest for today. Instead, he answers questions he would have liked interviewers to ask him. And part of that is, he highlights some important ideas and insights inside his new book with the title of 'Win Keep Grow: How to Price and Package to Accelerate Your Subscription Business.'
Join us in this episode as we get to preview some of the golden nuggets in Mark's newest book.
Why you have to check out today's podcast:
- Find out the important revenue buckets you must manage in subscriptions, so you maximize revenue
- Find out the three essential value levers that companies who are running subscriptions should have to manage and think about to arrive at a good pricing decision
- Discover four ways to grow your customers, so you increase revenue
"One of many things I find fascinating about subscriptions is that many subscription companies have figured out I have to go win customers, and I have to go keep customers. But far too few have figured out, hey, I really should spend time growing customers. And the real reason for that is it's not urgent."
- Mark Stiving
Topics Covered:
01:05 - Why Mark wrote the book 'Win Keep Grow'
02:13 - The three key parts he considered when he wrote the book
03:05 - What he would do if he would rewrite the book and why
04:10 - How traditional businesses differ from subscription type ones
04:42 - Important three value levers that he built into the book
08:56 - Four ways to grow a customer
11:09 - Something fascinating about subscriptions
12:11 - Mark's recommendation to companies
Key Takeaways:
"What I found fascinating about these three value levers is they seemed obvious to me as I'm working on subscriptions. And then you step back and say, Well wait, all three of those value levers are crucial for every business, we just don't stop and think about them that way." - Mark Stiving
"If we can target a really clear market segment, and we can build a product around that market segment, we can create the right packaging for it; we could have the right pricing metrics for it, then that market segment might have a higher willingness to pay. We'll be able to keep them longer, and we'll be able to grow more revenue from them. So, it just makes a ton of sense for us to be focusing a lot on market segments in our subscription world. But we should be doing that in our traditional business as well." - Mark Stiving
"The fact that we're constantly in contact with and helping and delivering value to our current customers gives us the ability to package our products in a way that we can continue to grow our revenue." - Mark Stiving
"If we charge for the right things, and our customers use more of our product because we're charging for the usage of our product, they end up paying us more. But what's really important about that is, as our customers use more of our product, they're getting more value. It's okay that they pay us more. It isn't like we're trying to gouge them; we're simply saying to them, hey, as you get more value, you pay us more money. And that seems really reasonable." - Mark Stiving
Connect with Mark Stiving:
- Email: mark@impactpricing.com
- LinkedIn: https://www.linkedin.com/in/stiving/