Gearbox Solutions is switching to value pricing. In this episode, owner Marty Thomasson discusses his experience during the transition and the impact on the business.
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What is the most important thing you can share about pricing?
- Moving to value pricing requires a full commitment.
- It requires changing the way you think, including new soft skills.
- Changing your business to value pricing is a philosophical change.
- Value pricing is a technique to create a win-win for the customer and the business.
How has your conversation with your customer changed?
- Talking about value more quickly, not just talking about features.
- We want the customer to know that we are going to guide, consult, identify the problems and the why behind them.
- Discussing value earlier in the conversation, the customer sees a different approach than our competitors.
- Once we learned we were not building a commodity, it led to value pricing.
- Your interests become the customer's interests.
- Focusing on hours ignores the results. It focuses on minimizing or maximizing the time spent.
- You can make more money through value pricing, but it is not gouging the customer.
- Knowing you have made a dramatic difference in someone's life is what drives Marty.
Why are you an entrepreneur?
- Marty enjoys seeing opportunities and going after them.
- He likes to constantly learn and value pricing is a new area of learning.
- The value pricing process allows Marty to take one step back and discuss the value the customer will receive.
- That conversation increases his value to the customer.
About Marty Thomasson
- Founder of Gearbox Solutions
- Has been in business for 15 years
- Had a screen printing company in college
- First business was mowing lawns at age 13
- Twitter: @gearboxatl
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