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Click below link to register. The Webinar agenda is at the bottom of this page.
Where — Zoom online meeting platform
Contrary to popular belief, customers don’t buy based on price. They buy based on the perception of best value among competing solutions. Price is critical to be sure, but it’s not the ultimate buy/switch trigger. Rather, price is the lever that determines the magnitude of customer value. When companies understand the dynamics of customer demand, they can set pricing to maximize customer demand and profitability throughout the lifecycle of their products/services.
Michael is a partner at INNODYN (Innovation Dynamics), an Atlanta-based firm that provides consulting services and professional development solutions that accelerate successful innovation efforts. Dr. Jordan is the co-founder of the Entrepreneurship and Innovation Institute (ENI) at the Robinson College of Business at Georgia State University (GSU) and was the President of the Institute for Strategic Innovation prior to that. He is an experienced entrepreneur and business executive having been the CEO of six successful companies and two startups. He holds an MBA and a Doctorate in business from GSU, and is a certified Lean Six Sigma Master Black Belt (Kent State University).
This Webinar is about dynamic pricing strategies for driving profitable demand creation. Topics covered in this Webinar include –
- Moments of Struggle (MoS) give rise to important and unsatisfied needs around a solution-in-use that motivates customers to actively search for a better job solution —the “push force”.
- How customers select potential solution alternatives based on ability to pay, prior experiences, values, and constraints — value framing and the customer’s solution market.
- How customers compare a solution-in-use to alternative solutions — differential value.
- Value-in-use and value-in-context — job solution fit.
- How customers convert the differential value of an alternative solution into economic value as reflected by the customer’s willingness-to-pay (WTP).
- The difference between the WTP and selling price of a product/service is its’ value surplus — the “pull force”.
- How perceived economic costs compress value surplus (weaken the pull force) — related costs to acquire (not the selling price), cost to use, cost of learning, cost of adverse consequences, cost of dissatisfaction, opportunity cost.
- How much push and pull force is required to trigger demand creation?
- Contrary to popular belief, the ultimate decision criteria for switching (buying) is not the selling price. Customers buy products/services they perceive to be the best overall value out of the competing solutions (that is, based on relative value surplus).
- Price should be set as needed (dynamically) to maintain greater value surplus (aka: superior value) relative to competing solutions.
- Dynamic pricing strategies to maximize customer demand and product/service profitability — defensive and offensive pricing moves.