Hi, I’m Alicia and for many years, pricing was admittedly my Achilles heel in my business. With so many pricing models and strategies to choose from, I always found it easier to price products than services. Eventually, I began to seek counsel from pricing experts as well as a variety of renowned books backed by research.
As I consumed this information and put it into practice, I noticed it did not yield the same favorable results as some of my colleagues. Not one to give up easily, I’d experiment with another model and strategy combination, but often to no avail. It wasn’t until I started sharing my frustrations with others, that I began to accept an ugly, harsh reality. A reality missing from the experts and books in their discourse about the psychology of pricing services – racial and gender bias and discrimination.
In this Season 12 finale, I share a personal experience of being forced into low-balling, underbidding, and undervaluing my services just to “keep the lights on.” It’s difficult to scale operations when you’ve been told you’re excellent at what you do and the services you provide, yet cannot charge prices that reflect that value.
I talk about the domino effect of consistently not being able to implement value-based pricing has on a company’s inability to attract capital and invest in people and the latest technologies. I also share four recommendations that could lead to solutions. Thank you for listening!
Season 12 – Diversity & Digital Transformation: download and listen to all 13 episodes covering a range of perspectives on what it takes to succeed in business post-2020 from a beautiful mosaic of entrepreneurs, experts, and executives.
Project Implicit: Project Implicit is a non-profit organization (in conjunction with Harvard University) dedicated to international collaboration between researchers who are interested in implicit social cognition – thoughts and feelings outside of conscious awareness and control. The goal of the organization is to educate the public about hidden biases and to provide a “virtual laboratory” for collecting data on the Internet. Take their test to determine biases you may have when making decisions.
More About Host, Alicia Butler Pierre:
Alicia Butler Pierre is the Founder & CEO of Equilibria, Inc. Her career in operations began over 20 years ago while working as an engineer in various chemical plants and oil refineries. She invented the Kasennu™ framework for business infrastructure and authored, Behind the Façade: How to Structure Company Operations for Sustainable Success. It is the world’s first published book on business infrastructure for small businesses. Alicia hosts the weekly Business Infrastructure podcast with a global audience across 53 countries.
More About Sponsor, HubSpot: HubSpot offers a full platform of marketing, sales, customer service, and Customer Relationship Management (CRM) software — plus the methodology, resources, and support — to help businesses. Their CRM platform is powered by the same database, so everyone in your organization — Marketing, Sales, Service & Operations — is working off the same system of record. This allows for a smoother handoff between teams and results in a more delightful experience for your customers.
More About Sponsor, Equilibria: Equilibria, Inc. is a 16-year-old boutique operations management consulting firm. We build the business infrastructure necessary for fast-growing businesses to scale with less pain. With a range of services and products, entrepreneurs can get the operational support and resources they need on-demand.