Can We Really Price Value? with Jose Mirabal

Jose Mirabal is an advisor and expert in negotiation and pricing strategies. He has more than 350 projects carried out in 27 industries. His clients include multinational companies, governments, regional organizations, foundations, and non-profit companies. He is also the CEO of MIRABAL Pricing Services, a consulting firm specializing in price strategies and negotiation. He is the author of the Value-Based Pricing Framework ©. He has given more than 160 talks, workshops, and seminars in 13 countries. He graduated from Cornell University with postgraduate studies in California Coast, Stanford, and Adolfo Ibañez. In this episode, Jose underscores the common thing all CEOs share -- being pricing leaders. To him, an even greater need to have a strong grasp of pricing and knowing and recognizing value. That's why he also shares the reason why he started Pricing Institute and what it does.   Why you have to check out today's podcast: Find out a pricing standpoint on value-based pricing as opposed to cost-plus pricing, so you find solutions to business problems from a pricing perspective founded on value Discover what value configuration is, so you focus on what the client gets and provide options for them, so you get the right pricing for everyone Find out the different dimensions you need to work around to make up value, so you back it up with the right pricing strategy   "Read about need-based segmentation. Just read it. How could you do need-based segmentation in your business? That's number one. The second thing, if you're going to do competitive analysis, do competitive analysis from a value standpoint." - Jose Mirabal   Topics Covered: 01:43 - How a talk with some CEOs started his Pricing career 04:09 - What he has found out about pricing through the years of his consulting career 05:37 - Everybody's focusing on the costs but forgetting the value part 07:48 - Why did he create Pricing Institute 11:17 - Tactics he is teaching 14:48 - Why to him the whole concept of value is sort of missing everywhere 16:38 - What he thinks on why most companies don't know how to identify value 22:49 - Not only do they not know value, they also don't recognize it 26:41 - How to do competitive analysis from a value standpoint 25:53 - Jose's piece of pricing advice that can significantly impact your business   Key Takeaways: "If I want to improve the pricing of one of my customers, the first thing I need to do is that relationship of value between my customers' products, and the clients' needs in the market and how those two things talk when I contextualize them and put them against other competitors." - Jose Mirabal "When I think of pricing, I look at first value configuration because Warren Buffett said, price is what you pay, but value is what you get. So, let's focus first on what the client is getting, or how we can improve the number of options and expand the width and the range of options that we can offer clients, just like a restaurant." - Jose Mirabal "I want my clients to come in. And regardless of what they want, always have the right option for them. And I think when you have that, that's the same thing as having the right price for everybody." - Jose Mirabal "Most companies, most professionals, specifically, most investors, if not all of them, most CEOs do not challenge their pricing. What happens is that they end up perpetuating all bad pricing habits." - Jose Mirabal "Nobody really realizes that the only way your value or the value you offer will actually work is by how well you capture that value backed by your pricing strategy." - Jose Mirabal   Resources/People Mentioned: The 1% Windfall: How Successful Companies Use Price to Profit and Grow by Rafi Mohammed: https://www.amazon.com/1-Windfall-Successful-Companies-Profit/dp/0061684325 Rafi Mohammed: https://www.pricingforprofit.com/rafi-mohammed/ Vistage: https://www.vistage.com/ Amazon: https://en.wikipedia.org/wiki/Amazon_(company) Uber: https://www.uber.com/tw/en/ Netflix: https://www.netflix.com Airbnb: https://www.airbnb.com/   Connect with Jose Mirabal: Website: https://pricing.institute/ LinkedIn: https://www.linkedin.com/in/jrmirabal/   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/