Optimizing Revenue Growth - Troy Wendt - Hard Corps Marketing Show #193

Want to learn more about what goes on behind the scenes with your company's revenue growth? A Growth Advisor and Consultant, Principal at Bell Rock Consulting, Troy Wendt, discusses how to complete a revenue model and conduct an analysis to understand your pricing and how it affects business growth.   Takeaways: Marketing collaborates well with pricing because they are very in touch with their customers. This helps find the willingness to pay for low and high priced products. When creating your pricing strategy, work with sales to find out in advance what your blended average discount will be with all of your products. Take care when communicating discount pricing. The internet has allowed easier access to find discounts. If pricing is set on an assumption of a discount then the profitability has the chance of being skewed. Conjoint analysis is a research model that measures the value consumers put on different features of a product or service. This helps assist in how to market the product or service in different areas. If you can increase your pricing strategy to grow the net retention of your customers by 5% per year then it becomes additive and increases your company value. Career advice: When you are in a good place at  a company, stay longer and get more promotions in your career.   Links: LinkedIn: https://www.linkedin.com/in/troywendt/ Twitter: https://twitter.com/troywendt Bell Rock Consulting: https://www.bellrockconsulting.com Blog: https://www.bellrockconsulting.com/blog   Busted Myths: An optimal pricing strategy does not maximize your first year customer revenue. Think about how you are going to increase your pricing  over time to growth with future customers, instead of going by your buyer behavior right now.   Ways to Tune In: iTunes - https://podcasts.apple.com/us/podcast/the-hard-corps-marketing-show/id1338838763 Spotify - https://open.spotify.com/show/1vVLpNI1LssMTiL6Kdsamn Stitcher - https://www.stitcher.com/podcast/the-hard-corps-marketing-show Google Play - https://play.google.com/music/m/Im7mytmu2wa2mekhoeixlja5hpe?t=The_Hard_Corps_Marketing_Show YouTube - Full video - https://youtu.be/-qO1eAET_Kk