Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Mark Stiving, Founder of Impact Pricing LLC., located in Reno, NV, USA.
What's your business, and who are your customers?
I'm a pricing educator and advisor. I teach and coach companies of all sizes, mainly in B2B and technology markets.
Tell us about yourself
I got interested in pricing when shopping with my mom as a kid and noticed the prices that ended in 9, like 79 or 99. I wondered, "Why do companies do that? Do they think we're stupid?" Many years later, in a doctoral program at UC Berkeley, I had a chance to test it, and it worked. I became addicted to learning how people use price to make decisions. Over time I was shocked to learn that companies know so little about pricing, yet it's the most powerful lever they have. I love helping companies make more money.
What's your biggest accomplishment as a business owner?
My business success feels like a great accomplishment, but the best thing I've done is hire a COO that manages almost everything. I only do activities around pricing, and she runs everything else, including marketing, technology, and managing the team. I didn't hire her for that role. I hired her as my sales coach, and she easily grew into taking on all of that responsibility.
What's one of the hardest things that come with being a business owner?
Focus! New ideas and opportunities come up every day, and most of them you have to say no to. Decide what products and markets you need to focus on and focus on for a long time. Then, you can add more. Don't chase squirrels. You can dream big, but you have to execute.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- Focus.
- Be very clear about your market segment and the problem you are solving for them.
- Constantly talk to your buyers and customers. Listen to a lot of feedback.
Where can people find you and your business?
Website: https://impactpricing.com/
LinkedIn: https://www.linkedin.com/in/stiving/
If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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