How to Approach Increasing Your Prices Caused by Inflation with Steven Forth

<p><strong>Steven Forth</strong> is a Partner in Ibbaka, a strategic pricing advisory firm. He was CEO of LeveragePoint Innovations Inc., a SaaS business designed to help companies create and capture value. Steven is what I consider one of the great pricing thinkers in our industry.</p> <p>In this episode, Steven shares Ibbaka’s approach on raising prices, especially during inflation, as he discusses what’s expected to happen in the pricing world next year, given all the events that’s been around this 2022.</p> <p> </p> <p><strong>Why you have to check out today’s podcast:</strong></p> <ul> <li>Find out why you should first segment your customers and treat them differently before you raise your prices;</li> <li>Learn how to approach a price increase, especially during inflation; and</li> <li>Discover what’s possible to happen in the pricing world in 2023, especially with concerns of inflation and recession around</li> </ul> <p> </p> <p align="center"><strong>“Learn how to build value models, and connect them to prices.”</strong></p> <p align="center">– Steven Forth</p> <p> </p> <p><strong>Topics Covered:</strong></p> <p>01:18 – Steven’s perspective on whether people should be thinking about raising prices now, along with questions to ask before you do so</p> <p>04:59 – What Mark teaches his clients vs. Ibbaka’s approach in raising prices</p> <p>09:31 – Discussion around an inaccurate representation of inflation, especially in SaaS </p> <p>12:40 – “Pricing is a game that plays out over time, and you always want to make sure you’re thinking three to five moves ahead. If you don’t, you’re going to hurt yourself.”</p> <p>16:16 – Taking a look at (1) the people you sell to, (2) how recession affects prices, and (3) the finance industry</p> <p>20:53 – What’s happening right now? What is going to be different in 2023?</p> <p>26:43 – Steven’s pricing advice</p> <p> </p> <p><strong>Key Takeaways:</strong></p> <p>“There may be opportunities to raise prices, but it needs to be surgical, not broad brush. And before one raise