What has the BIGGEST impact on your how effective your pricing strategy is?
Nope, not the customer.
Not your competitors.
Not your costs.
You do. Your behavior, what you chose to do or not do has a bigger impact on your prices and your pricing strategy than anything else. This is one reason why it’s important to take a look at behavior styles and pricing. And it goes beyond that, understanding the behavior styles of your customers can help you have even more effective pricing strategies.
In this episode, I speak with Shelly Starks, a communications coach and behavioral analysis expert as well as the CEO of Inline Consulting Services. I wanted to understand not only her pricing journey but how she helps sales teams have better pricing discussion.
Her expertise is all about the impact of understanding behavioral styles and I was curious how it relates to your ability to execute an effective pricing strategy.. Shelly shares how identifying and adapting to different communication styles can lead to more effective conversations and better business outcomes. We delve into her journey of becoming a communications coach, overcoming cultural taboos about discussing money, and improving pricing strategies through increased self-awareness and confidence. Shelly also discusses the importance of recognizing one’s own worth and value in professional settings to enable a fair and successful implementation of your pricing strategy.
What to Listen out for:
- 00:59 Shelly’s Superpower: Understanding Behavioral Styles
- 03:17 Shelly’s Background and Business Journey
- 06:26 Diving into Pricing Strategies
- 13:36 The Psychology of Money and Pricing
- 21:53 Communication Styles and Their Impact on Pricing
- 35:10 Final Thoughts and Takeaways
Favorite quotes from this episode
“When looking at your prices one thing is hard costs. But there are also soft costs and opportunity costs that you need to keep in mind. I didn’t know how to do any of that at the start.” Shelly
“,,,there’s a lot of pre work in my mind that goes into pricing that is not just the number that you put on paper.” Shelly
“As kids we’re raised not to talk about money, then as you get older the very first thing you have to learn how to do as a business owner is to talk and ask about money. It’s hard.” Shelly
“By asking the right questions you get insights into their business. That helps you understand if it’s a good fit. As opposed to just assuming that everyone wants what you have to offer.” Shelly
Episode Links
Reach out and talk to Shelly.
Website: https://shellystarks.com/
LinkedIn: https://www.linkedin.com/in/shelly-starks/
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Episode Summary
In this episode, I sat down with a special guest, Shelly Starks, to explore the fascinating intersection of behavioral styles and pricing strategies. Shelly, a communications coach with over 20 years of experience in behavioral analysis, sheds light on how understanding one’s own and others’ communication styles can significantly impact business and how effective your pricing and ability to execute it can be. Here’s a glimpse of what we covered.
Shelly’s Superpower: Decoding Behavioral Styles
Shelly describes her superpower as the ability to pick up on behavioral styles. She explains how understanding how others communicate, problem-solve, and make decisions can lead to more effective and comfortable conversations. By first identifying her own style, Shelly learned to adapt her communication to better connect with others, fostering a sense of ease and understanding.
The Foundation of Shelly’s Business: Inline Consulting Services
Shelly delves into her business, Inline Consulting Services, where she offers various revenue streams with a core focus on behavioral styles. As a communications coach, she helps businesses and individuals understand and utilize effective communication strategies to lower defenses and increase emotional intelligence in conversations.
The Importance of Effective Pricing Strategies
We turn our conversation towards pricing, where she shares what it was like for her in the early stages.. Shelly recounts her initial discomfort with pricing, stemming from a personal filter of perceived value. She explains the importance of understanding not just the hard and soft costs but also opportunity costs in setting prices.
Building Confidence in Pricing
Shelly highlights the necessity of feeling confident in one’s price positioning. She underscores that without confidence in the value of what you offer, it becomes challenging to convey that value to customers – and to execute an effective pricing strategy. Confidence in pricing stems from a thorough not just understanding of costs and competition it extends to believing in the unique value proposition of your service or product and your ability to communicate it effectively.
Communication Styles and Their Impact on Pricing
The discussion takes a deeper dive into how different communication styles influence pricing conversations. Shelly explains that identifying whether a person is task-oriented or people-oriented can guide the pricing dialogue. She stresses the importance of asking open-ended questions to gather insights and tailor the conversation to the prospect’s behavioral style as a way to build rapport and to understand their needs better.
Overcoming Cultural Taboos Around Money
Shelly addresses the cultural discomfort around discussing money, particularly in sales and pricing contexts. She suggests that reframing money as a tool and building a healthy relationship with money are part of an effective pricing strategy. Recognizing one’s worth and understanding the value brought to the table are key steps in overcoming this discomfort.
Developing Effective Communication Behaviors
Shelly shares practical advice for developing effective communication behaviors, likening it to exercising a new muscle. She encourages intentional practice and self-awareness, highlighting that even small steps can lead to significant improvements over time.
Key Takeaways
Shelly leaves us with a powerful reminder: If you find yourself struggling to connect with others, it may be time to explore and understand your behavioral style and how it interacts with those around you. Adapting your communication to match the styles of your interlocutors can lead to more meaningful and successful interactions.
Thank you for tuning in to Live With The Pricing Lady. If you found this blog post insightful, feel free to share it with your network. Stay tuned for more pricing insights and remember, pricing is not just a number—it’s a reflection of your business’s journey. Enjoy pricing!
