The Power of Customer Experience in Pricing

On this episode of ‘Live with The Pricing Lady,’ I’m joined by the incredible Ghizlane Arifine, a true guru in Customer Experience. Together, we’re diving deep into the magical connection between the customers experience and the art of creating a great pricing strategy. Ghizlane reminds us of the pure gold in understanding the customer’s viewpoint, walking with them hand-in-hand through every twist of their purchasing journey.

Join us as we dive into value-based pricing, where we explore how tuning into customer behavior and expectations can be the secret sauce to building the right pricing strategies.

With a focus on small businesses, we explore the importance of knowing what your customers want, curating those personalized experiences, and tapping into those customer insights to sculpt pricing strategies that work. We’ll also break down the ‘customer’ versus ‘user’ dynamic, uncovering how these roles influence purchasing decisions.

At its core, this episode is dedicated to the importance of understanding your customers and building an experience that fits them. It’s all about aligning your pricing strategy with the unique rhythm of your customers and the big dreams of your business. Join us for this amazing conversation – you won’t want to miss it!

More About this Episode’s Guest

Dr. Ghizlane Arifine has over 12 years of dedicated engagement with organizations enhancing their customer experience standards and implementing successful marketing strategies. Ghizlane brings a wealth of expertise and knowledge on this very important topic.

With over 12 years of dedicated engagement with organizations, she has been instrumental in enhancing the experience they deliver customers and implementing successful marketing strategies. Guided by her curiosity for and eagerness to deliver superior customer experiences, she serves as a lecturer, imparting knowledge in customer loyalty and behavior. Simultaneously, she is a CX/UX practitioner, actively developing and executing CX programs for companies.

Episode Links

Reach Out to Ghizlane:
Instagram: https://www.instagram.com/xperience_metrics/
LinkedIn: https://www.linkedin.com/company/xperiencemetrics/

What to Listen out for

  • 0:00 Intro
  • 01:31 The Importance of Customer Experience
  • 02:02 Getting to Know Ghizlane
  • 03:42 The Journey of Starting a Business
  • 05:52 Defining Customer and User Experience
  • 08:26 The Impact on Value Perception
  • 12:35 Risks for Small Businesses
  • 16:27 Understanding Customers for Better Business Decisions
  • 22:13 Advice for Startups and Small Businesses
  • 27:15 Final Thoughts

Favorite quotes about raising prices

“It can take a lot of time and effort to educate small businesses to be customer centered.” Ghizlane

“Customer experience and user experience can be two different things. The customer purchases the product or service. The user is the one who is using it. Sometimes they’re not the same people.” Ghizlane

“The way you’re perceiving or estimating this value is based on how you experience the product and the service.” Ghizlane

“Good experiences will lead to higher perceived value.” Ghizlane

customer experience

“The typical customer associates quality with price. If the price is high then it must be good quality. Having a too low a price can be tricky – (seem low quality).” Ghizlane

“The lowest price does not usually win. It depends on the market. If you’re in a market where the value that the customer is looking for is the lowest price, then it’s different.” Janene

“What is important is to validate the (customer) personas along the way. It’s a continuous process because people change, your customers change in terms of needs.” Ghizlane

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Get started improving your business. Beyond this pricing podcast there’s more for you to explore. Sometimes it’s difficult to know where to begin. I suggest you Download the the self assessment Pricing Scorecard to get a view of what’s working and not in your business. Also if you’ve ever wondered “What’s a fair price?” then check out my on-demand webinar “Getting to A Fair Price”. Two great places to get started with pricing in your business today.

Get in touch with Janene, your Business Strategist & Pricing Expert. If you’ve got a business question that needs answering, a pricing challenge you’re facing or you have suggestions for future topics or guests, let me know. Your questions and insights often become episodes. Share yours with me and let’s see where it goes. Contact Janene.

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Episode Overivew

Below is a summary of their insightful conversation and the key takeaways for businesses looking to improve their pricing strategies through customer-centric approaches.

Introducing Live with The Pricing Lady and Ghizlane Arifine

Janene Liston, the host of Live with The Pricing Lady, welcomes Ghizlane Arifine, an expert in customer experience, to explore the connection between pricing and customer satisfaction. They delve into the importance of the customers experience in shaping pricing decisions and how it shapes pricing strategies.

What It Is and it’s Impact on Pricing

Customer experience encompasses the sum of interactions a customer has with a business throughout their journey. It includes the discovery phase, purchase decision, and post-purchase usage, loyalty, and advocacy. Ghizlane emphasizes the customer’s experience impacts value perception, the estimation of whether a product or service is worth the price. She highlights the different dimensions of value, such as functional, emotional, and social value, and how positive experiences lead to higher perceived value.

The Relationship between Customer Experience and Value Perception

Janene and Ghizlane explore the close relationship between how a customer experiences your offer and value perception. They discuss how a personalized, outstanding experience justifies premium prices as customers associate price with tangible and intangible factors like quality, trust, and brand loyalty. They note the importance of understanding customers’ perspectives on value and affordability through methods like surveys, interviews, and persona validation.

Risks for Small Businesses and Strategies for Success

Small businesses face various risks when it comes to customer experience and pricing. Ghizlane highlights the challenges of pricing mismatch and emphasizes the need for a customer-oriented approach to avoid overpricing or underpricing. She emphasizes the importance of considering the target audience and their valued components when setting prices. The discussion also emphasizes the need for ongoing feedback mechanisms and flexibility in pricing strategies as small businesses navigate through changes and adapt to customer expectations.

Customer Experience in Startups and Resource-Efficient Approaches

For startups with limited customer data, Ghizlane suggests starting with a small group of individuals and asking them about their expectations, preferences, and needs. She recommends creating hypothetical personas and continuously validating them based on changing customer needs. The Lean Startup by Eric Ries is mentioned as a valuable resource for startups, as it provides practical advice on building agile, customer-centered businesses.

Final Thoughts

Understanding and buidling the right experience for your customers is crucial for businesses in developing effective pricing strategies. The conversation between Janene Liston and Ghizlane Arifine sheds light on the importance of value-based pricing, personalization, and flexibility in pricing approaches. By leveraging customer insights, small businesses can align their pricing with customer expectations and create positive experiences that lead to higher perceived value. To explore more about the intersection of pricing and customer experience, visit The Pricing Lady’s website and connect with Ghizlane Arifine on Instagram.

Disclaimer: The content of this blog post is derived from a conversation between Janene Liston and Ghizlane Arifine on Live with The Pricing Lady, the Podcast. The blog post aims to summarize their discussion and provide key insights for businesses; however, it does not cover the entire conversation. Listen to the full episode and/or contact Janene for more information.

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The 3rd Wednesday of the month we look at topics like…

APR Why do I struggle to tell people what I charge?
MAY 3 simple actions when pricing objections arise
JUN Should I offer tiers/packages for different segments?
AUG How to reign in unnecessary discounting.
SEP 3 myths of raising prices

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