Building an effective pricing strategy can make a huge difference to whether an organisation is able to achieve its growth ambitions. Monetisation is the most effective lever of profitable growth (4 times more effective than acquisition), yet companies spend less than 10 hours per year on this critical piece of work, consequently leaving huge amounts of money on the table by way of uncaptured value. For SaaS companies, the stats are even worse, with an average of only 6 hours spent on pricing strategy over the life of the business!
Most companies are not using pricing to its full potential. We all know pricing is important, but because it is complicated, and often intimidating, we choose an overly simplistic approach.
Ayon Bhattacharyya presented a Monetisation & Growth Framework for Disruptive Subscription Companies Focused on Scaling.
The talk was held on 27 October 2022 AND then followed by a thinktank with members of our Nexttech Transformation Forum – who shared their insights on how Ayon’s strategies could help them and their clients.
Here is the playlist.
Ayon is an experienced Revenue Leader and Monetisation & Growth expert with significant success in unlocking profit and growth potential through value innovation, positioning, packaging, and profit-optimal pricing strategies. Ayon is a CIMA qualified accountant and recently gained his Executive MBA from a US-based business school. Drawing upon two decades of business leadership experience within the corporate sector in the UK, Australia, and NZ, with brands such as Westpac, Hoyts, Trade Me and Equifax, Ayon now works with CEO’s, business owners and senior executives of mid-sized disruptive growth companies to assist them with finding and monetising their competitive advantage.
As the founder of consulting firm Biz Growth Spurt, Ayon has a strong track record of helping tech & SaaS companies win more business at higher prices, achieving significantly higher valuations by improving their pricing power.
Traits of a good #leader From my mentor Allen Pathmarajah
L listen - listen and silent have same letters
E - empathy being able to sit in someone else’s shoes
A- attitude / your attitude will determine your attitude
D- determination - Passion
E- Energesse enthuse Inspire and engage
R- be resilient - you need to be like a spring and spring back up from Setbacks - of which there will be many
AI Bill of Rights has just been released
Needs to
What else should it include?
Ivan is a serial entrepreneur and the founder of BSI, a group of companies that have resulted from a series
of acquisitions. His priority is to surround himself with great people.
How work is done and people go to work has completely changed. We are living in an environment of a distributed workforce. Going to a physical office is a rare phenomenon, not every day, as it was only three years ago. There is a blend between working from home and in an office.
There needs to be a way in which people can communicate and collaborate, ideally, on a face-to-face basis. Speaking regularly and continuity are vital behaviours to foster.
Every employee is the centre of their universe. Everyone has their Agenda, Values and Vision.
For the Strategy to work in this environment, the stakeholders must be aligned on values and be on board with the strategic journey.
People leave managers and leaders because the values and Vision are not aligned. Money is not the priority.
Heather McGowan wrote a piece on the future career profiles of younger generations - they will have over 20 jobs and multiple professions over their careers.
They will be lifelong learners .
With the advent of social media, every employee is a journalist. Treat employees as customers of the business.
Education, lifelong learning & career advancement are critical drivers for the retention of young people. At the end of the period with the company, the personal and career goals should be realised. The achievements can range from skills to earning capacity and business networks.
A lot of companies do not expect their staff to stay at the organisation for an extended period of time.
A key to attracting talent to an organisation is to be clear on the Vision and Values of the organisation. Their Vision and Values need to match with the organisations. Employees will join an organisation when the Vision and Values align with their unique Vision and Values.
The companies that will do best will spend most of the planning time working out the details which define the ideal client. What is the client's avatar, age, social demographic, individual or company? An accurate definition of the client permits meaningful targeting.
How is it best to engage with the ideal client? Unique offerings are optimal.
Everything you do and stand for in the workplace and personal life reflects your Values and Vision. The acronym TREAT is relevant in this context.
TREAT:
· Team
· Respect
· Energy
· Adventurous
· Trust
There are many reasons to be optimistic in the current times. Technology is only now starting to gather pace. There is a lot of wealth for investment. The energy future is exciting, with many possible outcomes.
Podcast on Spotify
The Prime Minister , Albert Albanese is in full support of helping to commercialise Australian science, with a focus on clean technologies and local manufacturing.
Science and Technology Australia (STA), a group representing more than 90,000 Australian scientists and technologists met at the National Jobs Summit this week . They believe that with Government support there is an opportunity to generate tens of billions of dollars for the economy.
At the symposium , the group believes that a “modest investment” in training 2000 entrepreneurial or “bench to boardroom” scientists would generate a $52 billion economic windfall.
Albanese agreed and said the manufacturing bases of the companies capitalising on clean technologies like electric vehicles should be in Australia.
“We need to support the likes of Tritium, a Queensland electric vehicle fast charger company which this week opened a US manufacturing facility. These facilities should be in Australia “ says the Prime Minister
“How amazing would it be if we can be seen to be an exporter of renewable energy.”
“There wouldn’t be a solar panel in the world that doesn’t have some intellectual property that was invented by an Australian scientist… and yet we haven’t commercialised that opportunity. We need to be better at it, and we’re determined to be better at it,” Mr Albanese said.
“We need to seize the opportunity which is there.”
STA president Professor Mark Hutchinson,
from the University of Adelaide, and a director of the ARC Centre of Excellence for Nanoscale BioPhotonics, says that the centre has created 16 startups with a combined market capitalisation and market value of nearly $520 million .
These centre of excellence should be rolled out , as that conservative level of success would not just create a wealth of new jobs for Australians, it would kickstart whole new industries and create an economy powered by science,” STA chief executive Misha Schubert told Startup Australia
The USA is supporting in American science, technology, research, manufacturing and education with the recent US CHIPS and Science Act investing a record $52 billion
“Australia should be every bit as ambitious for our science and technology ambitions,” Ms Schubert said.
The Prime Minister seems to agree . We look forward to action being taken in this sector
Onwards and upwards!
Source
Thanks Rob Nankervis for the share!!!!
