How ProfitWell Grew to Over $10M by Solving Pricing Problems
Jan 13 2019
Patrick Campbell, Co-founder and CEO of ProfitWell, talks about how they grew to over $10M in revenue by taking on the role of pricing experts for their clients and revolutionizing how businesses price their products and services through their technology.
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Topics Discussed in this Episode:
[01:40] How they got the idea for Price Intelligently and what it does
[02:46] The pricing problem and how they went about trying to solve it
[07:14] How they took their idea to their first customers
[09:12] How they got potential customers interested in their content
[11:26] What it looks like for someone who wants to improve their pricing
[13:25] Tactical things that you can do to improve your pricing
[14:39] How they work with their customers
[15:45] How they handled things in the early days of Price Intelligently
[17:58] The strategies they used to grow their business
[19:44] Outsourcing their sales and finding the right person that could do it
[21:03] Having systems in place with following up with the inbound and creating outbound leads
[21:58] How they did their inbound content strategy
[25:08] How they got to over $10M
[28:18] Developing the tool ProfitWell and what it does
[32:10] How long it took them to build ProfitWell and how much it cost
[36:45] How they found the best people to work on ProfitWell
[38:49] How they’re able to gain their customers’ trust
[40:56] What they did that had the biggest impact on their growth
The biggest problem is getting people to realize that your price is the exchange rate on the value that you’re providing. And that value is crucial to measure for the customer that you’re trying to sell to.
If you get your value metric correct, what ends up happening is you basically align yourself to your customer and how they want to see and pay for your product.
As you grow, you have to be comfortable with failing.
Getting to $10M takes work but it’s not difficult if you are willing to give up some constraints.
Get some data to help you with your pricing decisions. Don’t be afraid to talk to people about your price and about your value.
Ask people traditional, non-leading questions like: At what price is this way too expensive that you’d never consider purchasing it? At what price is this a really good deal that you would purchase it right away?
Get your value metric correct.
“It doesn’t really matter what business you’re in… the thing that’s amazing about the world of technology and the world of online is that a lot of us will produce something of value… and then all of a sudden, when it comes time to price that product, we just lose our minds.”
“A lot of people, they’re very scared to go talk to people about their price, they’re scared to go talk to people about their value. But you have to realize that everyone understands that things cost money… You have to talk to them about value.”