Industrial Growth Institute

Episode 21 - Cece Kintner on Marketing and Sales Operations for Industrial Manufacturers

Cece Kintner on RevOps and Marketing and Sales Operations for Industrial Manufacturers - Industrial Growth Institute Podcast Episode # 21 with Ed Marsh
Summary
Cece Kintner, Director of Marketing and Sales Operations at TekStream Solutions, shares her insights on industrial marketing and sales, trade shows and events, and the evolution of buyer behaviors.
Cece emphasizes the importance of understanding the changing role of buyers, the need for sales and marketing alignment, and the value of sales enablement. She also discusses:
the impact of technology on marketing and sales
importance of understanding buyer personas
role of CRM in the sales process
challenges and strategies of aligning marketing and sales in the industrial sector
need for sales reps to trust and utilize the tools and resources provided by marketing.
Cece also explores the impact of the internet on channel sales and the role of social media in the industrial industry, and the value of user groups and communities in building relationships and sharing experiences.
The conversation concludes with Cece sharing insights on the role of AI in marketing and sales, the importance of experimentation and testing, and the need for continuous learning and adaptation in the ever-changing digital landscape.
Takeaways
Buyers now do extensive research before engaging with a company
Salespeople play a crucial role in building relationships with buyers and partners, and their success depends on having the right tools and support from marketing.
B2B buyers have higher expectations for refined experiences, similar to B2C experiences, so companies need to adapt and provide personalized and valuable interactions.
Marketing and sales operations (revenue operations (RevOps)), are essential for aligning marketing and sales teams and providing the tools and processes needed for success.
Understanding buyer personas and tailoring messages to different stakeholders within a buying team is crucial
Events and trade shows are still important
CRM use is not optional
Sales reps should trust and utilize the tools and resources provided by marketing to enhance their selling process.
The internet has transformed channel sales
User groups and communities play a vital role in building relationships
AI can be a valuable tool for generating ideas and refining marketing strategies, but human creativity and judgment are still essential.
Experimentation, testing, and continuous learning are key to staying ahead in the digital landscape of marketing and sales.
Takeaway Quotes from Cece Kintner
"Buyers don't come to me or to my team to ask all of their questions any longer. Before we even know who they are or that they have interest in our product, they have done research."
"Salespeople are relationship builders to start. Number one, they have a duty to build a relationship with their buyers and with their partner sales managers."
Check out Cece's website 
LinkedIn: Cece Kintner and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @EdMarsh
Show Transcript 
Guide to Building an Effective Sales Tech Stack
Sales Operations for Industrial Manufacturers
Marketing and Sales Operations
Chapters
00:00 Introduction and Background of Cece Kittner 04:40 Understanding the Evolution of Buyer Behaviors in Industrial Marketing 07:05 The Importance of Sales and Marketing Alignment in Industrial Sales 20:49 The Value of Understanding Buyer Personas in Industrial Marketing 25:39 The Role of CRM in the Sales Process 47:10 The Impact of the Internet on Channel Sales 49:40 The Importance of Social Media in the Industrial Industry 52:41 The Value of User Groups and Communities 56:06 The Role of AI in Marketing and Sales 01:04:46 Effective Prospecting Strategies 01:06:43 Partnerships in the Industrial Sector 01:10:06 Experimentation and Continuous Learning in the Digital Landscape 01:15:00 Bridging the Gap Between Sales and Marketing 01:19:26 The Risk of Speeding Past Opportunities
#B2BSales #SalesOps #SalesOperations #RevOps #RevenueOperations #MarketingOps #MarketingOperations #IndustrialMarketing #ManufacturingMarketing #B2BMarketing #Podcast #ComplexSales #SalesAndMarketingAlignment #RevenueGrowth #ManufacturingRevenueGrowth #CRM #MarketingAutomation #SalesEnablement #SalesTechStack #ChannelSales #SalesChannel #IndirectSalesChannel #BuyerPersona

Episode 20 - Jon Russo on Account Based Marketing and Sales for Industrial Manufacturers

Jon Russo on Account-Based Marketing and Go To Market Strategies - Industrial Growth Institute Podcast Episode # 20 with Ed Marsh
Summary
In this episode, Ed Marsh interviews Jon Russo, a three-time global CMO and the founder of B2B Fusion. They discuss account based marketing (ABM) and its evolution into account-based go-to-market strategies. They also touch on the importance of executive commitment, sales enablement, and the integration of marketing and sales.
Jon emphasizes the need for data-driven decision-making and the common mistakes made in strategy and tactics as well as:
having a clear ideal customer profile (ICP) when developing an account-based go-to-market strategy
need for a long-term approach, the right technology to support and track the strategy
importance of training sales teams to focus on the ICP
value of marketing and sales collaboration
need to add value to prospects by addressing their specific business needs.
Their conversation concludes by exploring the challenges and opportunities of AI in the go-to-market space, the importance of community and events, and the need for great content in marketing efforts.
Takeaways
Account-based marketing (ABM) has evolved into account-based go-to-market strategies, integrating marketing and sales.
Executive commitment is crucial for the success of ABM and other go-to-market strategies.
Sales enablement is important in helping sales teams execute marketing strategies effectively.
Industrial manufacturers can benefit from applying the same rigor and data-driven approach to marketing and sales as they do to manufacturing and operations.
Optimizing the funnel and executing tactics require a focus on sales and marketing productivity and the ownership of data. Having a clear ideal customer profile (ICP) is crucial for developing an effective account-based go-to-market strategy.
A long-term approach is necessary for success in account-based go-to-market, with a focus on building relationships and adding value to prospects.
Technology plays a key role in supporting and tracking the account-based go-to-market strategy.
Marketing and sales teams must collaborate closely and align their efforts to effectively target and engage the ideal customer profile.
Great content is essential for attracting and engaging prospects, and events can be a valuable tool for building relationships and sharing insights.
AI has the potential to transform go-to-market strategies, but accuracy and data quality are important considerations.
Community engagement and continuous learning are important for staying up-to-date with industry trends and best practices.
Takeaway Quotes from Jon Russo
"Account-based go-to-market is target account sales with marketing mixed in."
"ABM has evolved into a go-to-market motion and is less about account-based as a function."
"You don't know what your white space is. Who do I target? How do I target? Your sellers are kind of going through the morass of their systems trying to piece all this information together and they're losing valuable time."
Check out Jon's website 
LinkedIn: Jon Russo and Ed Marsh
Twitter: Jon Russo and Ed Marsh
Instagram: Ed Marsh
YouTube: @B2BFusion and @EdMarsh
Show Transcript 
Learn more about ABX and Account Based Marketing for Industrial Manufacturers
Chapters
00:00 Introduction and Background 06:02 The Evolution of Account-Based Marketing 13:36 Account-Based Go-to-Market Strategies 28:07 Starting a Business and Frustration with Data 42:17 Common Mistakes in Strategy and Tactics 45:10 The Challenges of Upselling and Targeting 47:00 Nashville's Focus on Technology, Healthcare, and Manufacturing 52:49 Identifying the Ideal Customer Profile (ICP) 56:13 The Importance of a Long-Term Approach 58:23 Starting Small and Building Momentum 01:00:37 The Opportunities and Challenges of AI 01:08:12 Embracing Change and Taking Risks 01:10:49 The Importance of Great Content 01:14:03 The Power of LinkedIn and Continuous Learning
#ABM #ABX #AccountBasedMarketing #AccountBasedSales #SalesEnablement #B2BSales #EnterpriseSales #IndustrialSales #IndustrialMarketing #EventMarketing #Community #ContentMarketing #AccountBasedGoToMarket #GTM #TargetAccountSales #ManufacturingMarketing #Podcast #salesAndMarketing #SalesAndMarketingAlignment #RevenueGrowth #RevenueGrowthStrategy

Episode 19 - Ben Tagoe on Using Data to Optimize Your B2B Sales Hiring and Performance

Ben Tagoe on the Power of Data and Analytics to Improve B2B Sales Performance - Industrial Growth Institute Podcast Episode #19 with Ed Marsh
Summary
Ben Tagoe is the CEO of Objective Management Group (OMG), a company that provides talent assessments for sales teams. He and Ed discuss the importance of data in sales and how OMG uses data to help companies hire and develop top-performing salespeople.
Ben explores:
the unique value proposition of OMG
comparing sales specific skill assessments vs. personality and behavioral testing tools
a decline in sales training investment
how OMG's assessments provide accurate data for hiring decisions
They also discuss the role of an assessment in a sales hiring process and other sales related topics including:
the importance of continuous learning and personal development
productivity, hiring, and the future of sales
the challenges of hiring and retaining salespeople, particularly in the context of changing demographics and job market trends
the importance of measuring the cost of sales hiring mistakes
the need for quick decision-making in managing sales teams
potential of AI in sales and the importance of personalization in sales outreach
The conversation concludes with Ben reiterating the power of data in making management decisions and the importance of storytelling in presenting data effectively.
Takeaways
Data is crucial in sales and can be used to improve hiring and develop top-performing salespeople.
Objective Management Group (OMG) provides talent assessments for sales teams, helping companies identify and train their salespeople.
Ben Tagoe's background in finance and data modeling has shaped his understanding of the power of data in making better business decisions.
Let's Get Ready is a nonprofit organization that provides college counseling and SAT tutoring to students from under-resourced backgrounds.
OMG's unique value proposition lies in their ability to provide sales-specific talent assessments and their extensive data on sales competencies and performance.
OMG aims to scale and work with thousands of companies in the future, leveraging their data-driven approach to improve sales effectiveness. OMG's tools are skills assessments that measure specific sales skills correlated to success.
Personality tests are not effective in evaluating sales skills. - Many sales training programs only treat symptoms rather than addressing the root cause of underperformance.
OMG's assessments provide accurate data for hiring decisions, but should be used in conjunction with other hiring processes.
Onboarding and coaching are crucial for success in sales.
The channel distribution model allows OMG to scale expertise and provide value to partners.
The changing demographics and job market trends necessitate a reevaluation of hiring and retention strategies.
Measuring the cost of sales hiring mistakes is crucial for understanding the impact on the business.
Data is essential in making management decisions, but it must be presented in a compelling and coherent story.
Takeaway Quote from Ben Tagoe
"Investment in sales training was not keeping pace with trends in sales hiring."
 
Check out Ben's website 
Support Let's Get Ready - Website and YouTube 
LinkedIn: Ben Tagoe and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @ObjectiveManagementGroup and @EdMarsh
Show Transcript 
Chapters
00:00 The Role of Data in Sales and Revenue Growth 04:01 From Finance to Data Modeling: Ben Tagoe's Background 06:24 Let's Get Ready: Empowering Students from Under-Resourced Backgrounds 14:18 OMG's Unique Value Proposition: Sales-Specific Talent Assessments 29:53 OMG's Tools vs. Other Assessment Options 34:02 The Decline in Sales Training Investment 36:58 Using OMG's Assessments for Sales Hiring Decisions 43:31 Taking the Gut Feeling Out of Hiring Decisions 47:39 Realizing the Full Potential of Individual Contributors 49:27 The Benefits of the Channel Distribution Model 51:18 Continuous Learning and Managing Personal Energy as a CEO 01:03:14 Adapting to Changing Demographics and Job Market Trends in Sales Hiring 01:06:45 Measuring the Cost of Sales Hiring Mistakes 01:14:45 The Potential and Challenges of AI in Sales 01:17:24 Data-Driven Decision Making: The Power of Data and Storytelling in Sales
#SalesHiring #SalesRecruiting #B2BSales #ComplexSales #SalesImprovement #SalesCoaching #SalesTraining #SalesTransformation #SalesEffectiveness #SalesEfficiency #SalesCandidateAssessment #SalesTesting #OMG #DataScience #Statistics #PrivateEquity #RevenueGrowth #ObjectiveManagementGroup

Episode 18 - Franz Josef Schrepf on Partnership Ecosystems and Go To Market Strategy

Franz Shrepf Lays out the Power of Partnership Ecosystems and the Nearbound Movement - Industrial Growth Institute Podcast Episode #18 with Ed Marsh
Summary
In this episode, Ed Marsh interviews Franz Schrepf, a director of strategic partnerships at StreamYard and a renowned expert on partnerships. They discuss the importance of partnerships in tech revenue growth and how it applies to various industries.
Franz shares his journey from being a Bavarian banker to working in the tech industry in Northern California, and the conversation covers various topics including:
the power of face-to-face interactions
personal branding in partnerships
the importance of partnerships and how they can create a competitive advantage for companies
the concept of an ideal partner profile and the different types of partnerships that exist.
Franz emphasizes the need for partnerships to be mutually beneficial and aligned with the goals of both companies involved. He suggests that by partnering with market leaders and integrating their products, companies can attract more customers and gain a competitive advantage.
They also discuss:
Nearbound aims to redefine partnerships as a go-to-market strategy for all departments within a company
Indirect sales channels, such as value-added resellers, are examples of partnerships that are still relevant
Sales enablement content plays a critical role in supporting partnerships and sharing the better together story
Organizational structure for partnerships depends on the type of partnerships a company focuses on, with teams often sitting in marketing, sales, or product departments
Franz closes with the thought that the biggest risk for businesses in the next five years is staying top of mind for customers. However, partnerships present a significant opportunity for companies to leverage existing trust and customer bases to succeed in a rapidly changing landscape.
Takeaways
Partnerships are a strong trend and a key driver of revenue growth in the tech industry.
Partnerships leverage trust and recommendations to acquire new customers and access new audiences.
Partnerships can create a competitive advantage for companies by leveraging shared customers and social capital.
An ideal partner profile should focus on companies that have a customer overlap and can help achieve mutual goals.
Different types of partnerships exist, such as marketing partnerships, technology partnerships, and service partnerships.
The Nearbound movement redefines partnerships as a go-to-market strategy for all departments
Indirect sales channels, like value-added resellers, are still relevant
Sales enablement content is crucial for supporting partnerships and sharing the better together story
The organizational structure for partnerships depends on the type of partnerships a company focuses on
Staying top of mind for customers is a significant challenge in an era of AI and automation
Partnerships present a significant opportunity for companies to leverage existing trust and customer bases
Takeaway Quotes from Franz Schrepf
"If you partner with the market leader, all the competitors will want to partner with you as well." "There is a special magic to being in person." "Good marketing means being at the right time at the right place."
 
Check out Franz' website 
Franz' TEDx talk
LinkedIn: Franz Schrepf and Ed Marsh
Twitter: Franz Schrepf and Ed Marsh
Instagram: Ed Marsh
YouTube: @ThePartnerShip and @EdMarsh
Show Transcript 
Chapters
00:00 The Power of Partnerships in Tech Revenue Growth 09:14 The Magic of Face-to-Face Interactions 25:21 Leveraging Trust and Recommendations in Partnerships 31:12 Creating a Competitive Advantage through Partnerships 43:07 The Importance of Partnerships 45:46 Defining a Partnership and Competitive Advantage 47:25 Uncovering Partnership Opportunities 51:20 Exclusivity and Mutually Beneficial Partnerships 53:24 The Power of Partnerships 57:39 The Nearbound Movement 01:00:44 Partnerships as a Testing Ground 01:01:40 The Role of Sales Enablement Content 01:05:20 Structuring Partnerships 01:19:15 Partnerships in a Changing Landscape 01:21:28 The Opportunity of Partnerships
#PartnershipEcosystems #Partnerships #RevenueGrowth #FaceToFace #PersonalBranding #BookOnPartnerships #PersonalKnowledgeManagement #CompetitiveAdvantage #IdealPartnerProfile #GoToMarketStrategy #Exclusivity #Distribution #ChannelSales #Nearbound #IndirectSalesChannel #ValueAddedResellers #SalesEnablement #SalesEnablementContent #B2BSales #B2BMarketing

Episode 17 - Brisa Renteria on Recruiting, Hiring, Onboarding and Retaining Top Sales Talent

Brisa Renteria on Recruiting, Hiring, Onboarding and Retaining Top Sales Talent - Industrial Growth Institute Podcast Episode # 17 with Ed Marsh
Summary
In this episode, Ed Marsh interviews Brisa Renteria, a sales expert and CEO of Improved Growth, about the challenges of hiring and training sales teams. The discussion covers a variety of topics including:
the high cost of sales hiring mistakes
importance of behavior in sales success
need for sales managers to provide proper training and accountability
the misconception of sales being pushy
the value of phone calls in today's digital age
Brisa touches on the challenges of scaling up a business and the importance of hiring the right people, and how training salespeople compares to raising children, and how her commitment to donating a portion of her revenue to a nonprofit focused on children's cancer originated from her personal experience with cancer.
The conversation then shifts to the common mistakes companies make in sales hiring and the importance of having a strong hiring process. Brisa emphasizes:
the significance of onboarding, training, and coaching in retaining top sales talent - the value of using assessments to inform the hiring and development process
the importance of attracting and hiring the right salespeople
the need for companies to be clear about the responsibilities and requirements of the role, as well as the skills and qualities needed for success
the value of creating job postings that describe the ideal person rather than just listing duties and responsibilities
the personal approach that female leaders often bring
Takeaways
Sales hiring mistakes can be costly, with expenses exceeding two to three times the salesperson's salary.
Behavior is a crucial factor in sales success, and accountability is key
Sales managers play a vital role in training and holding salespeople accountable.
Phone calls are still an effective sales tool, as many salespeople have abandoned this method.
Training salespeople can be more challenging than raising children, as many salespeople are not coachable and resistant to change.
Common hiring mistakes include hiring based on personality, hiring from the same industry, and lacking a structured hiring process.
Sales onboarding (vs. orientation), training, and coaching are crucial for retaining top sales talent and setting them up for success.
Assessments provide valuable data to inform the hiring and development process, helping identify strengths and areas for improvement.
Job postings should focus on describing the ideal person rather than just listing duties and responsibilities.
Female leaders often bring a personal and caring approach to leadership.
Companies should embrace AI as an opportunity and explore how it can enhance their sales hiring process.
Takeaway Quotes from Brisa Renteria
"No matter how perfect your strategy or how brilliant your marketing or how genuine your focus on the customer, if your sales team can't execute, the rest of it's wasted." "If I had to choose one, I would say behavior is the most important in sales success." "We want to help the salesperson through the sales leader." "You have to understand what would it take for someone to be successful in your business."
 
Check out Brisa's website 
LinkedIn: Brisa Renteria and Ed Marsh
Twitter: Ed Marsh
Instagram: Brisa Renteria/Improve Growth and Ed Marsh
YouTube: @ImproveGrowth and @EdMarsh
Show Transcript 
Chapters
00:00 Introduction and the Crisis in Sales Execution 02:33 The High Cost of Sales Hiring Mistakes 16:30 The Importance of Behavior in Sales Success 23:34 The Role of Sales Managers in Training and Accountability 28:04 The Journey of an Entrepreneur 33:56 Challenges of Training Salespeople 38:03 Common Hiring Mistakes 46:23 Importance of Onboarding, Training, and Coaching 49:49 Using Assessments in Hiring and Development 56:09 Helping Salespeople through Sales Leaders 59:08 Understanding Success in Your Business 01:03:00 The Impact of AI in Sales Hiring 01:09:19 Balancing Business and Personal Life 01:15:49 The Five Interview Questions Companies Miss 01:22:30 Improving Sales Hiring to Change Your Business
#SalesHiring #SalesRecruiting #SalesManagement #SalesOnboarding #RetainingTopSalesTalent #RetainingSalesReps #SalesTalentManagement #SalesHiringProcess #CandidateAssessment #SalesCandidateAssessment #OMG #ObjectiveManagementGroup #BrisaRenteria #SalesInterviewingTips #HowToHireTopSalesTalent #Entrepreneurship #Accountability #SalesHiringMistakes #B2BSales

Episode 16 - Dustin Levy on Channel Sales, Risk Aversion and Marketing & Sales Alignment

Dustin Levy on Channel Sales, Risk Aversion and Marketing & Sales Alignment - Industrial Growth Institute Podcast Episode # 16 with Ed Marsh
Summary
Dustin Levy, Vice President of the Industrial Safety Business Group at Gentex Corporation, chats with host Ed Marsh about a wide range of industrial marketing and sales topics including:
comfort, learning, and panic zones
the importance of leaders and mentors in helping individuals navigate the learning zone without entering the panic zone and the significance of having a growth mindset
importance of self-awareness and self-correction in one's career
transition from product management to sales management
the value of understanding channel partners' businesses
They discuss three types of salespeople: technical, account managers, and sales managers and explore the channel sales question of exclusive or non-exclusive representation agreements and the imperative of sales and marketing alignment.
Other topics include:
the Jolt Effect, buyer risk aversion
use of AI in sales
challenges and opportunities facing businesses in the industry
Dustin's implementation of a new program based on the Jolt Effect
the importance of effective sales and marketing strategies for industrial manufacturers.
Takeaways
The comfort zone is where we feel safe and familiar, while the learning zone is just outside of it, where we stretch and grow. The panic zone is beyond the learning zone, where we feel overwhelmed and retreat back to our comfort zone.
Having a growth mindset and continuously expanding our comfort zones is essential to adapt to the accelerating rate of change.
Dustin's career trajectory, combining science, marketing, and sales, is a result of his natural curiosity and empathy for blue-collar workers.
The transition from product management to sales management requires understanding the end user and channel partners' businesses.
Successful channel sales require finding the right partners who bring unique value to end users and managing a limited distribution model.
There are three types of salespeople: technical salespeople, account managers, and sales managers, each with their own strengths and challenges.
Balancing marketing and sales is essential in today's complex buying journey, where customers expect seamless interactions and expertise.
Understanding and addressing buyer risk aversion is crucial in the industrial manufacturing industry.
AI can be used to support sales channels, but face-to-face interactions and understanding the customer's work environment remain important.
Takeaway Quotes from Dustin Levy
"A fixed mindset is not a safe place. A growth mindset is where you're proactively controlling your own outcomes and future." "I think it probably is something that if you haven't figured it out and learned that lesson on the first half of your career, highly unlikely that your second half is gonna show major behavioral differences." "We really feel the pain of a loss substantially more than the boost from a win."
 
Check out Dustin's website and watch his TEDx talk on YouTube
LinkedIn: Dustin Levy and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @EdMarsh
Show Transcript 
Chapters
00:00 Introduction to Dustin Levy and his expertise 03:15 The Comfort, Learning, and Panic Zones 14:35 Dustin Levy's Career Trajectory 29:42 The Importance of Followers and Servant Leadership 35:06 The Value of Diverse Experiences in Career Development 37:43 Transitioning from Product Management to Sales Management 43:26 Managing Channel Partners and Exclusive vs. Non-Exclusive Representation Agreements 51:53 The Three Types of Salespeople: Technical, Account Managers, and Sales Managers 59:41 Navigating the Intersection of Marketing and Sales 01:05:57 Re-Centering Through Exercise and Personal Well-Being 01:08:14 Addressing Buyer Risk Aversion 01:12:32 The Jolt Effect and Offering Recommendations 01:14:25 Taking Risk Off the Table 01:19:25 Dealing with Indecision in Sales 01:22:54 Professional Growth Resources 01:31:00 The Future of AI in Sales 01:34:19 Challenges and Opportunities in Industrial Manufacturing 01:36:38 Final Thoughts and Advice
#GrowthMindset #FixedMindset #ChannelSales #IndirectSalesChannel #SalesManager #MarketingAndSalesAlignment #RiskAversion #ComplexSales #ManufacturingMarketing #IndustrialMarketing #ScientistsAsSalespeople #IndustrialSales #ProductMarketing #AccountManagement #NewLogoSales #ProductDesign #ProductRoadmap #SalesManagement #CustomerFocus #Leadership #ServantLeadership #Manufacturing

Episode 15 - Lisa Thompson on Strategic Pricing for B2B Companies

Lisa Thompson Unveils Secrets of Strategic Pricing - Industrial Growth Institute Podcast Episode # 15 with Ed Marsh
Summary
In this conversation, Ed Marsh interviews Lisa Spadafora Thompson, a globally known expert in pricing and portfolio growth for B2B companies.
They discuss strategic pricing, product management, and the challenges faced by industrial manufacturing companies.
Lisa shares insights on:
the role of pricing in marketing
the history of strategic pricing
the importance of understanding customer value
the impact of pricing on profitability
the role of product managers
challenges of discounting strategies
the impact of pricing on company growth and sustainability.
The conversation delves into the intricacies of strategic pricing, exploring the multifaceted nature of pricing models and their impact on business success.
Lisa shares insights on customer-driven pricing, cost considerations, competitive advantage, and the broader macroeconomic environment. She also discusses the intersection of board governance and management, as well as her involvement in nonprofit work and her outlook on the future of business.
Takeaways
Strategic pricing is a profit-driven approach to pricing that focuses on maximizing the value captured in the form of price.
Product managers play a crucial role in understanding the intersection of customer needs and company goals to drive profitability and growth.
Lack of understanding customer value, over-engineering products, and absence of a discounting strategy are common causes of lack of profitability.
Small businesses often have a better understanding of customer value and profitability due to the simplicity of their organizational structure.
Pricing is a strategic function that requires alignment with corporate strategy and a deep understanding of customer needs and market dynamics. Strategic pricing encompasses customer-driven pricing, cost considerations, competitive advantage, and the broader macroeconomic environment, requiring a holistic approach to pricing models.
The intersection of board governance and management plays a crucial role in overcoming counterproductive organizational silos and driving impactful governance for business success.
Involvement in nonprofit work and fostering education, especially for youth and marginalized communities, is a meaningful and impactful endeavor for creating positive change in society.
The future of business holds the promise of redefining capitalism to focus on creating wealth, jobs, and community well-being, presenting an exciting opportunity for businesses to contribute to positive societal impact.
Takeaway Quotes from Lisa Spadafora Thompson
"When you're doing it strategically, this is pricing." "When you're sitting in front of the customer, that is the moment of truth. And everything you've done in the business, not just marketing, everything you've done as it relates to the products you've developed, the costs that you incur to bring them to market, the way you've priced, everything comes to roost when you are sitting in front of that customer."
 
Check out Lisa's website
LinkedIn: Lisa Thompson and Ed Marsh
Twitter: Ed Marsh
Instagram: Ed Marsh
YouTube: @EdMarsh
Show Transcript 
Chapters
00:00 The Art of Strategic Pricing: Maximizing Value and Profitability 17:40 Challenges and Solutions in Industrial Manufacturing Pricing 44:29 Unraveling the Complexity of Strategic Pricing 53:26 Navigating the Intersection of Board Governance and Management 01:08:09 Empowering Youth and Fostering Education 01:19:47 Redefining Capitalism: The Future of Business
#pricing #StrategicPricing #ProductManagement #Strategy #ProductPricing #B2BPricing #SturbridgeGrowthPartners #LisaThompson #ThomasNagel #IndustrialMarketing #PricingBundling #IndustrialStrategy #IndependentDirectors #BoardOfDirectors #PsychologicalPricingInMarketing #PsychologicalPricingStrategy #ValueBasedPricing #CostBasedPricing #MarketPricing #ValueBasedPricingStrategy #CostBasedPricing #CostBasedPricingVsValueBasedPricing #DiscountingStrategies #ValuePricing #PricingModels #CompetitiveAdvantage #EdMarsh #IndustrialGrowthInstitute #pricingstrategy

Episode 14 - John Panaccione on Veterans in Business and the Silver Tsunami

John Panaccione on Decisions and Veterans in Business - Industrial Growth Institute Podcast Episode # 14 with Ed Marsh
Summary
In this episode, Ed Marsh interviews John Panaccione about the importance of inorganic growth and the role of inorganic growth options in revenue growth.
They discuss John's background, his experience in small business finance and transactions, and his work in helping veterans succeed in entrepreneurship.
They also:
explore the topics of learning management systems (LMS)
content marketing, and the evolution of inbound marketing
the intersection of SaaS and industrial manufacturing
value of partner ecosystems
use of courses in various industries
silver tsunami, which refers to the retirement of baby boomers and the opportunities it presents for younger entrepreneurs.
In this conversation, John Panaccione discusses the different paths to business ownership, including starting a business from scratch, franchising, and buying an existing business. He also talks about the rise of entrepreneurship through acquisition and the opportunities it presents. John shares insights on raising capital for small businesses, the importance of solid financial information, and the process of mergers and acquisitions.
He emphasizes the value of veterans in the business world and the benefits of their decision-making skills.
John also discusses the challenges of competition and decision-making in today's market and offers advice on creating your own market and running experiments to drive growth.
Takeaways
Inorganic growth options are often overlooked in revenue growth strategies, particularly in the lower middle market.
Learning management systems (LMS) and high-quality content are essential for effective training and marketing.
Inbound marketing is still important, but it has become noisier and more competitive.
Partner ecosystems and nearbound strategies can help companies gain access to new accounts and create valuable partnerships.
Courses can be used for user training, lead generation, data collection, and creating certifications.
Companies should consider the least amount of content with high quality for the most impact.
The silver tsunami refers to the retirement of baby boomers and the opportunities it presents for younger entrepreneurs.
Entrepreneurship through acquisition is a growing trend, offering opportunities for aspiring business owners.
Raising capital for small businesses requires solid financial information and alignment of documentation.
Mergers and acquisitions can be facilitated by experienced professionals to ensure a smooth process.
Veterans bring valuable decision-making skills to the business world and should be considered for employment.
Competition is fierce in today's market, and companies need to find ways to stand out and create their own market.
Running experiments and learning from failures is crucial for growth and innovation.
Effective pricing strategies can differentiate a business and create its own market.
Sharing insights and knowledge with others is important for personal and professional growth.
Takeaway Quotes from John Panaccione
"Inorganic is often overlooked, particularly by the lower middle market."
"The LMS is the racetrack, the content is the race cars."
"Inbound marketing is not as powerful as it used to be."
"Startup Culture we have in America"
"Entrepreneurship through acquisition"
"You have to have a pretty solid set of information"
Check out John's website
LinkedIn: John Panaccione and Ed Marsh
Twitter: John Panaccione and Ed Marsh
Instagram: John Panaccione and Ed Marsh
YouTube: @johnpanaccione5979 and @EdMarsh
Show Transcript 
Chapters
00:00 The Overlooked Potential of Inorganic Growth07:11 The Power of Learning Management Systems and High-Quality Content39:29 The Silver Tsunami: Opportunities for Younger Entrepreneurs 47:43 Challenges of Competition and Decision-Making in Today's Market
#InorganicGrowth #RevenueGrowth #SmallBusinessFinance #LiquidityEvent #Transactions #Veterans #Entrepreneurship #Vetrepreneurship #LMS #LearningManagementSystem #PRM #PartnerRelationshipsManagement #ContentMarketing #InboundMarketing #SaaS #IndustrialManufacturing #PartnerEcosystems #SalesChannel #IndustrialMarketing #SilverTsunami #RetirementTrends #BabyBoomers #BusinessOwnership #BuyingABusiness #EntrepreneurshipThroughAcquisition #RaisingCapital #MergersAndAcquisitions #VeteransInBusiness #DecisionMaking