Description
Is everything a commodity, even something as basic as water or car rentals? Karan confidently asserts that with the right approach, anything can be transformed into a valuable brand asset. The perception of something as a mere commodity arises from a lack of perceived value and effective marketing strategies. That is said!
Karan is the undisputed reference of pricing strategies, dedicating his entire career to mastering this vital domain. He's left his mark across diverse industries, from automobiles to Yellow Pages and health products, and is currently at the helm of pricing excellence at Rakuten, overseeing the Kobo reader.
Here is some of what you will find in this episode:
Within our cognitive framework, two distinct mental processes govern our pricing decisions. One is the rapid, instinctual reaction that references price as a primary factor. Simultaneously, a slower cognitive process evaluates the various elements comprising the value proposition, including intricate psychological factors that influence pricing.
Remember, a strong brand isn't cultivated on third-party broker sites; it blossoms on your very own platform and during the delivery of exceptional service. Building a brand demands both time and financial investments. However, car rental operators needn't scramble to attract all customer segments simultaneously, whether they're low-value, mid-value, or high-value customers.
It's important to recognize that most individuals are inherently more averse to losses than they are drawn to potential gains.
Karan Sood on linked In https://www.linkedin.com/in/soodkaran/
Timeline
- 0:00:00 to 0:06:00 Introduction of Karan Sood
- 0:06:00 to 0:19:00 100% as pricer in a wide range of sectors
- 0:19:00 to 0:27:40 Everything is a commodity if you leave the space for a commodity
- 0:27:40 to 0:37:55 Do the operators competete on price or on the realvalue proposition?
- 0:37:55 to 0:54:00 Brand building is off the transaction, much earlier
- 0:54:00 to 1:12:00 Understand the "good, better and best" concept
- 1:12:00 to 1:20:00 Do not be shy to do A/B testing in price
- 1:20:00 to the end conclusion
References
- Kobo by Rakuten https://www.kobo.com/
- Daniel Kanheman https://www.kobo.com/us/en/ebook/thinking-fast-and-slow
- Liquid death https://liquiddeath.com/
- Advanced Car Lebanon https://www.advancedcarrent.com/
- Rent a Wreck https://www.rentawreck.com/
- U-Haul https://fr.uhaul.com/
- Predictably Irrational by Dr. Dan Ariely https://www.kobo.com/us/en/ebook/predictably-irrational-revised-and-expanded-edition
- Steven Forth, Ibaka
- Snow White at AirB&B https://techcrunch.com/2012/07/18/airbnb-brian-chesky-snow-white/
This podcast is produced by WeYield, the revenue management company dedicated to the car rental industry.
Karan is the undisputed reference of pricing strategies, dedicating his entire career to mastering this vital domain. He's left his mark across diverse industries, from automobiles to Yellow Pages and health products, and is currently at the helm of pricing excellence at Rakuten, overseeing the Kobo reader.
Here is some of what you will find in this episode:
Within our cognitive framework, two distinct mental processes govern our pricing decisions. One is the rapid, instinctual reaction that references price as a primary factor. Simultaneously, a slower cognitive process evaluates the various elements comprising the value proposition, including intricate psychological factors that influence pricing.
Remember, a strong brand isn't cultivated on third-party broker sites; it blossoms on your very own platform and during the delivery of exceptional service. Building a brand demands both time and financial investments. However, car rental operators needn't scramble to attract all customer segments simultaneously, whether they're low-value, mid-value, or high-value customers.
It's important to recognize that most individuals are inherently more averse to losses than they are drawn to potential gains.
Karan Sood on linked In https://www.linkedin.com/in/soodkaran/
Timeline
- 0:00:00 to 0:06:00 Introduction of Karan Sood
- 0:06:00 to 0:19:00 100% as pricer in a wide range of sectors
- 0:19:00 to 0:27:40 Everything is a commodity if you leave the space for a commodity
- 0:27:40 to 0:37:55 Do the operators competete on price or on the realvalue proposition?
- 0:37:55 to 0:54:00 Brand building is off the transaction, much earlier
- 0:54:00 to 1:12:00 Understand the "good, better and best" concept
- 1:12:00 to 1:20:00 Do not be shy to do A/B testing in price
- 1:20:00 to the end conclusion
References
- Kobo by Rakuten https://www.kobo.com/
- Daniel Kanheman https://www.kobo.com/us/en/ebook/thinking-fast-and-slow
- Liquid death https://liquiddeath.com/
- Advanced Car Lebanon https://www.advancedcarrent.com/
- Rent a Wreck https://www.rentawreck.com/
- U-Haul https://fr.uhaul.com/
- Predictably Irrational by Dr. Dan Ariely https://www.kobo.com/us/en/ebook/predictably-irrational-revised-and-expanded-edition
- Steven Forth, Ibaka
- Snow White at AirB&B https://techcrunch.com/2012/07/18/airbnb-brian-chesky-snow-white/
This podcast is produced by WeYield, the revenue management company dedicated to the car rental industry.
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