Naomi Ionita: observation

Transcript context

…Probably mostly in SF, so I imagine folks in other countries don't know about it. Maybe describe it. Yeah. So, if you visit an office instead of just signing in to that piece of paper in the lobby with your name and your email address and what time you checked in, it is a digital iPad based way of checking in and sharing information with the person you're visiting. And so, in talking to Larry and getting a feel for his evolution around pricing, he tells a story that I love. He was meeting with a big hospitality company, and the conversation was going really well. This prospect was really leaning in and excited about using Envoy, and the conversation shifted to pricing. So in that moment, because Larry was feeling some good vibes, he decided to 10X the price that he was typically charging people. So, just in the moment he decided to just go for it. Go out on a limb, and ask for 10X the typical price. And in that moment, the exec said, "Okay, sure. Sounds good." Not a minute of hesitation, not a second of hesitation. And what he learned in that moment was that, one, he was wildly underpriced. It was very clear that he hadn't even thought about what the ceiling was. But the truth was he probably could have pushed it even further, considering there was no hesitation. So, what I encourage users to do, especially in these enterprise conversations, is to continue to ask for more, to understand where the upper bound might be, and to understand that it's okay sometimes to lose some deals due to price. Something on the order of 20 to 30% is reasonable so that you can get a sense for where the limit might be. The vast majority of companies are definitely undercharging like we discussed. So, go out on a limb like Larry at Envoy, and you can see that sometimes you can... ... like Larry at Envoy and you can see that sometimes you can 2X, 4X, even 10X your price. That's an awesome story and it touches on exactly what you said where people often underprice. I imagine it's strategically smarter not to go straight to 10X and maybe go two or three X until people start pushing back because you lose a lot of data there. But that's one way to just zoom to an answer.…

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