The Amazon Strategist Show

Dynamic Pricing Tips On Amazon You Need To Implement

• The Amazon Strategist Show • Season 3 • Episode 78

Share episode

Embark on a journey into the forefront of e-commerce with Chad Rubin, a visionary entrepreneur who has successfully transitioned from the financial world of Wall Street to revolutionizing dynamic pricing strategies on Amazon. Through his remarkable journey, from selling household appliances to co-founding groundbreaking companies such as Skubana and the Prosper Show, Chad culminated in the creation of Profasee—an AI-driven tool that optimizes Amazon pricing strategies. Drawing parallels with the market timing insights of Warren Buffett, Rubin shares his expertise, demonstrating how these principles can transform your approach to online selling.

Episode Highlights
Dynamic Pricing Strategy: Chad discusses the evolution of manual price adjustments to AI-driven solutions, similar to Uber’s surge pricing, to optimize product value and customer willingness to pay.
E-commerce Insights: Chad shares insights on market timing, channel conflict, and the synergy between pricing and PPC advertising on platforms like Amazon, Walmart, and Shopify.

Whether you are an experienced seller or new to the Amazon marketplace, this episode is brimming with actionable insights that will refine your pricing strategy and propel your e-commerce success.

-------------------------------------------------------------
Connect with Chad and Profasee
Website: https://profasee.com/
Email: chad@profasee.com
Facebook: https://www.facebook.com/profasee/
X: https://twitter.com/itschadrubin
https://twitter.com/theeprofasee
LinkedIn: https://www.linkedin.com/company/81280009
https://www.linkedin.com/in/itschadrubin/
-------------------------------------------------------------

Connect with John Cavendish
Facebook: https://www.facebook.com/jgcuk
Instagram: https://www.instagram.com/thejohncavendish
LinkedIn: https://hk.linkedin.com/in/thejohncavendish

Know More About Seller Candy
Website: https://www.sellercandy.com
Facebook Page: https://www.facebook.com/SellerCandyPro
Instagram: https://www.instagram.com/sellercandyamz
LinkedIn: https://www.linkedin.com/company/sellercandy/
-------------------------------------------------------------------------
Never Talk to Seller Support Again.

Seller Candy is the expert operations arm of your Amazon business. We provide outcome-driven support for time-consuming and challenging Seller Central issues so you Never Have to Talk to Seller Support Again! With Agency-Level security practices and an experienced team who’s been through the thick of it, we give sellers bandwidth on demand without the hassle of hiring, training, or managing.

#amazonsellercentral #amazonsupport #ecommerce #amazonbusiness #amazonseller #amazontips #amazonbusiness #AmazonStrategistS...

Speaker 1:

you can change your price. As long as you do it and you embrace data, you can change price. Your rate won't plummet, as long as it's conscious and smart price adjustments.

Speaker 2:

Hello, I'm your host, john Kavnish, and welcome to season three of the Amazon Strategy Show. The show that's all strategy, with no hacks, no silver bullets and no magic pills, just real, practical strategies to grow your Amazon business. So today I'm joined by none other than Chad Rubin. Chad needs no introduction, but I'm going to give him an introduction. Chad leads Prophecy's operations overseas strategy. He often speaks about e-com all over the world and all over LinkedIn, if you follow him over there. He's also author of the Amazon bestseller Cheaper Easier Direct. Get your copy on Amazon. And prior to Prophecy, he founded Think Crucial Skubana and the Prosper Show. He's also a father, husband and taco lover. So, and tacos lover or taco lover, welcome Chad.

Speaker 1:

Yeah, thanks for having me. I love breakfast tacos. That's my weakness in life.

Speaker 2:

That's my weakness in life. Me too, when I'm in the US, it's a big favorite going for breakfast tacos, cool. Well, thank you for being here and thank you for coming to share. So can you talk a little bit about your journey into where you are today?

Speaker 1:

Yeah, the abridged version 20 years in e-com. I was on Wall Street covering Amazon stocks. Then my parents had a vacuum store. I started helping them resell on Amazon. This is in 2006. And then I started growing private label on Amazon 2007, 2008. I still have that business today.

Speaker 1:

That's the thing crucial. And out of that pain point came a new pain point, which was how do I manage inventory cross-channel, as I was selling on eBay and Amazon and Walmart and all these other places. Then I started Stubana as a software company. We sold that in 2021 of April with impeccable timing. Also, the Prosper Show co-founded that and we sold that in 2019, right before COVID Also really good timing. There's the art of the sale and now I run Prophecy, which is a dynamic pricing software for Amazon private label brands. So we dynamically change price to maximize the intention that you have for a specific SKU. It's all built using real AI and machine learning algorithms in the back end to drive goals that you set up in our platform, whether it's revenue, whether it's profit, or whether it's ranking and DSR and velocity.

Speaker 2:

I love it. And yeah, we're going to dive deep into Prophecy in a minute, because I'm also super interested as a previous seller, on how all this works and for all of our clients, on how this works. Timing you seem to be a savant when it comes to market timing. Is there any secret there? Do you see the writing on the wall?

Speaker 1:

I forgot exactly. I think someone once said to me I'm thinking about the actual quote, it's escaping me right now, but essentially it's when people are greedy and times are great. That's the moment to sell. And we just sometimes you get an offer and you're like I'm not sure, I'll wait it out, and you have to kind of dig both, I think, into your heart, into your mind and think to yourself OK, is there going to be any regrets? And developing some sort of regret minimization framework I think is important and so, yeah, we just I think we don't time the market specifically, but I think I think it's been a somewhere I'm like really deeply exploring what's going to be the biggest outcome for me and what's the risk reward ratio here, or the risk adjusted return, of making this specific decision.

Speaker 2:

That's great and it sounds like a very logical way to look at it. When you get a lot of money put in front of you, go like do I want to take this or not? Yeah, I think maybe Buff buffett buffett said something like that, didn't he? When? When people are greedy, be fearful. When people are fearful, be greedy.

Speaker 1:

It's one of buff, one of buffett's things totally and like now, you know, as you know, in the amazon space, the amazon space has been compressed right margin compression. Everywhere everyone is fearful, and I think now is when you have a lot of brand building happening and you have because it's not going to be in the dumps forever. This space is not going to be in the dumps forever. Like, e-commerce is not going away right, the market share of e-commerce isn't going away, amazon's not going away, and so to me, I think there's a massive opportunity, especially as everyone's fearful in the space, to make a whole lot more money in this space okay, yeah, totally agreed.

Speaker 2:

Things always bounce back, which is, yeah, you see it, you see it happening in different markets, don't you? And you're like, ok, over there, I see that's definitely going to come back. Then, when it happens to your own, you see all the fear and you're like I'm not sure. And I think that's the whole human condition of seeing something over there it seemed. You know you can easily read someone else's situation, but when it comes to yourself, it takes a lot more, like you said, to be like logical and think about is this really going to happen to me in the same way? All right, diving into Prophecy, which I am super interested in Dynamic pricing for brand owners, whether it's private label or you know, bigger brands or brand owners. Like, what brought you to here and what were you doing previously that made you think this is the next step?

Speaker 1:

Well, so after I sold Stubana April of 21, I worked in transitioning the new company and then I resigned in October and I started getting antsy and thinking about purpose and where am I going to deploy my efforts? And I started just working back in my e-commerce business Like it was just keeping me busy. Right, I have a child. I spend a lot of time. I spend a lot of time during that time hanging out with my son. But I was like I need something to like do outside of just going to the playground. Like what's my playground? My playground is like is business? It always has been.

Speaker 1:

So I started working back on my e-commerce business and a lot of the people out there in the space were like, well, you need to get better at PPC, so you need to learn PPC skills and you need to optimize your listings and all those things I started doing and I wasn't seeing progress from it. I wasn't seeing the gains from what everyone was saying I should be doing. So one day I'm in the backyard, I'm in Miami, I'm staring at a palm tree and I'm like what is the single biggest lever to drive growth? It's price. Why I have 550 private label products. Why do we never change price. And why is that the case? And then suddenly I was like well, what if we change price? What's going to happen? And so then you have gurus online saying just raise your price 10%. And that's not always the optimal decision on Amazon. Why? Because there's a second order of consequence. There's a knock-on effect, because if you change your price, it affects your discoverability.

Speaker 1:

Now, it's not always easy to figure that out Is the optimal decision to increase price or is the optimal decision to lower price? It's hard to figure that out when you're just using brute force and just manually changing it and there's so much data to collect. So initially I was doing this manually and I'm testing and I'm seeing tremendous outcomes from what we're doing. And then OpenAI came out and I was, wow, okay, machine learning is at a place that is leveraged appropriately. With the amount of investment that I could invest in this, I could essentially become like the Uber surge pricing for Amazon brands right, sort of like what Expedia has or what Airbnb has, which is called smart pricing. We can do that, and we can do that for Amazon private label brands, because there's all these other reseller pricers out there, but nobody has actually figured out private label. So how do we match customers' willingness to spend with the value that you're offering on the marketplace and consuming all the different signals ingesting that? That's how we came up with PropSoup.

Speaker 2:

Awesome, and I guess if you could talk a little bit more about how you tested it and then what kind of results you're seeing now based on this kind of pricing optimization.

Speaker 1:

Yeah. So a couple of things. We first started off with a spreadsheet, so the spreadsheet was on a specific ASIN, so every tab had their own ASIN and every day we would go in and we know our intention for this to you. So we were trying to maximize profitability. We've been under a lot of profit compression as a business and getting attacked on our P&L across everywhere. So I was like, okay, how do we make changes in a safe way, in a smart and conscious way, without hurting our ranking position, but that maximizes our profitability? So every day we would essentially look at price change. We would look at what happened year over year Last year. We'd look at impressions, conversion rate ad spend.

Speaker 1:

We then also were scraping our competitors. Think about doing this for 550 stews and doing this manually. It's not even scalable. So that was the aha moment. First of all, we turned the business around tremendously. We went from losing $40,000 a month to now making $20,000 a month, and that was just the beginning. And I was like, what if we can do this and we build, instead of a guesswork around pricing, we build a framework and use machine learning to help people make money in the fringes and that's how Prophecy was born. Yeah.

Speaker 2:

Awesome, cool. So you're changing the pricing and then optimizing towards a certain BSR or maximizing profit, whatever you choose um, yeah, I mean there's a lot behind it and I'm happy to share.

Speaker 1:

Screeners even talk through like how we, how we do it? Uh, because there is an art and a science to it. It's not just like, hey, we.

Speaker 2:

So essentially, I'll share with you. I don't know what, uh what data points you're bringing in. That'd be really cool, totally.

Speaker 1:

Totally yeah. So also, you'll hear audio. I'll try and make it so that you can like follow along on audio as well. So brands on average see about a 10% lift in profit in the first two months. On average Sometimes it's 20, 30, 40, 50. I mean, we've just slammed it for many people, but on average it's 10%, just to set expectations.

Speaker 1:

Now, if you look at, this is actually an icon in the space Mina Mina from Trivium.

Speaker 1:

He has a brand and so we took on his brand. And if you look at this graph so for those that are listening in, I'm showing a graph that has a red line of profit of this year and a blue line of profit last year and below it is our price changes. So when you see that the red and the blue line are not correlated together and they're going in opposite directions, you see that those profit gaps are the ones that we've delivered real profit, and the larger that gap, the more widening over time, the more money we've made for this specific brand. And so you can see that we started dynamically rotating price here and you can see that when demand starts to increase, we start to increase price and then, conversely, as demand decreases, we decrease price and as we find more pricing power, we start increasing price and you can see this process unlocked for Mina right, the opportunity that we've maximized for him, which is where we've exploited the mispricing that exists on Amazon, on the platform.

Speaker 2:

Now, for those listening as I open the next tab, so just to ask you a question on that one, chad going back to the last one, okay. For anyone listening at home. There's a couple of big jumps in pricing increases there. So using Prophecy, did you basically figure out that you can increase pricing by like $10 a unit over time? Is that what's?

Speaker 1:

happened to you. Yeah, this is a seven-figure capture of profit, it's a pretty big one. And then I was in a share. Then the next person would say, listening in, well, what happened to his ranking position? Or what happened to BSR? And so if we pull up his actual, that was his catalog performance. But like, let's just share one ASIN. You can see here on this graph, let's actually go to all time using this TIPA graph. So everyone, for those listening in, the green line is your ranking position on TIPA on the ASIN, on the product detail page, the pink line is his price and so you can see, over the course since he started this product in 2020, he rarely changes price.

Speaker 1:

Like most brands on Amazon, they've been told not to change price or very rarely change price, or maybe run a deal here or there and you can see he launched Prophecy.

Speaker 1:

We started doing AI dynamic rotational pricing within the boundaries that he set up. So, by the way, there's totally a lot of configuration that you can set up in our platform to enable the system to operate in the way that you want around pricing with floors and max prices, et cetera, but what I'm showing here is dynamic rotational pricing. So pricing now is no longer stagnant, it's now dynamic. It's rotating over time and look at the ranking position it drops. Look at that massive drop and you can see what happened to his BSR stayed even with the price increase, stayed flat, so with no impact discoverability, and this is just because he was pretty much under optimized on his product. Now this doesn't mean that this product price becomes a price forever. It also means that as demand perhaps drops over time, or maybe there's a change in BSR or maybe your competition makes the change the pricing has obviously come down a little bit over time, but this is a massive seven-figure capture of profit where he was just leaving money on the table and had no idea.

Speaker 2:

Oh, that's super, super cool. And just for the question I guess is like when they were sitting within that range of price, did they just go oh, screw it, we'll unlock Prophecy to figure out what it can do? Did they make a strategic decision to massively increase price? How did they, with the software, figure that out?

Speaker 1:

So well, let's go into just like how the software figures this out. I have many other results I can share, but we'll start there for a second and then we can expand upon it. The way that Propsy works is that we ingest in your data. You go and you click a button, we connect your Seller Central account. We go back two years of data. We're pulling in all your seasonality. We're pulling your prime days, calendar, flagpole events that have happened Mother's Day, father's Day, all the patterns that exist, and we supercharge that in our platform. We also take in your sessions, your conversion rate, your ad spend, your ranking position, and we're already pulling in tons of transactional data, along with your advertising API. We're pulling in all your ad data. Now the next thing that we do is we actually go and we do a reverse ASIN lookup for all your SKUs that we manage for you, and what that means is we go out and find your competitors, all your threats for specific keywords. We pull those into our model as well. So now we're collecting and unlocking the price point of your competition, their ranking position, their BSR rank, and we enrich it with their velocity and their revenue. So now we're fully informing our model about what's happening.

Speaker 1:

So the next step after that is well, we now have all that data, but there's one other thing that's missing. So, as this example here that I was sharing with Mina, he never changes price. And so if you never change price, imagine if you go on Netflix or you go on Instagram and you never watch a video you never connect with anybody, you never dwell on, you never watch a video, you never connect with anybody, you never dwell on a comment or a video that the algorithm wouldn't know what to serve you. In that same way, prophecy doesn't know how Amazoncom is going to react to price changes. We don't know how your competition will react to price changes. We don't know how your customers are going to react. So we need to essentially price test at scale, changing price, and we do it on a small incremental level of a negative 5% to plus 5% bound. And so we make changes to price for the first 30 days to see how Amazon, how competitors, how customers react for the first 30 days, to see how Amazon, how competitors, how customers react. Then we take those learnings and then we go into what we call the optimization phase, which is when we put the optimal price point to the market.

Speaker 1:

So we're trying to really maximize the opportunity here. And that's precisely what we do. Yeah, so we essentially are implementing those price changes, we're really trying to arbitrage the mispricing that exists in the marketplace and we rinse, we wash and repeat. So in the second month we are essentially meeting with the client, showing them the results, how, and, by the way, our model improves over time. So, unlike humans, you make a mistake, sometimes you revert back to the mean and you normalize back to those same mistakes you've made in the past. We are learning and evolving and self-improving and the model actually gets better over time.

Speaker 1:

But we are probably one of the I would say like the only software in the Amazon space that actually doesn't just help you become more efficient, but helps you become more effective, actually doesn't just help you become more efficient, but helps you become more effective. And so that's a very important delineation that I'm making, which is the fact that most PPC softwares give you a PPC software and you're like. They're like hey, yeah, go out there and go spend and track your ACoS Prophecy is actually not only obviously doing the price optimization for you. We are essentially delivering you a result, measuring performance, showing you that performance. We have a 3x ROI guarantee, which means we're putting our money where our mouth is. Yeah. So 3x meaning if you put in $100 into our platform, you're going to get $300 back and we guarantee it. And if we don't deliver it, we keep working for free until we do.

Speaker 2:

Okay, I mean, maybe I'm struggling to understand it, but is there any disadvantage? It seems like an absolute no-brainer to just plug it into your account and turn it on.

Speaker 1:

No, I mean, that's the goal is. We want to make it a no-brainer, we want to help people become more effective. Too much right now. I mean, even before I started Prophecy, I was looking at these dashboards. Everyone's overwhelmed with data, and sometimes data can be a disadvantage because you're just over-analysis, paralysis, you're just stuck with all this data and you're like what do I do with it? You can still be, just because you have a tool, you can still be a fool. And so for Prophe, for prophecy, it's like we not only give you the tool. The tool actually is delivering your results. We're measuring the impact and the improvements, identifying strategies and tactics to actually help you perform better, and then continuing and deploying those to the market I mean I love it, I.

Speaker 2:

Is there any potential downside? I mean, this is the question I would ask you. I'm playing devil's advocate here, because this is the question I would ask if I was talking to you about it.

Speaker 1:

So I mean, if you think about it, a few things. One is people have never changed price, and so our model does need to be trained. Over 30 days, if you are selling on Walmart or Shopify, or over 30 days, if you are selling on Walmart or Shopify, or if you're selling in big box stores, it becomes a little more challenging because you're essentially a slave to those prices.

Speaker 1:

And there's something called channel conflict, which is real. Some people would say well, what if I have a price parity issue or a competitive threshold is reached? I'm just literally I'm like straw matting my own software here and I'm providing you my responses that's good.

Speaker 1:

so if a competitive threshold or price parity is hit inside of amazon which nobody knows nobody really knows what their competitive threshold is on amazon hey, we actually find what that threshold is. And if we do hit it and there's a suppression that happens in the buy box, we automatically reset back to the original price like immediately Right, Perfect. So I would say like the bigger challenge is like big brands who are sort of held hostage by Target or by Sephora or by other big companies and they can change price.

Speaker 1:

That becomes someone we can't actually really work with, unless essentially we're only testing higher prices on Amazon. So the min price becomes the target price and then we can only test above the min price. Yeah, that makes sense.

Speaker 2:

So is there a certain size of seller that makes the most sense, that needs to be doing a certain amount of revenue.

Speaker 1:

So we initially started we had a half a million dollars of revenue on Amazon annually as the baseline. As we've started to spend and grow, we've actually opened it up to even smaller sellers, but there are eligibility requirements.

Speaker 1:

So if you go to Prophecy, you'll see that we're driven based on the amount of ASINs that we manage and the amount of revenue. It's a flat base price. We're not your partner around here to take a percentage of your revenue. It's a flat base price. But when you connect into Prophecy, we will do, essentially, an eligibility review. What that means is which SKUs are eligible for us to actually work with on the platform, and so those requirements are we need at least three to five units sold a day.

Speaker 1:

And we need three months of data of history. That's for the profit model. Now we have other models. We have a profit maximization model that helps you make more profit, which doesn't impact your BSR, but then we have a velocity model, which is really about targeting velocity and ranking BSR, and that doesn't need any doesn't have any eligibility requirements.

Speaker 1:

But yeah, so essentially we go up and down the spectrum, like our biggest client is doing probably around 40 or 50 million on Amazon and then our smallest client is smaller. They're paying us $100 a month and our pricing is public and, again, happy to share this with anybody that wants a demo, happy to give you a personal demo and even audit some of your pricing if interested.

Speaker 2:

I mean I love it. I think I mean it's a no-brainer.

Speaker 1:

Yeah, Now there's probably another interesting piece to what we built that I'm happy to share, which is the idea that this is more advanced. But so we started off doing price, and pricing itself can make you 10%, 20%, 30% more in profit. Now there's a big, big unlock that we discovered after only getting our hands dirty, really dirty, and that was around PPC, yeah, so super interesting.

Speaker 1:

So pricing dictates spend, and so, for those that are kind of following along here, I'm going to share my screen again, just to give an idea of what this should look like. So what we discovered is that 50% of a brand typically sometimes 60, sometimes 40, right, it depends. But 50% is driven based on PPC, spent ad spent. And so what we discovered is that if you actually change price let's just use an example If we increase, price for those listening. Let's just say we take a garlic press and we go from $25 to $30 for the garlic press.

Speaker 1:

That's a 20% jump. That means that now your ACOS could change because you've opened up your margins to be able to spend more to acquire a customer. So now your ACOS, which most people have an ACOS target, but that ACOS, first of all, is based off of revenue. Revenue is price times units. So we now increase your ACoS 20%, which is counterintuitive. Most people don't change their ACoS, but let's keep this example going. All other things remain consistent right.

Speaker 1:

The landed cost remains the same. The referral fee goes up on Amazon because your price went up, so Amazon has a steeper take rate. Your FBA fee remains flat and right away you see your gross profit increase 60% and your contribution profit, which is after your ad spend, increases 100%. You double your contribution profit. So your ACoS looks worse If you're using an agency that's managing to an ACoS, your ACoS, actually looks a whole lot worse, and so does your ROAS. But your profit the heartbeat of your business has doubled your profit on your ad spend.

Speaker 1:

as a metric of efficiency, has increased 27%. As a metric of efficiency, has increased 27%.

Speaker 2:

And so to me this is so, so important that nobody is actually doing this because nobody wants to manage the profit in this space.

Speaker 1:

Everyone wants to just use a waxing number, and they use that number as a gospel metric, as if they're performing very well, and that's just not accurate.

Speaker 2:

Yeah, no, I love it. And um, what comes to mind immediately when you share this is that, like this, you know, prophecy plus ppc management, plus listing optimization is that the holy trifecta? Because too many people I mean too many agencies that I see don't focus enough on listing quality while optimizing for ACOS, for example, whereas you double your return on ad spend, if you just double the conversion, not just, but if you double the conversion rate on your listing Totally, that's amazing. I love it.

Speaker 1:

Yeah, it's pretty cool, and so we'll give to agencies. We'll give them where price is going so that they can actually optimize their own ad spend, like if you have a brand manager in a house or if you're using somebody, and then some people don't want to manage the ad spend, don't want to manage the profit. We've realized that by talking to agencies. Agencies are like hey, like we'll manage to an ACOS, that's our job and we won't go further than that.

Speaker 1:

And if that's the case, we'll start managing the ad spend if they don't want to do that specifically.

Speaker 2:

So it says price and just looking at your site now, so when you talk about price and ad optimizer, is that software based or is that like an agency component?

Speaker 1:

So we have the price. And then we have the price and add optimizer. Those are softwares but, we're not going to actually do the. Our software doesn't actually will give you the where the spend should go at a specific price point and where your bid should go for a high performing uh keyword, but we don't have a software that that will essentially automate that for you and so we have a service that we launch.

Speaker 1:

So there's two types of brands right, one that has a brand manager or an agency that they're already using. If so, we can work directly with them with our software and tell them where their spend should go at a specific price point.

Speaker 2:

If they don't want to do that, then the next step is like well, we're happy to manage your ads for you and harmonize and unify price and ad spend to unlock these non-linear gains that you would have never had before. Yeah, I love it. I mean, I literally think it's no-brainer. So, uh, if you're listening, you should uh go and sign up and check it out. If there's any downside, awesome anything else that anyone should know about prophecy before we move on to the next section I don't know, I think I think we covered it in a lot of detail.

Speaker 1:

Of course, I'm happy to share all of this. You can personally email me at chat at prophecycom. I'm happy to support you if you have questions For me. My mission, specifically as it relates to e-commerce, is to leave this industry better than how I found it, and so, whether it's Prosper Show, whether it's Ubana, whether it's Prosper Show, whether it's Yubana, whether it's Prophecy, I just keep on coming up with these new ways of really innovating and trying to deliver what people need in our space.

Speaker 2:

Yeah, and I think you have here. I think it's a great tool, awesome, thank you All right, moving on to the next part of the podcast, and we've run a little bit over, but I'm sure people are still listening or watching, because you know this has been super in-depth and really good. Um controversial take. So here's where I ask you what is your most debatable or controversial opinion related to amazon or the e-commerce industry?

Speaker 1:

well, I think I shared a little bit about pricing. I think this is, I think, number one. I think pricing is controversial. Uh, I think a lot of people are misinformed around price in our space and most people are guiding you to what benefits them specifically, right? So if you're an ad agency and you're taking a percentage of ad spend, there's some sort of misalignment there, right, because it's incentivizing the wrong behavior, because it's incentivizing the wrong behavior. And then if you're also in the space selling software around keyword optimization for your listings, there's a back-end benefit there, I guess, is the right way to say it.

Speaker 1:

So what I've realized is that pricing which nobody talks about, unless you just tell people to raise your price 10% that I've seen in the space is just a really, really bad decision. Right, it's actually so. That's. I think that's one hot take is that people are being misguided around price because of misinformation, because fear is contagious, but like fear without data, of course, that's. The problem with fear is that it's always grounded not in reality, right, because nobody's testing anything and no one's spending a lot of time thinking about price either. And so I think that's one controversial take is like, hey, you can change your price as long as you do it and you embrace data, you can change price. Your rate won't plummet, as long as it's conscious and smart price adjustments. In order to do this, you need to be equipped with knowledge to make data-driven pricing decisions, and that is what alleviates the fear. I love it.

Speaker 2:

Thanks, Chad. All right, If anyone wants to contact you and learn more about Prophecy, follow you on the internet. What's the best way to reach out?

Speaker 1:

Yeah, so, as you mentioned, I'm pretty active on LinkedIn and Twitter. It's just Chad Rubin. I actually think that my Twitter name is. It's Chad Rubin, that's my handle. If you want to just reach out to me directly, I'm at Chad, at Prophecycom. That's P-R-O-F-A-S-E-Ecom, and the reason why it's called prophecy is that the word prophecy is a biblical word and it's that you can predict something that's going to happen in the future at some level of certainty. So prophecy. So we're predicting that we can make you more money through price changes, and that's the prophecy that we're fulfilling. Hence the name prophecy. Of course, prophecy is a play on words too Profit. You could see P-R-O-S profits. You could see. So a lot of thought given to that, given to the name, even though a lot of people misspell it.

Speaker 2:

Yeah, with a P-H.

Speaker 1:

Yeah, I mean, you wouldn't believe the different spelling errors that happen, and so it's uh, and so feel free to email me or even check out our website, and I'm here to support you if you need anything in the community.

Speaker 2:

Love it well thank you so much taking the time, chad. I know you're a very busy guy and to everyone listening on this, to this podcast, um, go and check out prophecy p-r-o-f-a-s-e-Ecom, check out the demo book in with Chad. And, yeah, if you like this episode, wherever you're watching it, please like, subscribe and rate it. The more you rate it, the higher we go up the ratings, just like Amazon. So, chad, thanks so much for being here and see you again soon.

Speaker 1:

Thank you for having me. Thank you, bye, everybody.

People on this episode

Head Shot

John Cavendish

Host