“You should be raising your price at least once per year. There are some top outs and there's some exceptions to this particular rule, but everything about your price is basically this exchange rate on your value.”
quote is from the automated transcript, cleaned for reading:
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More from Patrick Campbell
Opinion
Campbell: 10x better products are nearly impossible without scientific or regulatory moats
“Innovation, like a 10 X better product is almost impossible in this particular environment. Now, like 1015 years ago, you could build an innovative 10 X better product. Because you were the one that had the special relationship with the supplier in Yemen for t…”
Patrick CampbellNov 16, 2023▶ 23:49Brainstorming Ideas with The $200M Man | ft. Patrick Campbell (#519)
AssertionNot checkable as stated
Campbell: Happiness continues rising up to $50M net worth
“Well, I took it all the way to, I think it's like three to four million a year and the happiness just continues to increase. It's not at the same rate, but like more income and more net worth does bring more happiness. Like I'm not sure where it's going to lik…”
Patrick CampbellNov 16, 2023▶ 36:51Brainstorming Ideas with The $200M Man | ft. Patrick Campbell (#519)
Disclosure
Campbell: Researched and modeled strategies to topple foreign dictatorships
“I get so jacked up about the idea of like toppling a dictatorship one day. I get so excited by it. And I'm like, I'm not even kidding. And I'm like, okay, well, if we go after Cuba, it's going to cost this much because I have this idea and this idea.”
Patrick CampbellNov 16, 2023▶ 46:11Brainstorming Ideas with The $200M Man | ft. Patrick Campbell (#519)
Insight
Campbell: Companies should change something about pricing every three months
“You should be changing something about your price every three months. That does not mean raise your price every three months, but it means, like, changing up your packaging, going up market, down market, changing up an add-on, changing up your discounting stra…”
Patrick CampbellNov 16, 2023▶ 56:21Brainstorming Ideas with The $200M Man | ft. Patrick Campbell (#519)
Insight
Campbell: Freedom-inducing purchases boost happiness more than experiences or goods
“Like the things that we coded that built or brought the most happiness were what I kind of labeled freedom inducing events or freedom inducing Items. So things like a jet, if you can afford a jet and you can fly private, it's not the nature of the jet. It's th…”
Patrick CampbellNov 16, 2023▶ 35:44Brainstorming Ideas with The $200M Man | ft. Patrick Campbell (#519)
AssertionNot checkable as stated
Campbell: Pricing add-ons boost customer lifetime value by 20% to 50%
“Add-ons they're the most underrated, underutilized aspect of all pricing, consumer B to B enterprise. They boost lifetime value by about 20 to 50%.”
Patrick CampbellNov 16, 2023▶ 56:54Brainstorming Ideas with The $200M Man | ft. Patrick Campbell (#519)
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