I talk a lot about menu pricing.
Menu pricing means that when we are presenting our solution to our clients, we give them a choice. This shows a move into value pricing as it allows the client to choose based on what they value.
We create different packages. You may have seen it presented as Bronze, Silver and Gold packages, or the Good, Better and Best strategy.
I call this menu pricing.
I want to share some tips on how to build up effective packages that will get more clients to buy from you.
You can watch the video here.
#1 - Think of the client’s needs
When creating their packages most people start to just randomly allocate different services to different packages. This is a big mistake.
Because if you randomly assign things to your packages then you are not tailoring it to the clients specific needs. It may turn out that the package in their price range doesn’t give them all they need so they won’t be happy.
You harm the chance of buying if you pack out a package with lots of stuff that the client doesn’t really want. They are not likely to buy that package if they feel they are not going to be making use of all the things in it.
It’s actually harmful to build too much stuff into your bundle. They need to be carefully thought through to meet the specific set of needs of individual clients.
#2 - Add more value
We need to put things into our bundles that the client actually values.
How do you know what your client values? Ask them.
Just ask your clients what they value. What would they want in their ideal package? What more do they want from their accountant or bookkeeper?
When you understand what they really want, you can build that into their package. If you do this really well people will pay more money for the more expensive packages because it has everything they value in it. It’s exactly what they want and need.
It’s a win-win. You get a better price and they get better value.
#3 - Communicate the value of the package
Once you have come up with your perfect packages, you need to communicate their value to the client.
Describe them with a couple of sentences or paragraphs explaining what the package contains and why it is of value to the customer.
It should describe who the package is for, what kind of person needs this package - perhaps an ambitious business owner.
Who is this package for and what are the key benefits. Look at the overall package and summarise it.
This will really help secure the perception of value in the client’s mind and encourage them to buy.
If you need more help on this subject or with anything else to do with value pricing, I run a free monthly online training session. I teach and also answer questions. You can register here and I’ll send you an invitation every month to join the session.
And if you would like to join a community of like-minded accounting professionals learning how to price more effectively and confidently, you can join my Facebook Support Group here.
Wishing you every success on your pricing journey.
Chartered Accountant, public speaker and author of #1 Amazon best-seller, “Effective Pricing for Accountants”
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