Value pricing is all about coming up with a price based on value. But before you can do that you need to find out what your clients actually value.
After all, if you don’t know what they value, how can you possibly give them a value-based price?
Everyone values things differently. You need to find out what your clients find valuable so that you can build it into their package and give them maximum value.
You can watch the video here.
If you want to find out what your clients value, here’s what you do…
It’s that simple.
Once you understand what is important to your clients, what they value, you can then build those things into their solution.
You can communicate those things better when describing their solution so they really see the value. If you communicate it effectively and help the client to understand the value of your solution, they will be willing to pay the higher price.
You can, and should, charge more for highly valuable services. And, if you charge those higher prices it actually gives us more resources to deliver on those value promises.
You need to ask your clients the right questions.
For example, you may want to know how important it is that the client works with the senior partner. If they say they find it very important, then you can charge a higher price for the privilege of having the senior partner as their liaison.
You may ask them if they simply want their compliance work doing, or if they would like business advice. If they find business advice really valuable then you can make sure you build that into your service and then increase the price.
Now, you need to consider at what point you ask these questions.
If you have a brand new client, it is useful to ask these questions straight away so that you can build value into their packages from the outset. You could create a questionnaire that you make them fill out before you even meet them. Or, you could ask them a series of questions in your first meeting.
Alternatively, with clients that you have already started doing work for, or completed work, you may give a feedback form to fill out and ask them to highlight which parts of the service they value the most and what they would like you to add to the service. You could give them this feedback form at the end of every project, or at the end of every meeting, or you could make it an annual thing.
The key thing is to focus on finding what your client considers important. Determine what questions to ask, then put some systems in place of how and when to ask them.
Then create 3 packages. Guide them towards choosing the middle option by including everything they said they found valuable in that option. Charge a high price for this service because it is going to be incredibly high value to the client. If they can’t afford that, they have the option of the lower package.
Cloud Pricing is a great tool for systematically finding out what a client values, adding it to their package and calculating a higher price. If you would like to learn more about the Cloud Pricing software, you can click here.
If you need more help on this subject, I run a free monthly training session online. I teach topics such as this one and you can ask me questions too. Click here to register and I will send you an invitation to the next session.
And if you would like to join a community of like-minded accounting professionals learning to price more effectively and confidently, then you can join my Facebook Support Group here.
Wishing you every success on your value pricing journey.
Chartered Accountant, public speaker and author of Amazon #1 best-seller, “Effective Pricing for Accountants”
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