If clients don’t see the value in what you do for them, they are going to constantly think that your prices are too high.
You know that the work you are doing deserves a premium price. But the client doesn’t know that. They probably don’t know anything about your job.
You need to communicate the value of the work you do to them.
You can watch the video here.
Here are 3 things you should be doing:
#1 - What is the client’s pain?
What pain is the client currently facing. What challenges or problems are preventing them from running their business efficiently or getting a high profit?
What problems might they face in the future if they don’t take action?
Research has shown that human beings are more motivated by the avoidance of pain than we are by the attainment of gain.
The better you are at explaining the current and potential pain to the client, the more likely they are to find value in the solution that you present to them. If they fully understand the extent of the pain and the consequences that could be about to hit them, your solution is going to seem so much more appealing to them.
The more desperate the client is for you to solve their problems for them, the more willing they are to pay a higher price.
#2 - Quantification
Put a number on that pain.
Will they get penalties for non compliance? How much could these penalties cost them if the client doesn’t take action. What is this going to cost them?
You may highlight how much time the client is currently losing by doing all the bookkeeping, payroll or tax work themselves. Your solution is going to free up their time. Tell them how much time it will give them back.
When you quantify with numbers, it becomes more real. The more real and tangible the pain seems, the more value they will see in your solution.
Sometimes these numbers will be guesses or estimations - that’s fine. A best guess is much better than not giving a number at all.
#3 - Focus on the end result
What will the client’s life look like after they have hired you to do the work?
If you take on their bookkeeping and it frees up the client’s time, how is that going to affect them? Perhaps, they’ve been working on Saturdays to keep up with their books and they are missing out on time with their family.
Explain the benefits that the client will see once they hire you. That client will be able to spend time with their family again, they won’t be as stressed, they won’t be as tired.
The more we focus on the outcomes and end results, the more value the client will see.
If you need more help on this topic, I run a free monthly online training session where I go into more detail on subjects such as this and take people’s questions as well. Click here to register and I’ll send you an invitation to the next session.
And if you would like to join a community of like-minded accounting professionals learning to value price more effectively and confidently, then you can join my Facebook Support Group here.
Wishing you every success on your pricing journey.
Chartered Accountant, public speaker and author of Amazon #1 best-seller, “Effective Pricing for Accountants”
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