Why Follow When You Can Lead?
Don’t blindly follow the status quo. Simply because something appears logical, doesn’t mean it’s right for your accounting practice. Instead choose to take initiative, even if it’s contrarian.
Doing what everyone else does may be the easy approach. But, you may end up trapped with an accounting practice which runs you instead of you running your practice. Over time, what initially started off as a dream practice burns you out.
You may wonder what this has to do with value based pricing. Well, there’s more to it than simply setting a price.
Value based pricing includes three core factors:
1. Define. Identify your ideal client.
2. Determine. Clarify their problem.
3. Develop. Design solution-focused packages.
As you can see, your packages aren’t about the ribbons and bows. They’re designed to solve your clients primary concerns. Consider which various services and tasks you want to bundle together. As a result, you remove scope creep since clients know exactly what’s included.
In fact, well thought-out packages strategically separate you from other accounting firms. How? Rather than offer your clients tasks and ala-carte services, you discuss outcomes and solutions. Once you follow this strategy, enrolling new clients becomes easier. This approach highlights your value. Price, at that point, becomes secondary.Don’t blindly follow the status quo. Simply because something appears logical, doesn’t mean it’s right for your accounting practice. Read full post. #getpaidwhatyoureworth Click To Tweet
Find Your Core Values
During an informal staff meeting with his employees in 1997, Steve Jobs talked about marketing in a novel, fascinating way. He claimed even the package design needs to elevate the customer experience. According to Jobs, your values influence your marketing. The world is a complicated and noisy place. Find ways to stand out and get noticed.
Apple’s core value embraces innovation. People with passion can change the world for the better.
Its ‘think different’ marketing campaign recognized the people who changed the world and thought differently. Job’s noted, Some of them are living, some of them aren’t. But the ones that aren’t, as you’ll see, you know that if they ever used a computer, it would have been a Mac.
State Benefits, Not Features
Don’t simply slap a bunch of your services together, then call it a package. Give careful consideration to what’s included in your packages.Don’t simply slap a bunch of your services together, then call it a package. Read the full post. #getpaidwhatyoureworth Click To Tweet
By the way gathering data and numbers during the introductory consultation, isn’t the most important factor. Those details matter more to you than to your potential client.
Consider skipping those details during the first meeting. When you meet, focus the conversation around them. Your interest in them is very client attractive.
When you ask great questions, it’s possible to enroll a new client into your package without being salesy. Focusing on them tips the odds in your favor that they’ll hire you.
By the way, most accounting professionals naturally emphasize features. They talk about the services they offer.
Which services do you discuss?
- Monthly reports
- Bank reconciliation
- Payroll services
Go ahead and put yourself in the clients seat. Consider what’s important from their point of view. The features aren’t the most important consideration.
The Main Act
Features are like the roadies in a concert. They set the stage, however, no one purchases a ticket to watch the roadies set up.
The main act is the benefits and outcomes. That’s what your clients crave to know about. If they believe you can solve their biggest challenge, then they’ll sign on with you. Therefore, benefits talk about your client’s key problems and the value they receive.
What benefits do your clients receive?
- Insights to improve cash flow.
- Recommendations to strengthen the profit margin.
- Reduced tax bill.
Client attractive packages emphasize outcomes rather than features.
Yes, they need to understand what’s included. However, they invest in solutions.
Systems Liberate You
Review all the services you offer. Then break them down into different stages with concrete outcomes.
This starts to define your systems. As your business expands you can replicate the processes. Teaching your team the same processes frees you up from the day to day work. It’s a highly strategic way to scale your business.
The Center Stage Effect
Ever heard of the center stage effect? It claims people typically choose the middle option when given three choices. It’s why so many businesses offer three types of packages.Ever heard of the center stage effect? It claims that people will choose the middle option when given three choices. Read the full post. #getpaidwhatyoureworth Click To Tweet
More is not better. Too many options causes confusion. With two choices, people will choose the lower option. A single choice forces a yes or no decision.
Design Your Packages
Your packages ought to be progressive. Think about the American Express credit card. They offer three options – green, gold and platinum.
- Green. The green card offers the basic services and targets price sensitive clients. The sign-up bonus and bonus categories aren’t available with this basic, no-frills card. You receive one point per dollar spent. It’s annual fee is $95.
- Gold. The gold card has all the capabilities of the green card, plus some additional services. You earn 2 points per dollar when shopping at supermarkets and 1 point per dollar for all other purchases. It’s annual fee is $160.
- Platinum. The platinum card provides everything the gold card does and offers some unique services in addition which are targeted toward its premium clients. Annual fee is $450 and sign-up bonus is 40,000 points with 1 point earned per dollar spent on all purchases. There are additional perks too: a $200 credit toward airline fees and elite status with Hilton and Starwood properties.
Value, Not Price
As the center stage effect shows, most customers choose the gold card. The center stage effect works best when your communication is clear and specific. Well-designed packages often sell themselves.
Remember to weave your core values into your packages. Once you create packages, you can enroll new clients who value your services and happily pay your fees.
Ready to design your packages? Follow these recommendations to earn more and enroll high value clients. Right NOW claim your FREE RESOURCE to grow your bank account while lightening your workload.