Get Better Clients When You Stop Selling
If you bill by the hour, then you’re using an outdated model. Many accounting professionals continue to bill simply because they don’t realize a better method exists. However, you lose money when you base your service on hourly billing and you undervalue your expertise. Consider upgrading your business to a more lucrative and sustainable model.
Value-based pricing solves the billing problem. This model attracts better clients, builds client loyalty and increases revenue. If you’re interested in working fewer hours, while increasing your income, then this is for you.
You may be thinking there’s some kind of trick to this. Not at all. Basically, you don’t need as many clients to earn more money with value based pricing.
Don’t Undervalue Your Expertise
When you consider what your clients want, they expect you to solve a specific problem. Simply put, your firm offers the solution to their problem.
The experience, knowledge, and expertise accumulated throughout your career positions you as an authority. Your specific insight, known as intellectual capital, is exactly what they need. What you know, and your unique way of applying your knowledge, is highly valuable.
Problems rarely get resolved in one meeting or one hour. So why charge for time when that’s not what really matters most to your clients? It causes them to undervalue your expertise.It’s Easy to Undervalue Your Expertise Click To Tweet
Your ideal clients prefer to invest in solutions, not your time. In fact, they will even pay more for fast delivery. People pay premium all the time for overnight shipping. Could this concept be applied to your practice, too?
Offering your services as a package emphasizes the result you deliver.
Lay out the groundwork before you start offering packages.
- Decide who is an ideal client.
- Define the biggest problem you solve for them.
- Determine the solution you offer.
- Delineate how you resolve their specific problem.
- Deliver the results.
Can you clearly explain how you help your clients? If you’re not sure, then set time aside to talk with some of them. Ask your ideal clients what they value most about your service. Expect some surprise answers. Often, what your clients highly value will differ from your values.
After you’ve gathered all the info, put together a package which solves their problem. Remember to price it according to the value you deliver. The hours you work for them is secondary. Time is more of a concern to you than it is to your client. Make sure the price reflects the invaluable expertise you bring to the table.
Yes, it’s a new way of looking at your work. You may initially feel uncomfortable when you present this to clients. The benefits to your practice, however, are tri-fold.
- Clients perceive your firm as a valuable asset and solution to their need.
- Pricing and payment based on value increase your revenue stream with no additional work hours for you.
- Your repeat business, and referrals, grow based on the results you deliver.
Stop selling clients hours of your time. Don’t undervalue your expertise any longer.
The Shift in Client Conversation
The solution lies in your consultation. Don’t shy away from asking great questions. They’re tired of tolerating their specific problems. Targeted questions let them know you possess the know-how to help them.
Remember to focus the conversation on them.It’s Easy to Undervalue Your Expertise Click To Tweet
During the initial consultation you become the diagnostician. Think how your auto mechanic services your vehicle. First your vehicle gets diagnosed, next you’re informed about what’s wrong, and then you give consent before any work is done. Follow this same process.
Emphasize these talking points during your consultations.
- What do they want to accomplish?
- Where are they now and what steps have they taken so far?
- What are the obstacles keeping them from getting what they want?
- What is the cost of remaining stuck? Financially? Psychologically?
- What would be possible if they removed those obstacles?
Most accounting professionals skip these client-centered questions. Instead, they go on and on about how great their service is. That’s pretty boring.
When you emphasize your client’s problem, rather than how remarkable your service is, you’ll stand out. It’s a refreshing approach.
Don’t make the common mistake of talking about your business too soon during the consultation. First, focus on your clients wants, needs and desires. Once you’ve accomplished that, then you’ve earned the right to discuss your services and packages.
Take the Leap of Faith
Value is subjective. So if you undervalue your expertise, then your potential client will do that too.
Set aside some time to fully understand the value of your business. Then, get comfortable sharing those details. This prepares you for a value-based conversation with a potential client. Remember to ask great questions before you offer your solution.
When you sell your time, you undervalue your expertise and skip the important client concerns. By asking great questions, you uncover the exact issues which they want you to address.
Your questions may even uncover more important issues they didn’t even realize existed. Your expertise defines the big picture before you ever talk about your services.
Shift from selling to solving problems. Offer packages which emphasize the solution instead of time. Remember, your clients care more about solutions than time.
Are you seeing how value-based pricing and packages apply to your business? You build a deeper connection with each client. You become a valuable resource to your clients. They value your expertise.The switch from hourly billing to value pricing for your #accounting services separates you from the competition. Plus, your income grows without working additional hours. Read full post. #getpaidwhatyoureworth Click To Tweet
The switch from hourly billing to value based pricing separates you from the competition. You gain authority status. Plus, your income grows without working additional hours.
Don’t undervalue your expertise any longer. Doing it the old way keeps you trading dollars for hours. Discover how to confidently shift to value-based client conversations.
Are you tired of doing work for free because you don’t know how to charge for it? Discover how to increase your revenues without burning out. Right NOW claim your FREE RESOURCE to double your income while working half the time.