Pricing in the Digital Age
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The digital age requires you to evolve the tools and technologies you use. With this evolution, the old pricing methods don’t work anymore. In this research-based session, Trent McLaren will share key pricing strategies designed to ensure you thrive in the digital age.
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Pricing in the Digital Age
- 1. Trent Mclaren, Intuit Australia Pricing in the digital age WiFi: QB Connect Password: Connect2017#QBConnect
- 2. Take a few moments to Connect with your neighbour
- 3. 3 Trent Mclaren Senior Business Development Manager @Trent_mclaren Today’s speaker
- 4. Why transform your pricing strategy The issue with time based billing How do other industries value price? Next steps – How do you implement value pricing? Agenda
- 5. Why transform your pricing?
- 6. 6 Source: The Good, the Bad & the Ugly of the Australian Accounting Profession, Rates & Pricing Outlook 2017 Impacts on the accounting profession
- 7. 7 What will have the largest impact on the accounting profession? Between 2014 – 2016, results suggest client fee and regulatory changes are having an increased impact on the profession. The results indicate Source: The Good, the Bad & the Ugly of the Australian Accounting Profession, Rates & Pricing Outlook 2017
- 8. 8 The challenges all firms are facing Source: The Good, the Bad & the Ugly of the Australian Accounting Profession, Rates & Pricing Outlook 2017
- 9. 9 What are we charging per hour on average? Source: The Good, the Bad & the Ugly of the Australian Accounting Profession, Rates & Pricing Outlook 2017
- 10. 10 Source: The Good, the Bad & the Ugly of the Australian Accounting Profession, Rates & Pricing Outlook 2017
- 11. The issue with time based billing
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- 14. Finally lawyers who get it We do not charge by the hour. We do not charge you when you pick up the phone or send you an email. We do not charge you for taking you to lunch or travel time or any of that kind of stuff this is disconnected from the real value of what we do. We invest in long term relationships with our clients, and we measure the value of our services in the same way that you do. We have a lot to offer, and we provide it in the a way that doesn’t hurt. That’s a small part of the Marque difference.
- 15. How do other industries value price?
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- 18. Where do you start?
- 19. The act of modifying something, such as a concept or a tool internal to an organization, to make it suitable as a commercial product. Productize your services
- 20. Start by picking the one service that is a combination of most in demand by clients (their biggest problem) most profitable for you and the easiest to deliver. This will have the best chance of the overused phrase product/market fit and you will likely need to iterate your products and packages several times with each potential customer interaction. – Richard Patey, Founder: Profit Is Good
- 21. 21 When researching companies that sell services like a product, I’ve found there are 3 basic methods: Foot-in-the-door offer (e-book, courses) One-time product / adhoc work Monthly subscription / Fixed agreement Different ways to productize your services
- 22. 22 Break your services into product packages Base this on the scope of work you do for them
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- 25. Next steps… Let’s implement value pricing
- 26. The fundamental aspect of value pricing is that it’s based on value. This means it’s imperative for anybody wanting to value price, must start with a value conversation. If there is no attempt (or little attempt) at a value conversation then you are not value pricing but rather just increasing prices. Andrew Robertson – Decision HQ
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- 28. Price sensitivity is A myth Your clients are value sensitive
- 29. Step 1. Review your revenue streams
- 30. What did we learn? Are you making enough money? What is your most common service? What’s your average fee per client? What could be bundled together? Bundle all of this information together
- 31. Step 2. Move your most suitable clients to fixed fee or value pricing agreements
- 32. 32 Source: The Good, the Bad & the Ugly of the Australian Accounting Profession, Rates & Pricing Outlook 2017
- 33. The people you do business with, most are going to be your best fit clients for monthly / fixed value packages
- 34. Value Pricing is determined by the fixed scope of work agreed upon by both parties. You need to be very specific about what that scope is and anything outside of that scope would fall under another priced agreement.
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- 36. Step 3. Identify and create your pricing strategy
- 37. Decide upon what is your ideal pricing plan. Go ahead and create your packages, ensuring that your ideal plan looks more valuable then the lesser plans.
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- 39. Step 4. Practice, practice, practice……
- 40. Much can often be learned by the repetition under different conditions, even if the desired result is not obtained. – Archer John Porter Martin 1952 Nobel Prize Winner: Chemistry
- 41. Step 5. Never give up
- 42. Questions?
- 43. Trent Mclaren Senior Business Development Manager @Trent_mclaren Thank You
- 44. Missed something? Today’s presentations are available in the event mobile app and at http://www.slideshare.com/tag/QBCAU17 Don’t forget to rate my session: Open up the event app, find my session title in the agenda and click on rate & review
Notas del editor
- This is a sample INTRODUCTION using the 1-Column layout. Placeholder text boxes that appear as part of the selected layout have predefined fonts, sizes and colors. To change the appearance of any line of text, on the Home tab, in the Paragraph group, click Increase Indent or Decrease Indent. The selected text will reformat to the predefined size according to its indent level. Note: Any changes to the color, size, spacing or font in the placeholder text box will break its connection to the Master style. It will no longer automatically conform when switching between layouts or when imported into another presentation.
- The value is the same to client, you’re doing the same job faster.
- Who fits in your A & B Category
- Clients hate surprise bills What ways can you bill: Time billing – in Marks words, that stupid Fixed billing – better way, but still leaving profit on the table. Some clients could be willing to pay more. Value billing - best way, what value do it have to the client, its not the time you spend. Implement menu pricing, offer 3 options
- This is a sample INTRODUCTION using the 1-Column layout. Placeholder text boxes that appear as part of the selected layout have predefined fonts, sizes and colors. To change the appearance of any line of text, on the Home tab, in the Paragraph group, click Increase Indent or Decrease Indent. The selected text will reformat to the predefined size according to its indent level. Note: Any changes to the color, size, spacing or font in the placeholder text box will break its connection to the Master style. It will no longer automatically conform when switching between layouts or when imported into another presentation.
- This is a sample COMPARISON using the 2-Column layout. Placeholder text boxes that appear as part of the selected layout have predefined fonts, sizes and colors. To change the appearance of any line of text, on the Home tab, in the Paragraph group, click Increase Indent or Decrease Indent. The selected text will reformat to the predefined size according to its indent level. Note: Any changes to the color, size, spacing or font in the placeholder text box will break its connection to the Master style. It will no longer automatically conform when switching between layouts or when imported into another presentation.
- Who fits in your A & B Category