As promised, I’ve been developing a Resource Kit for you. And I now need your help…
You see, I’m not the kind of person who can develop ideas in a vacuum, sitting in front of my computer.
Instead, I feed off the energy and enthusiasm of others.
So here’s the thing:
I’ve got elements of this Resource Kit strewn across my computer. And I figure that the only way to get the various parts put together is to make it into an event.
So we’re going to turn this into a virtual “Value Pricing Resource Kit Building event.” This is how I see it working:
We’ll schedule 75-90 minutes of time for a web-based group gathering, using GoToWebinar. Then I’ll show you the material that I have put together so far on the principles and best practices of pricing based on value, rather than erroneously on other misleading factors.
Then, I’ll need you to tell me, what else you need to know to apply this in your business.
Fair enough? And we’ll build this thing together.
So, I’m thinking we do this on a weekday at 10am Pacific; that way, folks in Europe stand a better chance of participating.
To get the ball rolling, go to this blog post and post a comment to let me what you think of this idea. And while you’re there, let me know what challenges you face around pricing. Maybe mention so of the approaches you’ve tried. What has worked? What hasn’t? What has really backfired?
When it comes to pricing based on value, rather than erroneously on “what the market will bear,” or “hourly,” what are the challenges you’ve run into? What approaches have worked for you? What hasn’t worked?
Hi George,
I became very interested in value-based pricing after reading about it in Allen Weiss’ book: Million dollar consulting.
The only reservation I have and it’s really not a reservation so much as a condition for value-based pricing to be successful is it takes more effort on the part of the consultant/coach, etc. to prepare their price.
It means we absolutely MUST know what our prospect wants to get as a result of our work with them. If we know our customer expects to earn an additional $150K in the first year, it’s a lot easier to charge $25k.
We also need to show clearly throughout our strategic planning session and resulting action what we’ll be doing and the the expected benefits of each step.
So there’s a large psychological piece in terms of making our value very clear to our customer.
The other piece which may be the hardest is for each of us to unhook ourselves from our own beliefs about pricing. That it’s not only OK but mandatory that we stop feeling we must price ourselves within what the market is charging. I myself feel pretty challenged on this one.
Overall I love what you’re doing to help businesses like mine understand the value we create at a head and heart level. It’s good for the entire business “eco system” to understand value as well.
Looking forward to moving forward on this.
Judy
Judy,
The biggest hurdles to pricing based on value are lack of self-value, self-respect, self-esteem, self-love, and self-honor.
Only after that hurdle is cleared, can one apply the principles and “best practices” of pricing based on value.
So stay tuned for the Value Pricing Resource Kit. Withe everyone’s input, this thing can turn out to be a lot more useful and valuable than anything one person could create alone.
George
Fees and pricing are a constant conversation among my colleagues and friends. I’d love to hear more on this topic as well as explore alternatives. Thanks for getting the ball rolling on this topic, George!
George,
I love the idea of holding an online interactive event to develop a value-pricing resource kit. This will bring in different perspectives to enrich the value of the finished kit.
One specific area you might like to address is how to work with a potential client to establish the value of the work you are proposing.
Looking forward to seeing how you pull all of this together.
Sam
Sam,
You hit the nail on the head: I need different perspectives to help me to understand where blind spots lie for others and how best to present principles and “best practices” of pricing based on value.
George,
We practice a blend of Flat-Rate and Hourly and I am very interested in learning how to shift more to value pricing.
We provide bookkeeping services and accounting services to mostly construction companies.
Warm Regards,
Randal
Randal,
In my experience, blending flat-rate and hourly can get time-consuming and confusing from your end, in terms of logistics. And it can also confuse your clients, especially if they are not sure if they are being billed flat-rate or hourly for certain services.
Stay tuned for the Value Pricing for Prosperity Resource Kit, which I’ll need your input and help in co-creating; I think it will help you out a lot.
George
George, I am looking forward to hearing more of your comments about having a blend of value pricing and hourly pricing on my menu. My question is a little different than Randal’s. Randal’s question appears to be about offering a blend to a single client. What I’m wondering is what about having the two methods available, but only using one of them when working with a client. I’m thinking hourly may be appropriate for a certain type of client (the less sophisticated, unorganized type) and value pricing would be more appropriate for a different type of client. Ok, I think I just answered my own question. If I get my intake process working correctly, this will be a moot point because I will end up working only with the value pricing type of client to begin with. Yes, change IS hard!
Sari, you cracked me up by answering your own question! 🙂
You are right on: The “best practice” is to work exclusively with higher-end, value-conscious clients!
The Get Paid to Get Clients program is designed to help you to do that. Blend that with value-based pricing, and you’ll set a solid foundation for gaining greater freedom, making a greater impact, and being more prosperous and profitable!!!
George
George
George, I would absolutely want to attend. Only available weekdays for me are Tuesday and Wednesday.
I will cross my fingers. I love your Accelerator Pack!
Love it! Love it! Love it!
Taylore