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Mark Wickersham (UK):
The Value Pricing System
In this post I want to share why it’s #2 Hourly rates increase payment pain
This is to do with what behavioural
economists call saliency – or payment pain. A good example is from the
taxicab industry. In the old days, when we jumped in a taxi – a black cab in London, or a yellow taxi in New York – we’d sit and, as the journey progressed, however much we tried to avoid it, our eyes would be drawn to the meter. And, as we watched it
ticking up… up… up… it would create anxiety. It would create stress,
because we’d know the journey was costing us. Well, that’s exactly what we do to our
clients when we quote an hourly rate. If you have a meeting with a client, it
should be an enjoyable experience for them, one in which you add lots of value. But, instead of paying attention
to all the benefits you can bring them, if you’ve quoted an hourly rate they’re more likely to be looking at their watch thinking, “Aren’t we done yet? This is costing me money.” To be continued (More of Mark!) Better pricing = higher profits
If you have a service business, you can
earn much more from this series. Also, Mark runs a programme called
Price Consulting, and he teaches
accountants/bookkeepers how to help their customers with their pricing. Thank you for the positive response to
posts on this topic and the action taken. Please tell your friends!
Those links again:
The Value Pricing System
Effective Pricing for Accountants (book)
The Power of Price Psychology
Monthly Mentoring
The complete guide to menu pricing – NEW!
(video training programme) How to build a successful bookkeeping
business (book) How to build a successful bookkeeping
business (video training programme) Grab them NOW and claim the true income
that you earn!
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