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Mark Wickersham (UK):
Historically the accounting profession
has always given clients credit. It may be 30 days. It may be two months. But we give credit. I don’t know why. Perhaps it’s that we
are in the service industry and feel we should. But guess what? Behavioral economics
says it’s not what customers want. They actually want to pay upfront. And it makes sense for you too. How it helps your clients too
But it’s not just about the benefits to
you – which in truth are pretty obvious. It’s also about the benefits to your
clients. Again I believe there are four: 3. The timing effect
This is another behavioral economics
factor. It concerns the fact that the bigger the gap between the date of making the payment and then enjoying the product or service then the more the customers enjoy the experience. Take your annual holiday for example.
You usually book it early and pay a
deposit, paying the balance a few months later but certainly before you go on holiday. The payment is complete. It means you
enjoy the holiday. Just think of it in reverse. If you
relaxed on that holiday but on the last day all you think isn’t “Wasn’t that a great holiday,” Instead it’s “I’ve still got to pay for this”. Now you think twice about booking a
holiday for the following year because it feels expensive. You’ve been put off. It’s the same with any product or
service. If you have to pay afterwards it hurts. 4. Reducing the pain further
By letting clients pay by monthly
recurring payments brings together both the benefits of timing and saliency. It helps the client manage their cash
flows better the same way as it does yours. It goes under the radar and is less noticeable coming out of a bank account. NEW programme from the MASTER! What you will learn
Here are some of the things you will
discover and master: Your 3 strategic pricing options,
The 2 critical decisions you must make
when building your pricing strategy, The importance of little things and how
they can help you charge 20% more, The fundamental problems with
time-based pricing, What accountants are really selling…
and how that transforms your thinking, Why fixed pricing is not value pricing…
and why this holds some accountants back, 7 different ways of pricing more
profitably, -And much more
Starting with the foundations, you will
soon move onto strategy and then the 7-step “fastest way to double profit” formula. Your Pricing Journey (video training programme)
Click here:
CHECK IT OUT NOW (or remain underpaid for work!) (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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