Internet Marketing – What is your pricing strategy? -3

Mark Wickersham (UK):
3 key pricing strategies you could
adopt in your business
To grow a successful, profitable
business you have to figure out your
It’s the foundation of your
business so you have to figure it out
pretty quickly.
Fail to do so and you
are relying on just one thing.
And luck doesn’t always go your way.
Of course an essential part of that
strategy has to be around pricing. So
how do you define your pricing
There are essentially three
different pricing strategies that you
could follow:
Option 3 – Default strategy
This is the strategy that most
businesses actually follow. But it can
get you into all sorts of trouble.
When I originally started my firm I
tried to competitive with my rivals
down the road.
Basically this meant
being cheaper than them.
How did I manage that? Well, in the
early days of my accounting firm I
would go and see prospective clients.
I would work hard to impress them in my
meeting and would also do everything I
could to get a copy of their latest
annual financial statements.
Then – on the pretense of commenting on
things like margins – I would flick to
the back page and look at the detailed
profit and loss account.
But I wasn’t looking at margins.
What I was really
looking for was the line that detailed
annual accounting fees.
This was the fee that their
previous accountant was charging.
Suddenly I had a base price
from which to work from.
And magically when I would quote my
price it was always 10% lower than
their previous accountant.
The default strategy was one I followed
for two and a half years.
In that time I didn’t make any money.
And my business was a mess. All because
I’d tried to be clever.
It’s the mistake most accountants make.
They are too cheap. They don’t know how
to price.
In fact the worst thing we can do is
try to copy – or beat – the firm down
the road.
These people are already too
cheap themselves so we are creating a
recipe for complete disaster.
Instead look again at option 2 – focus
on being different and better.
Not on being a copycat.
Your Pricing Journey (video training programme)

NEW programme from  the MASTER!

(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:
Effective Pricing for Accountants (book)
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!
Price accounting and consulting
services more profitably!
Silvia at IFRSbox.
If you are in finance and not on her
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