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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: 1. Certainty
Paying you upfront gives the client
100% certainty as to what the job is going to cost them. Unlike pricing by time they know exactly what the final price will be. 2. The saliency effect
This comes from the field of price
psychology and behavioral economics. It relates to the fact that the greater the association of money coming out of our pockets the greater the payment pain. Think about it.
Your client pays you in cash at the end
of the job. It hurts. They can feel the money coming out of their pockets. Let them pay by card however and it’s a
whole different ball game. There’s a breaking of the link between the physical payment pain and paying on card. It doesn’t hurt. In fact it’s the
reason why we have escalating credit card debt. Suddenly the payment pain is reduced
and the willingness to pay is increased. Perfect!
(To be continued)
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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