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Mark Wickersham (UK):
Debunking the myth of price sensitivity
One of the big myths I hear over and
over again – and one of the main things holding us back with our pricing – is that our clients are price sensitive. Price is only part of the equation
What this shows is that most people
aren’t price sensitive. They’re value sensitive.
These are two very different
things, and once we understand that everything changes. The reason many accountants think their
clients are price sensitive – and perhaps you’ve experienced this – is that they’ve had a situation at some point where they revealed a price and their client says, “Oh dear, it’s a bit
more expensive than I was expecting.” But they don’t say it to you because
they’re price sensitive. The reason they say it is because
they don’t understand the value.
And that’s your fault, not theirs.
We have to be better
at explaining value. To go back to
price sensitivity versus value
sensitivity. Most people in society –
about 80%, and certainly all of your clients – are value sensitive. They want the biggest profit
on the deal.
And price is only one part of the
equation. Price – or value?
What people want is as much value
profit as possible. The trouble is,because we think
clients are price sensitive,
we focus on price.
We try to be competitive
– i.e. cheaper – than
the firm down the road. That’s crazy.
We have to start focusing on value. Check out:
The Value Pricing System
In case you missed this:
(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:
How to build a successful bookkeeping
business (book) How to build a successful bookkeeping
business (video training programme) The Value Pricing System
The Power of Price Psychology
Monthly Mentoring
Grab them NOW and claim the true income
that you earn!
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