The Value Pricing Podcast

Netflix really got it right when they opted for a subscription-based business. The great thing about subscription is you get a monthly recurring revenue, so you can spend your time delivering extra value to your customers knowing that the payment side of things is already taken care of.  It’s how I price my Academies so that I can continue to deliver more and more value to the members without having to review the prices all the time, or have a difficult pricing conversation for each service.The world is moving from products and services to subscriptions, favoring access and transformations over ownership and deliverables. There are so many advantages of a subscription model to you. Not least, predictable revenue and a higher value firm at exit. For the customer, it provides peace of mind, convenience, recurring value, and a frictionless experience.In this episode I’ll be talking with Ron Baker, founder of VeraSage Institute, and author of Time’s Up!: The Subscription Business Model for Professional Firms, for a thought-provoking session on why and how the subscription business model will be the firm of the future.The latest episode of the Value Pricing Podcast is now available: How to Move Your Accounting Firm to Subscription with Ron Baker In today’s episode you will learn:✅ The advantages of a subscription model to your firm, including how you can get a competitive advantage through collective knowledge of your customers✅ Plussing your offering — only uncommon services command premium pricing✅ The Revenue Question: What are you asking your customers to pay for?✅ Your value is greater than the sum of scope of services✅ The three strategies to pivot to the subscription business model Listen now!You can find Ron's new book 'Times Up! The Subscription Business Model for Professional Firms' here: https://www.thesoulofenterprise.com/timesup 

Have you ever been sat in the back of a taxicab watching the meter in the front slowly tick up and up?Do you ever wonder if the driver chose the ‘scenic route’ to get more money out of you?And every time you stop at a red light or get caught up in a bit of traffic, you watch that meter tick higher and higher and your ride gets more expensive with every minute.  You’re on edge the whole ride fretting over what the final cost will be.It’s an awful feeling. That’s exactly what your hourly rate does to your clients. When you can’t give a definite price, your clients can’t plan or budget, they have no idea what the price is going to be, and they think more about the time you are spending on the job than the quality of the work you are doing.It’s an awful way to price – not only do your clients hate it, it also brings you a really low profit.  When you move to fixed pricing, you can give your clients those things they need – certainty, assurance to plan and budget, and a stress-free service.That’s valuable. And you will win more clients when you communicate just how valuable and FAIR this pricing structure is. The latest episode of the Value Pricing Podcast is now available: How a Fixed Price Approach Can Win You More ClientsIn today’s episode you will learn:✅ Why hourly rates are bad for your business✅ 4 ways in which your clients benefit from your fixed pricing approach ✅ 3 steps to using your fixed price approach to win new clients ✅ 2 practical examples you can use to communicate your new pricing structureListen Now

If you get an email in your inbox tomorrow inviting you to spend $200 on a webinar from John Smith on business success strategies, are you going to sign up? I’m guessing not.Now if that same email came from Sir Richard Branson, how about it?John Smith might have better content, he might be a better presenter, he might give you more value but… you’ve never heard of him! You’ve got no idea whether it’s worth spending your money on him.But Sir Richard Branson is famous – he is well known and considered an expert with experience. He has a reputation, and you KNOW him, you LIKE him, and you TRUST him to deliver valuable information. SO, how can you build a reputation like Sir Richard Branson?By putting out content.When you consistently deliver quality content, potential clients will start to recognize your expertise and authority. And people want to work with the best! Would you rather work with Sir Richard Branson on business success, or John Smith? (I know who I’d pick…)Your clients want to know they are working with the best accounting professional. Someone who can meet their needs and go above and beyond the regular accountant and bookkeeper. You need to show them that person is you. Of course, creating content can seem like a daunting job, and maybe you think you don’t have the time for it. I felt the same way a few years back when I started with content marketing, and now I post a variety of content every week including videos, emails, blogs, podcasts, social media posts and live training.You can do it too.In this episode you will learn: ✅ What content marketing is and why you must embrace it if you want to win the best clients,✅ The top 3 forms of content you need to use✅ How to create content fast so you build your brand and positioning✅ The 5 golden rules of content marketingListen now.

‘That all sounds great! So, what’s it going to cost?’PANIC! Whenever I heard this question, I used to go into panic mode – I’d freeze up, I’d stumble out something like ‘oh, well, let me take a look at some things and I’ll get back to you…’ – cringe!Then I’d send a proposal in the mail (with a price WAY TOO LOW). The pricing conversation used to be something I absolutely HATED. I had no idea what to price, I felt like the client was always going to think I was too expensive and complain, and I felt like I really needed to convert loads of clients to grow my business. So, I underpriced for way too long. I won over 200 clients in just 4 years - and almost went bankrupt because of it. It wasn’t until I discovered value pricing that I saw the error of my ways.I can’t even describe the relief – and the amazement – the first time someone accepted a price 3 times what I originally charged without batting an eye!With value pricing, I could break the pricing process down into 3 steps and charge a premium price with absolute confidence the client was going to be happy to pay. The client could see the value, and CHOSE to pay a high price for it.It changed my life. So, I’m sharing the process with you. In this episode you will learn: ✅ The 3 stages of the value conversation✅ The 3 types of questions to ask to uncover what your client values✅ How to get your client to value your service✅ The 2-meeting approach to pricing✅ How to get the highest possible price from your client When you can structure your value conversation and confidently charge high prices, you will never have to struggle or feel uncomfortable talking about the price again.

Do you have a clear pricing strategy? If the answer is yes, AWESOME, you can skip this episode – you are clearly high above the majority of accounting professionals.If the answer is no… do you ever find yourself working ridiculously hard and not making enough money to show for it? Or do you very often hear your clients say ‘that’s too expensive’. Coincidence? In fact, let me revise that question… Forget a ‘clear’ strategy, do you have a pricing strategy at all? Or is it all basically guesswork, plucking a random number from the air and saying ‘ah yes, this will be my hourly rate’. The thing is, having worked with the accounting profession for over 2 decades there is something I know for absolute certain: “Accountants and Bookkeepers are too cheap.”Most of the accounting professionals I talk to are overworking and underpricing.They don’t have a pricing strategy at all because - let’s face it – no one ever actually taught us how to price! Sure, we are the ‘numbers’ people, but that doesn’t mean we inherently know how to price!But PRICE is the fastest way to change PROFITS – so having a great pricing strategy is ESSENTIAL.So, that’s what I’m teaching you today.In today’s episode you will learn: ✅ Why having no pricing strategy nearly brought me to bankruptcy ✅ 3 different pricing strategies you could use✅ Why a clear marketing strategy will lead to a clear pricing strategy✅ How to fill your business will high paying clients that are great to work with Having a pricing strategy will give you more control and confidence over your prices. It will remove the stress of the pricing conversation, and you will never have to worry about making a loss on unexpected projects or scope creep.

Value is a slippery fish. It’s hard to get hold of. It’s hard to grasp.That is… until you can put a number to it. Once you can put a number to value, it suddenly becomes clearer.When you can quantify value for the client, they will appreciate what you do much more, and be far more willing to pay you the high price that you deserve. The thing is, everyone values things differently. Value is subjective – (that’s why it’s so difficult to put a number to it). So, how are we supposed to come up with a number that represents value to each individual client. The simple answer… just ask them! If you use the right questions (and then use the right techniques to explain the price), not only will you be getting pretty close to the client’s MAXIMUM willingness to buy, they will also be super happy to pay you that price. In this episode you will learn:  ✅ The contrast principle – and why it’s the most important communication technique✅ What can you quantify? ✅ How to quantify the unmeasurable✅ Why numbers are only part of the value story✅ Taking it to another level with extrapolation If you can put a number on value, you can easily come up with a value-based price, and your clients will be desperate to buy from you. 

You may have heard me say there is no magic formula for value pricing.That’s true. There isn’t.Value pricing is without a doubt the best way to price your services – but it takes time to implement, especially when you’re stuck up on using hourly rates. But, we CAN break it down into baby steps. And the first step towards value pricing is to give a fixed price up front.Now for that… there IS a magic formula. It’s called Regression Analysis. It’s a way of using your current time-based pricing model to generate a fixed price upfront that will ensure you a profit every time.  All you need is a spreadsheet.Ready to get started?The latest episode of the Value Pricing Podcast is now available: Calculating a Pricing Formula Using Regression Analysis In today’s episode you will learn:  ✅ Why value pricing is hard (but the best pricing method out there)✅ How to systematically calculate a profitable fixed price every time✅ How to systematically adjust your prices to cover scope ✅ How to make the first step towards value pricing Once you can confidently generate a fixed price up front, value pricing becomes FAR easier. Fixed pricing is not value pricing, but it’s the first step on the journey towards it. 

First impressions matter!  For business owners, finding a great accounting professional is hard. There’s so much choice, and it can be difficult to tell who is going to be good and who is going to be awful.So, set your standards high right from the outset. A bad first impression will scare your clients off in seconds. You need to make sure every first experience within your business is smooth, easy and delivers lots of value. That sets the tone for what it might be like to work with you (and you’ll easily convert more clients).Then when you do sign that client up – don’t stop there! Continue showing them how great it’s going to be working together by making sure all your onboarding processes are quick, consistent and streamlined.Your clients are going to love you for that.And clients that love you will rave about you to everyone they know.That’s the best marketing anyone could ask for.The latest episode of the Value Pricing Podcast is now available: Your System for Onboarding New Clients In today’s episode you will learn:  ✅ The 7 key elements of a great onboarding system✅ 9 essential things to include in your onboarding emails✅ How to streamline your onboarding process with software✅ Top tips on onboarding from the guys behind JetPack Workflow and Practice Ignition Make your clients love you right from the outset of your relationship and you’ll never have to worry about them leaving you, complaining about price, or causing you trouble. They are also sure to refer you to other great clients.

Ever been to McDonald’s? Ever bought a ‘Happy Meal’ for your kids?It’s the perfect package meal – they get some chicken nuggets, chips, maybe some carrot sticks, a juice drink and a small toy, all wrapped up in a cute box with puzzles. It’s totally perfect for the little ones!Now, if McDonald’s marketed the ‘Happy Meal’ to adults, would you buy that happy meal for yourself?I’m guessing not… You probably aren’t bothered about the toy or the box with puzzles, and you might want a larger portion, or a burger instead of chicken nuggets.This package does not appeal to you.Can you see where I’m going with this?When you create package offerings for your clients, you can’t just throw random stuff together and hope someone wants that assorted collection of services.  You need to think about what your ideal client wants and then create a package that is perfect for them.When you offer a package that is designed specifically to meet their needs and serve them the best possible solution, they will pay you a high price for that.The latest episode of the Value Pricing Podcast is now available: How to Create Effective Packages That SellIn today’s episode you will learn:  ✅ The 3 biggest mistakes accountants and bookkeepers make when creating their packages✅ The 2 critical questions you must ask before creating your service offering✅ What to put in your packages to make them more appealing ✅ Why taking things out of your package is more powerful that putting stuff in them When you create your package with the client in mind you will end up creating the perfect solution for them – that’s valuable, and that’s what will get you a high price. 

Value pricing is the superior way of pricing your services, hands down. But…“How do I come up with a value-based price when I don’t know what my client values?”The thing about value is – it’s subjective. You can’t see it, feel it, or measure it… and everyone values things differently.  “So, how do I work out what each client values?”You need a system. When you turn up to a client meeting armed with your system for uncovering value, you can sit back whilst they tell you all of the things they need and want (and will pay a high price for). You then build those things into your package and give the client EXACTLY what they want. And because you’ve built a package that is so amazing perfect for them, you can charge a high price.They will CHOOSE to pay you that high price because you can offer them IMMENSE VALUE. So, how do you go about uncovering the value in the first place…We will cover that in today’s episode.The latest episode of the Value Pricing Podcast is now available: How to Find Out What Your Clients ValueIn today’s episode you will learn: ✅ 4 strategies for systematically uncovering what your clients value✅ The Value Equation✅ How to change your client’s perception of value✅ A BONUS technique for getting the maximum price (and the most value for the client) When you understand what your client values, you can ensure your solution is PERFECT for them. They will happily pay a higher price when they know they are getting EXACTLY what they want.