Pricing Tips For The New Year

Miami Herald unveils how best to capture higher fees for your services/prices in 2015:

• Do not start with the price
  When you do, you run the risk that your potential clients will quickly determine that they can’t afford to use you. Never talk about price until you have demonstrated that your clients can’t afford to not use you.
• Take time to learn what your client needs
  If you want to command higher fees, the best thing you can do is help your clients explore exactly what they need. Develop an understanding about how your work addresses their deepest concerns about their business. Then, draft your proposals accordingly.
• Position your fees as an investment, not as an expense
  Your proposals should clearly quantify the financial benefits of your projects. Once you have done that, you can put your fees in their proper context — as an investment with a concrete ROI.
• Establish and maintain relationships with decision makers
  Do not just make decisions  with subordinates, or the human resources department or accounts payable. Other than your own expertise and passion for adding value, your personal relationships with the key executives who control budgets is the most important asset in your practice.
• When you meet price resistance, don’t lower your fees, remove value instead 
  Offer to reduce the scope of the project or shorten its duration. Don’t lower your fees without removing a piece of the project. Doing so undermines your price integrity and sets you on a spiral down a slippery slope.

Read more at: http://www.miamiherald.com/news/business/biz-monday/article4196559.html#storylink=cpy

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