Rethink Your Pricing Strategy

[MM_Member_Decision isMember='false'] Change is difficult for most of us.  We get settled in our comfort zone and don’t want to leave it.  That’s just human nature.  Sometimes this creates a fear in increasing prices.  In order to create a more profitable services we’ll look at some important strategies you can employ other than simply increasing the headline prices. This resource is only available to members. To read more, login or join now as a free member [/MM_Member_Decision]

[MM_Member_Decision membershipId='1|2|3|4'] Change is difficult for most of us.  We get settled in our comfort zone and don’t want to leave it.  That’s just human nature.  Sometimes this creates a fear in increasing prices.  In order to create a more profitable services we’ll look at some important strategies you can employ other than simply increasing the headline prices.

 

Differentiate your services

When services are seen as commodities then price is the only differentiator.  One of the key strategies we will look at is changing your positioning to discourage clients from comparing your services to others, invariably on price.  This means changing how you offer your services to clients to make them unique in the industry, and different from your competition.  Simply offering ‘Bookkeeping Service’ only encourages clients to compare you to others offering ‘Bookkeeping Services’, guess what they compare on? Price.  Creating packages specific to specific clients or industries is a really simple way to achieve this and divert the clients focus from your prices.

 

Increase efficiency

By becoming more efficient in how you offer your services can have a substantial improvement on your bottom line.  Using technology to speed up processing is a great way to achieve this.  Services like Xero and Receipt Bank are fantastic for speeding up processes like getting receipts and invoices onto the system and improving the speed of bank reconciliations.  By changing processes and systems it also provides an opportunity to employ less experiences or qualified staff without compromising on services delivery levels.

 

Create a niche

By tailoring products to a niche market you can begin to speak directly to your potential clients and take another step away from your competition.  By making yourself the ‘go to person’ for a specific section of the market you decrease the likelihood on being compared to other bookkeeping providers, on price or anything else.

 

Develop Packages

Creating packages allows potential clients to satisfy their need to compare your services without necessarily speaking to other providers.  Creating a few package levels allows you to meet the needs of a wider section of your target market without reducing your prices or negotiating on service delivery levels.

 

These are just a few strategies you can use to increase the profitability of your bookkeeping practice.  Try employing one or more in your business and let us know how you get on. [/MM_Member_Decision]

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