Pricing and Urgency
Some clients feel little urgency to engage with you, or maybe they just want samples of what you offer. Others want the transformation you will bring them today, assuming they can’t get it yesterday! Your pricing should reflect the speed of the solutions you deliver. A story on pricing and urgency in this episode. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.
And hello again. I’m John Ray on the Price and Value Journey. Recently, I saw a truck with a homemade sign on the back, which said, “I only have second gear. Go around.” It got me thinking about pricing and urgency. Now, this guy had decided there was no compelling need to fix his transmission and his pickup truck. His urgency factor is not just zero, it seems to be less than zero. He’d rather drive over to the hardware store in second gear, of course, and purchase stick on letters to alert drivers who come up behind him. He’s clearly not ready or willing to pay for a new transmission.
The degree of urgency a client possesses for your solution to their problem is a client value. Your pricing should reflect that value whatever it is. If you’re a bookkeeper, for example, there are some clients who want their financials faster than others. There are some who want monthly numbers. Some are content with quarterly. Some clients are satisfied to ride around in second gear using your services to get their financials done yearly just in time for tax return preparation.
If you’re a business or leadership coach, you’ll have clients who call you up exasperated with their situation, and they want a deep dive into your solution as fast as they can get it. There are also some clients, who maybe for budget reasons, are okay with incrementally, over time, enjoying the results you’ll help them retrieve.
Then, there are clients who just want to read your book, or maybe come to a workshop or absorb whatever you post on your blog or social media. They’re content to ride around in second gear, and that’s okay, by the way. Some of those folks will decide at some point that they want to move their business faster, and they will call you to get that new transmission.
Whatever your service’s discipline, your value conversation with a client should always include questions which help gauge urgency. The pricing options you offer, in turn, should reflect the speed of your solutions. And John Ray on the Price and Value Journey. If you like to connect with me further, go to JohnRay.co or email me at John@JohnRay.co.
About The Price and Value Journey
The title of this show describes the journey all professional services providers are on: building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing which reflects the value we deliver.
If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line as well as the mindset you bring to your business.
John Ray, Host of The Price and Value Journey
John Ray is the host of The Price and Value Journey.
John owns Ray Business Advisors, a business advisory practice. John’s services include advising solopreneur and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their “grey matter,” such as attorneys, CPAs, accountants and bookkeepers, consultants, marketing professionals, and other professional services practitioners.
In his other business, John is a Studio Owner, Producer, and Show Host with Business RadioX®, and works with business owners who want to do their own podcast. As a veteran B2B services provider, John’s special sauce is coaching B2B professionals to use a podcast to build relationships in a non-salesy way which translate into revenue.
John is the host of North Fulton Business Radio, Minneapolis-St. Paul Business Radio, Nashville Business Radio, Alpharetta Tech Talk, and Business Leaders Radio. house shows which feature a wide range of business leaders and companies. John has hosted and/or produced over 1,100 podcast episodes.