For many practitioners, the fear of setting the prices for their bundled services is the barrier holding them back from moving down the path towards value pricing.
Building off of the concepts discussed in Ron Baker's "Pricing on Purpose" and Jason Blumer's "The Value of Puppies," we'll use the power of threes, estimation techniques, and your gut instincts to narrow in on a set of prices that work for you and your firm. Read below to learn key steps to setting your prices PRIOR to meeting with a prospective client and AFTER you have constructed your three packages of services (good, better, and best).
Step 1: Form a pricing committee
If you have no other employees to form such a committee, use your spouse. The committee's job (even if it’s only another individual) is to give you feedback on your prices to see if you're on track or off the mark. You will leverage the committee for insights during and at the end of this process and when offering prices to prospective clients in the future.
Step 2: Gain inspiration from others
Prior to working through your pricing details, gain inspiration from others. First, review the websites of your mentors, peers or leading practitioners (i.e. via Intuit's Find an Accountant site or Xero's Find an Advisor directory). Second, draft a questionnaire to send to your existing clients that allows them to assess their needs and to provide their thoughts on what they would expect to pay for those needs to be met. This is a good method to test your good, better and best bundles to see if they hit the mark.