At times, value pricing can seem complex. However, if you boil it down to the core elements it is listening to the customer, discovering the impact and then creating options. Matthew Tol is passionate about the fundamentals and believes you should expand discovery to include the meaning and feeling to the customer to fully understand the value landscape. Listen to the Customer What is the most important thing you can share about pricing? You are never going to get it right. … [Read more...]
Compensating Your Team Based on Value with Christopher Marston – 089
For over a decade, Chris Marston has been paying his team based on the value they create for the law firm. Each employee can choose how to serve a customer in an engagement from five different roles. The contribution of the role, the lifecycle of the project and the importance of the customer to the firm determine the compensation paid. His "value" model aligns how the company prices customers to how it compensates the team. Creating Authentic Relationships What is the most important … [Read more...]
VeraSage State of the Union 2015 with Baker, Kless & Chisholm – 069
This episode of the Art of Value Show is a live recording from the bi-annual VeraSage Symposium, which was in Boston, MA. The distinguished panelists or VeraSagi are Ron Baker, Ed Kless, John Chisholm and Kirk Bowman. This episode will be rebroadcast on The Soul of Enterprise with Ron & Ed and Pricing Power by Steve Major. What is the future of value pricing? Ron Baker - It is incredibly bright and optimistic. Pricing is now a profession and a C-Suite function. … [Read more...]
The Funniest Thing About Value Pricing with Greg Kyte – 048
Greg Kyte is a CPA and comedian. He teaches ethics and fraud courses for accountants with a comedic edge at ComedyCPE.com. He is also the G. Robert Newhart Non-Value-Added Fellow at Versage Institute. The Real Context of Value What is the most important thing you can share about pricing? You need to price your services like you know magic. The Labor Theory of Value says that the value of something is equal to the materials and labor it takes to create it. It is a fallacy. … [Read more...]
Lawyers Can Switch to Value Pricing with John Chisholm – 042
John Chisholm helps law firms move from hourly billing to value pricing. A 25-year lawyer turned business consultant, he says the problem with the cost of legal services is not the amount. It is the unpredictability. Customers prefer the experience of and will pay more for price certainty. John shares how this single change can inspire a spirit of innovation and entrepreneurship in lawyers. Value Pricing in Law Firms What is the most important thing you can share about pricing? No … [Read more...]
The Journey from Time to Value with Matthew Burgess – 041
Matthew Burgess is a lawyer who lost a customer when he sent an email at 4:30am on a Sunday. The customer said he wanted Matthew's best work not what remained after exhaustion. This incident started Matthew's quest to find a better way. For the last ten years, he has practicing value pricing at his own firm, View Legal. He shares why the switch is a journey instead of a destination. Value Pricing as a Journey What is the most important thing you can share about pricing? Value … [Read more...]
The State of Value Pricing (Down Under) with Steve Major – 036
Steve Major is a pricing and business consultant from Australia. He started out as a charted accountant (CPA) and then founded a consultancy for accountants called Pricing Power. He grew up on a sheep station (70,000 acres) in Texas, Queensland. He is the host of the Pricing Power podcast and enjoys landscape photography. Switching to Value Pricing What is the most important thing you can share about pricing? Pricing is the most important lever in your business. It has … [Read more...]
The Magic and Logic of Pricing with Tim Williams – 034
Tim Williams is a marketing professional with over 20 years experience in large agencies. He is the founder of Ignition Consulting Group and author of Positioning for Professionals. Tim is also a Senior Fellow at the VeraSage Institute. Pricing Integrity What is the most important thing you can share about pricing? Stand your ground. When you protect your pricing integrity, it makes the client want you more. What is pricing integrity? We only have our … [Read more...]
Price Communicates Your Value with Jay Shepherd – 029
Price is more than a number. It is part of how a lawyer communicates value to the customer. To unpack this principle, Jay Shepherd, an employment litigation attorney, compares how a customer perceives an hourly rate vs. a fixed price. He says knowledge instead of activity is more valuable to the customer. Value pricing enables the customer to purchase what he wants in a manner he truly enjoys. Hourly Billing in the Legal Profession What is the most important thing you can share about … [Read more...]
How to Have a Value Conversation with Dan Morris – 023
Dan Morris runs an accounting company and loves to ask, "What if?" He thinks of himself as the rudder to help his customers think strategically. What is the most important thing you can share about pricing? Always remember that whatever the price, the price to the customer has to be less than the value they receive. The price received by the producer has to be more than the psychological and physical cost to the producer. The basics for a good value conversation include … [Read more...]