Pricing is often difficult when you first start your business, and you may well have based your initial prices on what your competitors charge. But you soon learn where you sit amongst the competition.
At Minerva Accountants we charge slightly higher than others and have testimonials from clients that we are ‘worth it’ as well as other success stories. They might just say that we’re easier to deal with or perhaps quantify it by saying that coaching has helped them save three years in growing their business. There are also the silent testimonials when clients return with a new business or refer others to us.
So where do you sit in the hierarchy of your competition?
And is that reflected in your prices?
In order to increase your prices, you may first need to raise your services to a higher level or, if you’re already ahead of your competitors, you may need to differentiate yourself more to your prospects. As accountants we’re often seen as offering the same commodity service as any other accountant. People think we just fill in tax forms once a year and keep them legal.
But we can do soooo much more.
We can spend time learning about the business and identifying where profits are being left on the table. We can help clients to pluck the low hanging fruit. Or build a ladder to harvest the higher rewards too. This is where we get most satisfaction and provide most value. When we move beyond hassle-free accounts to more profitable clients.
First, improve the value of your offering, then promote it widely.
How can you differentiate your yourself?