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Welcome, it's Mark Wickersham here, helping your accounting profession. Master value pricing. In this video, we're going to look at the value conversation, the process of getting value based price. I'm going to take you through the three phases. But, first, a really important point to make is that you should be having a conversation face to face with your client. If you want to properly get a value based price, you need to speak to the client. You can't possibly understand what the clients values until you've had that conversation.
So, let me take you through the three key stages of the conversation. Number one is uncover the value. And we do this by asking questions. We want to ask the questions to understand what is it the client what's, what do they need, what are their pain points? What other challenges are they facing. What do they want out of life. What are their goals for their business. The better we are at asking questions and understanding what's important to them, the better we become understanding value, and therefor we can build that into A, building the right solution for them, a solution that meets their specific needs. And secondly, getting a better price. So, that's step one. We have to uncover the value to find out what they want.
Now, once we've then done that, and by the way, that might take an entire meeting. I recommend that with brand new clients or big projects, you might make that an entire meeting itself. I call it the fact finder. Asking questions. Because, when you do that properly, you can then go away and reflect and think about phases two and three.
Phase two is we have to build a value. So, now we understand the client better. We've asked the right questions, we know what their pain points are, what their goals are in life. What they want. We can now build it. And there's two aspects of this. There's firstly building the value in terms of how we build up the package, the proposal. What are we going to do to solve the client's problems? What things can we do? What processes will we go through? What reports do we need to give them? What advice? How can we best help them?
And the second part of that is, we then need to make sure that we communicate that with the client. We need to use communication skills to sit down with the client and go through a proposed solution and focus very much, not on so much what we're going to do, but why we do those things, how the client benefits, the pain that we're taking away. That's the focus. We need to make sure we properly spend some time with the client and build the value in their mind. Because, if we don't do that, if they don't understand the benefit to them of what we're doing, your prices will always seem expensive.
Number three, once we've done that, once you've built up the value the client's now ready to buy. When they're ready to buy, number three is to capture the value. What we mean by capture the value is we want to get a price that reflects the value to the customer. The more value, the higher the price. That's value pricing. How do we do that? You have to involve the client in the pricing process. You have to have a price conversation with the client. And that means taking them through and giving them some choices. Some options. Working through the price, they can see how the price is building up. And if at the end of that process the price is too high, because we sat with the client and working with them, we can change things. We can find out which bits of our proposed solution, which of our options, are of less value to them. What could we take out. How can we change the package. And we work with the client until they say yes.
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