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Vol 21 No 11 Nov/Dec 2016

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Mastering Services Pricing: Designing Pricing That Works for You and for Your Clients


ISBN13: 9781292063362
Published: July 2015
Publisher: FT Prentice Hall
Country of Publication: UK
Format: Paperback
Price: £75.00



Low stock.

The definitive guide on how to price services to deliver profit, fund for product development and meet the needs of the customer/client at a price they are happy to pay.

As traditional manufacturing companies move to service provision, how should they price their services? What pricing model should they develop and what buyer behaviour model should they nurture? What will happen if you get your services offering right, but your pricing model wrong?

Mastering Services Pricing shows you how to create pricing that allows you to deliver maximum profit and high client satisfaction.

  • Learn that the 'cost plus' model won't work for service provision
  • Understand how your competitors will use pricing to gain market share, create growth and tie in existing customers
  • Recognise that Product pricing is coercive, services pricing is collaborative
  • Understand that services pricing includes lots of 'frees'
  • Understand market positioning and how this affects your price and how you can communicate this to clients
  • Discover how to maximise profit and client satisfaction
  • Be confident in your pricing strategy by having a sound basis for your decision making

Subjects:
Legal Practice Management
Contents:
About the author Publisher's acknowledgements Preface Introduction 1 How clients buy services The data Rocket Science Relationship Advice Routine Work The five criteria Pricing Rocket Science Pricing Relationship Advice Pricing Routine Work 2 Cost-plus pricing and beyond Cost-plus pricing Client-driven pricing Competition-driven pricing (market-driven) How service firms compete What next? Client messaging The competitive landscape - what is your market positioning? New service launches - setting the market price 3 Pitching for work Pitching for Rocket Science Pitching for Relationship Advice The link between chemistry, likeability and price Pitching for Routine Work Retenders Post-pitch negotiation on price The tactics of pitching4 Negotiating price Price and scope are linked A small reduction Major reductions Clients on historically low rates Dealing with procurement Just how strong is your relationship? Negotiating with procurement Negotiations and Routine Work 5 The pricing lever Strategy one - increase your prices Strategy two - work harder Strategy three - work smarter not harder Strategy four - cut overheads, reduce the cost base Strategy five - cut prices, win more work 6 Alternative fees Option 1 - fixed fees Option 2 - project-based costing Option 3 - blended rates Option 4 - capped fees Option 5 - annual retainers Option 6 - contingent fees Option 7 - success-based fees Option 8 - discounted hourly rates The confident partner 7 Pricing tactics 1. Free not cheap 2. Show the price of added value 3. Give the client options 4. Dealing with lowballing 5. Supporting a client in distress 6. The ultimatum 7. Pedestal selling 8. Discounts for volume 9. Annual price rises 10. Having lower cost options 11. Team structure 12. Be in the pack 13. Market intelligence 14. Trophy clients 15. Negotiate with the toughest clients at the right time 16. Differential partner rates 17. Deliver what was actually paid for 18. Show the discount 19. Lower rate does not equal less spend 20. Act for clients that you like (not the bullies) From tactics to strategy 8 Drivers of value Typical starting point Creating different services - part 1: best ever service Creating different services - part 2: lowest cost Creating different versions Price discrimination Creating different services - statistics and data Using existing clients as your differentiator Moving from costs incurred to value delivered The perfect solution - start with value Value pricing by work type The big question: does value pricing mean the end of charging by time? 9 Learning from industry Pricing across the lifetime of a product Penetration pricing Learning from airlines Add-ons and after care - double the profit Unexpected extra costs and penalties Insurers and the pool Price matching promises to (accidentally) stop competition Power by the hour - changing the supply dynamic 10 Saving clients money The pricing dilemma KPI exercise Spend reduction projects Targeted reductions Consolidation and its dangers Creating and sharing savings Hidden resources and how to use them Rocket Science Routine Work When to say no Clients who always want to save money Finally - when did you last save a client money? 11 Pricing controls and capabilities Building pricing controls Utilisation The rate card Write-offs Analysis of current clients Building pricing capabilities The role of pricing in the organisation Defining pricing capability Pricing needs a home Summary

Series: FT Mastering

£100.00