Working Free covers this Pricing Support Topic up to the stage at which it gets technical in Accounting and Tax Terms – at which stage you need to talk to Accountants. Working Free can help here.
The pricing of a professional product is fundamental. For many, insufficient – or even no thought is given to it. In particular, senior people setting up their own Professional Practice are surprised to learn that an apparently easy and quick decision – almost unnecessary – is vital – and can also be quite complicated. (It’s a bit like Golf; it looks straight forward and easy, but when you get into it, it’s nothing of the sort!)
“Complicated” means that there are so many moving parts, so many interactive components to take into account. Getting it right usually means success; getting it wrong does not necessarily mean failure. Words like “disappointment” and “underperforming” are likely.
“Complicated” also means dealing with this Support Topic in conjunction with other parts of the Working Free Pathfinder Programme. These are the Discovery Suite, all the Support Topics and the Free Access Support Topics – (FASTs) which are Differentiating, Business Models and Volunteering & Joining
This Definition (quoted from The Economic Times) is good for our purposes.
Price is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding and risk taking ability. A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others. It is targeted at the defined customers and against competitors. There are five basic strategies – Premium pricing; Penetration pricing; Economy pricing; Value Pricing; Skimming strategy.
There is much material on the Internet about Pricing and about Consultants who advise on Pricing. It is worth spending some time going through some or much of this. Working Free’s approach is not to replicate a text book but to signpost the key features that senior Executives moving from the permanent payroll to Working Independently ought to be aware of.
NOTE: We would be pleased to receive any Comments or Material that we could add to our current text and which might be helpful to others. Happy to include attribution if published.
We think it important that those attending our Support MasterClasses should have previously attended the three MasterClasses forming our Discovery Suite. This is important for context reasons and to understand the interactivity of the support topic.
We advise that you follow our pathfinder programme in the following order. Discovery Suite – Independent Career Options – Support Topics.
You can also access Free Access Support Topics (F.A.S.T.) on our website. We also offer an alumni continuity after these MasterClasses through specially arranged follow-on Sessions and, in particular, our MasterMind facilities. Please read about these on our website.
Pricing Masterclass – Agenda
- Introduction by the Delivery Partner.
- Pricing at the Top End – Kickstarting the Thinking.
- Pricing at the Lower End – Me-Too Professional Products.
- Pricing in the Middle Ground.
- Pricing decisions are integral to Business Models
- How to set your Pricing structure.
- Understanding CLIENTS
- Understanding YOU
- Different ways of charging Fees – And getting Paid
- Contractual Matters – mainly Engagement Letters & Terms of Business
- Summing Up
Our overall approach is based on our MasterClasses interacting with our comprehensive working website which covers, in a structured way, the planned programme of effective support to those taking part. This is reached through our Learning Management System which includes copies of all slides and full Delivery Partner Notes. This is reached through our Learning Management System and includes copies of all slides and full Delivery Partner Notes. Access is available to Working Free Clients only and through an agreed Working Free Pathfinder Programme. More information please complete the form below and we will get in touch.