If you're not careful, pricing actions you take can cause many issues. Overusing discounts, not maintaining pricing integrity, and using at-risk fee structures can complicate your client relationships and reduce your profitability. Be sure you understand the implications of discounts and "at risk" or contingent/success fee-based arrangements.
- Once you've defined your pricing model,…there are some simple pricing strategies…that can make you more profitable…and help you avoid issues.…Pricing consistency is important.…Clients are going to cross-check.…I worked with one client where I did some work…at a discounted rate.…A year later I was back at the same client,…pitching a new piece of work.…I sent them my pricing and the client said,…"Those aren't your rates."…I said, "Yeah, they're our rates."…He said, "No, you did this rate for this other department…"last year."…They checked.…
I had a problem.…I could either say now these are my rates…or I could offer the old rate.…I ended up offering the old rate.…It cost me money.…I learned that I will be consistent from there forward.…By the way, people change employers…so understand that if you offer a rate at one company…and then that client takes you to a new company,…you're probably going to have to offer the same rate.…Be consistent in your pricing.…Be judicious about discounts.…Always list the full price in the agreement…
- Identify types of consulting business models.
- Describe revenue models.
- Explain how to estimate and manage costs.
- Price services using pricing strategies.
- Explain how to negotiate deals with clients.
- List effects of responding to RFPs.
- Identify the phases of constructing a consulting engagement.
- Present findings and implement recommendations.
- Describe different ways to manage legal issues.
Skill Level Beginner
1. Define Your Consulting Business
2. Marketing and Selling
3. Contract and Protect Yourself
4. Run the Consulting Engagement
5. Handle Administration
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