Best Practices to Grow Your Consulting Business – Tip # 5 – Charge Value-Based Fees

 

 

Bridge the gap3

The fifth Top Tip from our veteran consultant panel on Best Practices to Grow Your Consulting Business, “If I Only Knew Then What I Know Now” is To Charge Value-Based Fees.

WIC’s annual Best Practices survey consistently shows that top earning consultants charge value-based fees more often than other consultants. Get comfortable with outcome based pricing. What is the value you’re providing to your client? What kinds of problems or challenges would they be facing without you and your solution? How big or small is the pain you are solving? These are the types of questions to ask yourself as you are setting your pricing.

If you’re not already doing so, consider project-based and retainer style pricing. The better you’ve been able to differentiate yourself. The more flexibility you have with your pricing, both in terms of model and price points. Refer to Top Tip #10: Know your Unique Selling Proposition and how you’re differentiated.

Pricing is also impacted by what your plane is willing to pay. What are some of the models or approaches you’ve used to establish the value you’re providing? How did you use that information when you are setting your pricing? Please share some of your success stories and lessons learned.

About Deborah Siegle

Deb Siegle, Past President of Women in Consulting and Principal of Strategic Marketing Solutions, is an astute marketing leader and strategist with a talent for aligning a company’s products, solutions and messages with the customer’s needs. Deb was named one of the Top Women of Influence in Silicon Valley. She delivers practical and actionable insights to business executives and entrepreneurs. Deb is a recognized consumer and business marketing leader, problem solver and communicator who is an authority in market research, strategy, market and product development, and customer loyalty and experience. Deb is also the former president of Women in Telecommunications (WiT) and has also held leadership positions in other industry associations. Deb holds a M.B.A. from the University of California, Berkeley and a B.B.A. from the University of Michigan.

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