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

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.