Pricing Strategies for Financial and Professional Services
When developing pricing strategies, the problem facing financial and professional services firms is the commoditised nature of much of what they sell. This leads to the question “how can I charge more if my services are the same as every player in this sector?”
Well, unless you are a large, fully automated firm, I would guess that your service levels are such that you deserve a premium and that by intelligent pricing you can get better prices from your clients just by carrying on doing what you are doing already- but charging more for it.
I would also hazard a guess that if I were to analyse your customer base I would find evidence that some of your customers are already paying a lot more than others. Gaining this insight enables me to do three things:
1. Make you more confident about charging higher prices.
2. Identify the profitable clients in your customer base so that sales effort can be focused on more clients like these.
3. Identify where commercial discipline can be strengthened so that sales staff with a tendency to use discounts or underestimate the size and needs of the client to get lower prices can be managed better – if you can’t identify these problems you can’t manage them.
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