Pricing Psychology and Proven Strategies for Accountants - Accounting Voices Podcast

Episode 3

Pricing Psychology and Proven Strategies for Accountants

Published on: 3rd May, 2018

Mark Wickersham

Mark Wickersham is a qualified chartered accountant, public speaker and Group Chief Executive of the accounting network AVN. He’s the most in-demand profit improvement expert in the accounting community globally.

Mark is also a widely published author on practice issues. His YouTube Channel features a ton of videos on pricing and profit for accountants.In May 2011 his first book, Effective Pricing for Accountants was a number 1 Amazon bestseller.

Outside work, he’s into cycling and playing my guitar. His passion and deep knowledge about pricing in particular is what comes out in this interview. Here’s a flavour of what you’re in for:

  • A sobering story of an accountant who didn’t know how to price
  • Why it doesn’t matter how big or small an accounting firm it – they’re all clueless about pricing
  • The obsession with the billable hour, and how time tracking technology doesn’t help
  • “Cloud technology is automating compliance work so it will eventually disappear”
  • “As long as firms cling to the billable hour, there will be increasing downward pressure on fees”
  • Behavioural economics is the foundation of pricing methodology
  • How it’s the technology and software companies driving the pricing discussion
  • Why value pricing is NOT fixed pricing
  • “When accountants get past the adding up, that’s when they can start adding value for clients”
  • The two biggest reasons firms don’t deliver real value for their clients
  • The two main ways to price – cost plus pricing and value pricing
  • Value pricing starts by having a conversation with the client
  • The three reasons why value pricing is so difficult and hence avoided by accountants
  • Great example conversations an accountant can have in the value pricing conversation
  • The buyer’s reservation price – the highest price they are willing to pay. You can’t ask for this!
  • Why people won’t appreciate your price unless they understand your value
  • 3 value add statements for communicating to clients the benefit of reconciling bank accounts
  • Why fixed pricing is not value pricing and why a single fixed price is usually wrong
  • The power of choices and menu options to give you the opportunity to earn higher fees
  • Why too many options can confuse buyers
  • Critical: pricing is a face to face activity so you can guide them through the process
  • The powerful psychology behind why apple can make you pay £2000 for an £800 computer
  • Why upselling is a form of discrimination (hint: it’s where most of your profit comes from)
  • What accountants can learn from car dealerships
  • The single biggest myth that holds most accountants back with pricing
  • Truth: there are no price sensitive clients for accountants
  • Why price is not as important as profit on the deal
  • The three reasons why people say something is ‘too expensive’
  • Why winning more work is not the answer, but pricing better is
  • Why anyone that owns an Apple product is not price sensitive

…and much much more, all packed into 30 mins!

Contact Mark here:

Twitter: @wickersonabike

Email: Liked your Top 100 Club Podcast Interview with Rob Brown" target="_blank">email Mark directly

Website: https://www.wickersham.co.uk

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About the Podcast

Accounting Voices Podcast
Accounting Voices helps people in the accounting world stay relevant visible and vocal. Host Rob Brown interprets trends reshaping the profession and gives listeners insight to build authority influence and a stronger voice in firms and markets.
Accounting Voices, hosted by Rob Brown, helps decision makers and leaders in accounting and finance stay relevant, visible and vocal in a profession being reshaped by technology, private equity, regulation and shifting client expectations. Each episode interprets the trends disrupting accounting and finance such as AI, automation, M&A, talent and the move to advisory and translates them into practical insight that strengthens authority and influence.
Accounting Voices is also a platform for the wider ecosystem of networks, associations, educators, consultants, software vendors and technology experts who serve accountants and finance professionals worldwide. It extends into regular Accounting Voices networking sessions that connect this audience and amplify ideas that move the profession forward. With its international reach and long shelf life the show delivers credibility and commercial value for listeners and sponsors alike. Search for "Accounting Voices" on YouTube for all episodes and connect with Rob Brown on LinkedIn to find out more: https://www.linkedin.com/in/therobbrown

About your host

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Rob Brown

ob Brown is the creator and host of the Accounting Voices Network, a media platform that includes the flagship solo podcast Accounting Voices and the panel shows Accounting M&A and Accounting Tech. He chairs conferences, panels and virtual events worldwide and is recognised as a leading advocate for the accounting profession.

He is an accomplished speaker and authority on trust, reputation, employer brand, talent, succession, executive presence and the forces shaping the future of accounting. Rob is the author of the bestselling book Build Your Reputation (Wiley) and his TEDx talk The Personal Brand of You has been viewed more than 400,000 times.

A former co-founder of the Accounting Influencers Roundtable, Rob now focuses on amplifying the voices of leaders, firms, networks, vendors and influencers across the global accounting ecosystem.

Outside of work he is a stroke survivor, lives with epilepsy, holds a black belt in kickboxing and is based in Nottingham, UK. He plays chess and backgammon, loves orange chocolate and is allergic to grapefruit.