Myths in Pricing Professional Services

There is an enormous amount of myth and mistaken thinking in the professional services arena around pricing and fee structures.

Myth: It's a price sensitive market
Reality: It's a value sensitive market

Myth: Start cheap to enter the market and capture your share
Reality: You have now set the benchmark low and customers will always want you to be that cheap

Myth: The competition will charge less than me and I will lose the business
Reality: Someone will always be able to charge less than you; and if all you do is allow yourself and your clients to focus on price - then you will have no business

Stand out from the crowd, forget about what everyone else is charging and deliver a service to your customers based upon reaching their objectives successfully and attributing both the tangible and intangible values you have brought to the client.

Focus on making the client significantly better because they have you. Bentley, Cartier, Ferrari and other quality brands do not lower prices when times are hard or the economy hiccups. They continue to position themselves in the market to those who appreciate good value. Position yourself and market to quality prospects who will treat you like a peer and respect you for the good work you bring to the table. Then charge appropriately so that you get paid well and the client receives great value.

Ric Willmot
Strategist to the Professions

Views: 63


You need to be a member of RecruitingBlogs to add comments!

Join RecruitingBlogs


All the recruiting news you see here, delivered straight to your inbox.

Just enter your e-mail address below


RecruitingBlogs on Twitter

© 2023   All Rights Reserved   Powered by

Badges  |  Report an Issue  |  Privacy Policy  |  Terms of Service