Navigating Your Worth: Setting Prices as a Dispute Resolution Professional
In this episode of the Make Money Mediating podcast, host Susan Guthrie provides an in-depth guide on how dispute resolution professionals can set their fees. She emphasizes the importance of constantly reevaluating one's pricing strategy and dives into various factors and considerations that impact fee setting. These factors include one's services list, experience, market demand, geographic location, client base, operational costs, and competition. Susan discusses different pricing models such as hourly rates, flat fees, modified flat fees, retainer models, subscription-based models, and packaged services. She highlights the significance of choosing a pricing model that reflects the true value of a professional's expertise and fosters long-term client relationships built on trust, value, and mutual respect. Susan encourages professionals to be open to adjusting their pricing models as their practices evolve.
In this episode:
00:00 Introduction to Pricing Strategies in Mediation
00:37 Understanding the Importance of Pricing
01:06 Developing a Comprehensive Pricing Strategy
01:38 Expanding Your Service Offerings
03:43 Factors to Consider When Setting Your Fees
06:49 Understanding Your Market and Client Base
09:00 The Impact of Geographic Location on Pricing
13:11 The Importance of Understanding Your Costs
15:15 Considering Your Competition
16:52 Understanding the Value You Provide
19:21 Exploring Different Pricing Models
20:07 The Pros and Cons of Hourly Billing
23:13 The Appeal of Flat Fees and Modified Flat Fees
28:58 The Potential of Subscription-Based Fee Models
32:04 The Benefits of Offering Packages
33:04 Conclusion: The Importance of Reflecting Your True Value
Access the transcript: https://share.descript.com/view/6dqezVmkKjC
Here is the list of Fee Setting Considerations Reference in the Episode:
*****
JOIN SUSAN FOR THE ABA SECTION OF DISPUTE RESOLUTION'S SPRING CONFERENCE on April 10-13, 2024, in San Diego, California! Don't miss out on over 50 educational programs designed to meet your professional development needs. Information and Registration: Conference Information and Registration
PRACTICE BUILDING WORKSHOP at the ABA Spring Conference: Dive deep into the practical aspects of growing a successful dispute resolution practice with Susan Guthrie presenting on "Blueprint for Success: Innovative Business Planning for Your Dispute Resolution Practice."
WANT MORE CONTENT?
Get SUSAN'S FREE BOOK: https://lp.constantcontactpages.com/su/tFTeMJf/SuccesswithSusan
Get the FREE LinkedIn Newsletter from Susan, "Practice Building Tip of the Day": Weekly Practice Building Tips Newsletter
Reach out to Susan at susan@susaneguthrie.com
Book an Hour Coaching Session with Susan: Strategy Session with Susan Guthrie
Websites:
Susan Guthrie: https://www.susaneguthrie.com
Mosten Guthrie Academy: https://mostenguthrie.com
Social Media:
Susan on Instagram: https://instagram.com/susanguthrieesq
Susan on LinkedIn: linkedin.com/in/susaneguthrie
Make Money Mediating on Instagram: https://instagram.com/makemoneymediating
Meet Our Creator and Host: Susan Guthrie
Susan Guthrie, nationally recognized as one of the Top Family Law Attorneys and Mediators in the United States, has transitioned from a successful legal and mediation practice to become one of the foremost trainers and consultants for professionals in the field. As Chair Elect of the American Bar Association’s Section of Dispute Resolution, Susan is dedicated to advancing the practice and profession of dispute resolution worldwide. Through her podcast, "The Divorce & Beyond Podcast with Susan Guthrie," she continues to share her expertise, reaching millions of listeners globally.
Top 3 AI Tools for DR Professionals That AREN'T ChatGPT on the Make Money Mediating Podcast #511
Say Cheese: It's Time to Elevate Your Business with Great Headshots on Make Money Mediating #510
Murphy Funkhouser Reveals: How to Transform Conferences into Marketing Goldmines on Make Money Mediating #509
A Best Practice: Transitioning from Healthcare to Heartfelt Mediation with Kimberly Best on Make Money Mediating #508
Why Boosting Your EQ is Good for Business on The Make Money Mediating Podcast #506
Blogging for the Win: How to Make Your Articles Effective for Getting Clients on Make Money Mediating with Susan Guthrie #505
Start Smart: The Tech, Tactics and Targets You Need to Launch Your Practice with David H. Salmon, Co-Founder of ADR Support on Make Money Mediating #504
Focus on THANKS This Holiday Season to Find Success on Make Money Mediating with Susan Guthrie #503
The Secret Sauce to a Great Practice: Client Feedback for the Win on Make Money Mediating #502
Crafting a Killer Business Plan for a Great New Year on The Make Money Mediating Podcast #501
THINK Before You Pivot: How Coaching Can Charge Your Career Change PartTwo with Megan Walls on Make Money Mediating #425
You Have to Define Success Before You Can Achieve It on Make Money Mediating with Susan Guthrie #423
THINK Before You Pivot: How Coaching Can Charge Your Career Change with Megan Walls Part One on Make Money Mediating #424
Building a Business Without Breaking Your Mind: Tips for Prioritizing Mental Health on Make Money Mediating with Susan Guthrie #422
Drafting Truly Effective Social Media Posts for Your Business on the Make Money Mediating Podcast with Susan Guthrie #421
Becoming a Training Junkie: The Power of Continuous Learning in Mediation on the Make Money Mediating Podcast with Susan Guthrie #420
Why an MVA Can Be Your MVP: How a Marketing Virtual Assistant Will Change Your Practice and Your Life on the Make Money Mediating Podcast with Susan Guthrie #419
Why Diversity and Inclusion are Good Business on The Make Money Mediating Podcast with Susan Guthrie #418
Keep Your Cool: Tips for Managing Difficult Clients on The Make Money Mediating Podcast with Susan Guthrie #417
Join Podbean Ads Marketplace and connect with engaged listeners.
Advertise Today
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Aligned Money Show
Gorse Culture PODcast : The H.R. Detective Agency!
HCI Leadership Revolution
The Ramsey Show
Planet Money