150 Design and Create Pricing Strategies from a Value Standpoint Part 1, with Jose Mirabal

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Most CPAs struggle with pricing - some have moved to flat-rate or subscription pricing, and some still bill by the hour.

What they often struggle to understand is the full depth of the value they offer to their clients, and because they don’t fully understand value, they are leaving Everest Sized Mountains of Money on the table, which means they have to work a lot harder to compensate for the missed opportunity. 

Here today to talk with me about this problem is My guest, Jose Mirabal .Jose is the Author of the Value-Based pricing framework and the founder and Director of the Pricing Institute, where he has advised more than 1,500 companies in 42 industries on their pricing strategies.

HIGHLIGHTS:

PART 1:

- “Everybody's concerned about their costs.  Nobody really worries about the price ceiling. The idea is to figure out and uncover value perception to see which specific services that you offer actually might have a higher willingness to pay from clients.”

- “Everybody worries about value but they go down into figuring out costs. And there's no relationship between cost and value.”

- “To monetize value, the first thing you need to do is uncover value. How do you quantify value? You monetize based on differences. When people buy, they buy based on differences. People compare items.”

- “When clients are telling you that your prices are similar or too expensive in comparison to other companies, that's a sign that you probably need to work more on your differences. And that's a sign that you need to better assess how your product and services differ from the next best alternatives.”

- “If you want to do value based pricing, all value based prices are supported by the price of the next best alternative. Every price based on value should be in reference to the next best alternative.” 

- “If you want to start with the pricing, don't look for what others are charging as much as what others are offering.” 

 

Connect with Jose Mirabal: https://www.linkedin.com/in/jrmirabal/

Website: https://pricing.institute

 

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