![]() To implement value-based pricing, it is important to conduct in-depth research and read books such as Alan Weiss's "Value-Based Fees" and Ron Baker's "Pricing on Purpose" to understand the economic theories behind it.To implement value pricing in your business, you need to do research and understand your customer's worth, and minimize the time spent on initial discussions to reduce risk as a business owner. ![]() □ "Hourly billing is the opium of the profession."Ĭonduct research, understand customer worth, and focus on the "why" to implement value-based pricing in your business.□ Value-based billing is more prominent in consulting because it's based on the value brought to the client, rather than just the time spent on the project.□ Value pricing reframes scope creep as secondary by understanding the why and establishing a price that matches the value of the customer.□ Value-based pricing can prevent businesses from missing out on potential revenue, such as a quarter million dollars worth of business, by focusing on the perceived value to the customer rather than just the cost of production.□ Asking the right questions and understanding a customer's desired outcome can lead to uncovering the value they are looking for in a project.□ Value-based pricing requires upfront research to understand the customer's business and how to make them money, but it can minimize the risk of spending time without getting the job.□ Value is in the eye of the beholder, not the time of the seller - debunking the myth that time is money and emphasizing the importance of value-based pricing.□ Value pricing is seen as an alternative to hourly billing and can potentially remove artificial limits on income.Other options: iOS App Safari Key insights
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