We have worked with a range of professional service firms in a variety of ways to develop pricing capabilities and improve pricing outcomes. Listed below are some examples.
Reviewing existing pricing practices to identify how they can be improved. The audit is conducted via interviews with key stakeholders, financial analysis, a document review and a survey of partners. The key deliverable is a series of recommendations focused on opportunities to a) improve pricing outcomes immediately and b) improve the pricing competence of the firm in the medium-term.
Pricing Scoping workshops
An alternative starting point is to run a half-day scoping workshop with the firm's executive. This workshop explores:
a) Your pricing challenges,
b) Pricing theory as it relates to professional services
c) Leading practices in pricing professional services, and
d) Opportunities to improve your firm's pricing outcomes.
These workshops focus on developing a common understanding of pricing amongst the executive and prioritizing pricing improvement initiatives.
Develop a pricing strategy
Given the diverse nature of most professional service firms, rarely is one pricing strategy appropriate to the whole firm. We work with practice groups to document pricing strategies for individual teams. The strategy covers price positioning, fee structures, the pricing process and tactics used to justify and capture the desired fee.
Pricing excellence workshops
We have also created a range of workshops specifically designed to develop the pricing competencies of partners. These workshops include:
- Contemporary pricing practices
- Winning more work at premium prices
- Creating and credibly demonstrating value
- Succeeding without discounting in competitive bids
- Succeeding with alternative fee arrangements (AFAs)
- Improving the creation and management of estimates
- Using pricing conversations to strengthen client relationships, and
- A partner’s view of the firms’ financials.