PRICE YOUR SOLUTIONS TO SELL

After you have defined your solution sets, you’ll need to think carefully about the process you used in each scenario, and the deliverables you provided, in order to develop a pricing strategy. As I’ve mentioned, agencies often spend a lot of time developing one, uber process that is meant to be applied to every client challenge instead of excavating the processes they’ve already used and codifying them for future use, which is a much better way to ensure consistency (and profitability). If you’ve solved a sticky problem once, you should arguably be able to solve it faster and better the next time. But that’s only true if you’ve documented the steps you took and shared them internally to create a knowledge center for the future. This is actually what most clients think we do, but we all know that we often don’t because we’re on to the next fire. If you recall, I mentioned a digital agency in a previous post that had solved a particularly vexing problem for event marketers. When we looked at exactly how they solved the problem, we laid out a strategic process with a specific deliverable at the end that we could then price for new prospects. While the cost to execute the strategy varied based on the creative and technical elements the client ultimately decided to go with, the strategy component was fairly similar each time. And in fact, it’s critical to put a price to the strategy or at least a range (even if you don’t merchandise it in your materials) because it helps to move your prospect from interest (‘You’ve solved this problem before?’) to action (‘How could you solve it for me? How much would it cost?’). In other words, it moves the prospect down the sales cycle. And ideally, there’s a small piece of your strategy that you can ‘give away’ in order to stimulate trial. For example, in the case of the event marketing solution, we could actually offer a small part of the evaluation process for free so the client could get a taste of our services and further prove the need for our solution to his company. Note, this doesn't just work for small agencies. A global branding firm could easily develop a 'merger/acquisition' solution based off of their previous experience and sell it to companies going through this process. 

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