Mark Wickersham FCAThe most sought after profit improvement expert in the accounting community

Pricing in the digital age: How to implement a pricing structure so your firm thrives

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Accounting professionals must stop undervaluing themselves and charging too little @wickersonabike #QBConnect

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Firm A

Charge £400 per hour for partner time

and £200 for associate time

Firm B

Fixed price of £4,000

Which of these 2 firms of lawyers would you appoint?

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The most fundamental concept in value pricing is different customers are willing to pay different prices @wickersonabike #QBConnect

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Price psychology #8:Left digit management

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£390£389

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£400£399

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Source: Gumroad

“…while evaluating “2.99,” the magnitude encoding process starts as soon as our eyes encounter the digit

“2.” Consequently, the encoded magnitude of $2.99 gets anchored on the leftmost digit (i.e., $2) and becomes significantly lower than the encoded magnitude of $3.00”

– Manoj Thomas and Vicki Morwitz, 2005

Penny wise and pound foolish: the left-digit effect in price cognition

Price psychology #21:Don’t reveal the headline price

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£4955 easy payments of £99

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Ryan Deiss

Conversions Revenue

$197 340 $66,980

Conversions Revenue

$197 340 $66,980

2 x $97 977 $189,538

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Conversions Revenue

$197 340 $66,980

2 x $97 977 $189,538

3 x $97 1008 $293,328

People focus on the $97 not the $291

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Firm A

Charge £400 per hour for partner time

and £200 for associate time

Firm B

Fixed price of £4,000

Which of these 3 firms of lawyers would you appoint?

Firm C

Fixed price of £6,000

No-win no-fee arrangement

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Questions?

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Access the presentation materials via: The QuickBooks Connect 2017 Conference App

orSlideshare at: http://www.slideshare.com/tag/QBCUK17