“Some of your customers … would love to pay you $250 … for your audit protection program. When offering bonus services, not only will you make additional revenue, but you also provide services that customers may want and would seek elsewhere: A common way of doing this is offering audit protection as a bonus service that clients can pay for. Offering variations of your services is a great way to make additional revenue from clients. … Pricing options are ways to not to leave money on the table.” – Greg Kyte … Giving your customer a menu of options that they can choose from to retain your services. “The next thing which is a huge strategy for this is offering variations. Give customers variations of your servicesĪfter establishing the narrative around your price, you need to develop different options to offer your customers: Whether you’re charging more than the average CPA or less, everyone in your firm needs to be prepared to tell the story around your pricing to win clients. doesn’t matter if up or it’s down.” – Greg Kyteĭeveloping a narrative around your price and services is a crucial part of gaining clients. You can say … ‘We give you the same quality, but we can get you a lower price.’ That’s also a narrative. … That’s why we charge more because we’re going to do the math right, and we’re going to find you the deductions that you deserve.’ … That can actually go both ways. … All of our returns are prepared by licensed CPAs, and we have extensive training. “If you say, ‘Here’s what differentiates us from other people. A CPA firm could charge more than H&R Block and tell customers, for example, that their price differs because they’re more thorough and can get customers a larger refund. Knowing your competition’s price and weaknesses is a key way to value your services and develop a narrative around your price.
Whatever you have to do to be able to talk about there needs to be a narrative for the pricing that you have.” – Greg Kyte Obviously, those checklists weren’t followed there. … We don’t make those kinds of mistakes, and here’s why: We have multiple reviews. “It was amazing how badly they screwed up my taxes. He used each service for different tax years and found that it was more expensive than using a CPA, and the tax “experts” at H&R Block and Liberty Tax made simple mistakes:
Greg used the example of utilizing popular tax preparation companies like H&R Block and Liberty Tax. You need to determine your value price by evaluating people’s alternative options to your service and how your service differs.
The way to do that is you look at the next best alternative.’ … The first one is you need to know what the next best alternative charges, and you also have to know … how you’re different from those other options that people have.” – Greg Kyte “ says, ‘You got to start by determining what your value price is for the services that you offer. When offering different accounting services for your clients, it’s crucial that your firm evaluates your value price.īut what is “value price,” exactly? Greg Kyte cited a helpful definition from author Rafi Mohammed: You’re going to learn a great deal of strategic pricing advice that you can apply to your firm, so let’s get started. In this article, we cover value pricing, establishing a narrative around your price, giving service variations, and how prices affect consumers psychologically. It featured the accounting and pricing expertise of Greg Kyte, founder of Comedy CPE, and Caleb Newquist, Editor-at-Large at Gusto.
#Gusto pricing full#
Gusto, along with our partners at CPA Academy, delivered a great webinar all about pricing strategies titled “Pricing Strategies for Accountants: There’s So Much More Than the Billable Hour.” You can watch the full webinar here.
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