pricing rates

how to tell who fits cas

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//m.g005e.com/2020/10/09/how-to-develop-the-cas-mindset/then give your pricing “why.”

by hitendra patil
client accounting services: the definitive success guide

will your existing clients or prospects buy higher-priced and more services from you? if you ask them to, will they feel put off? if you do not ask, will you leave real money on the table? if you do not tell them about more services your firm is capable of providing, will they switch to another accounting firm simply because they were not aware of your other services?

more: cas is an upgrade pitch | hook your firm on cas | can you identify real cas prospects? | 8 ways to create your cas practice | do you value your cas value?
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pitching relevant services to clients and prospects is nearly a fine art. it is fraught with the risk of coming across as is you have only your own interest in mind. at the same time, clients and prospects may not even know that you offer such services or that they need those services. you can lose such opportunities even before you explore those with your clients/prospects.
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how to leverage demand in your pricing

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implementing service differentiation, direct sales and promotion.

by august j. aquila

economists define demand as a schedule of the various amounts of an item (a good or service) that buyers will purchase at different price ranges during a given time period. according to the theory of price elasticity of demand, there is an inverse relationship between price and the quantity of an item bought. in other words, as the price of a service decreases, the quantity demanded increases and as the price of a service increases, the quantity demanded decreases.

more: the four phases of service life | what we know about pricing strategies | make the most of your marketing mix | marketing orientation is what firms need | when hourly billing hurts profits
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it’s very difficult for professional service firms to increase demand by offering a special pricing. for example, if a law firm offered a discount divorce, would happily married couples look for a divorce, or if an accountant offered a lower price for an irs tax examination, would people who did not receive a notice be at all interested?. in short, it has been difficult for most cpa firms to accurately estimate the demand for their services.
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the four phases of service life

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chart of a product life cycleplus the effects of a late mature market.

by august j. aquila

there is an important concept in marketing that provides companies with tremendous insight as to what they can expect for their products or services in the marketplace. it’s called the product life cycle and, sooner or later, all products and services will go through the complete cycle. as they do, several external and internal factors change. the accounting industry and the services it provides are no different.

more: what we know about pricing strategies | make the most of your marketing mix | marketing orientation is what firms need | when hourly billing hurts profits
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as this figure shows, the product life cycle is divided into four distinct phrases: introduction, growth, maturity and decline. the most important thing to remember about the product life cycle is that it is intimately tied into the sales of that product or service. it’s important that a firm’s marketing mix change during the life cycle of its various products.
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what we know about pricing strategies

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price targetwhere penetration comes in.

by august j. aquila

pricing in the real world is much different than in the accounting profession. usually, wholesalers and retailers set their prices by using markups as the product moves through a distribution channel.

more: make the most of your marketing mix | marketing orientation is what firms need | when hourly billing hurts profits
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producers or manufacturers usually set a list price. think of the manufacturer’s suggested list price on the window of a new car. car dealers will use various methods to price the new vehicle. let’s look at the most common pricing strategies that you may consider.
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make the most of your marketing mix

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"target market" illustration with arrow and bull's eyeupdating the five p’s.

by august j. aquila

forty-five years ago, in 1977, the landmark u.s. supreme court decision in bates & o’steen v. state bar of arizona, 433 u.s. 350 (1977) changed the accounting profession forever. that decision prompted accountants to pursue a wide range of marketing activities. and, ever since that eventful day, accountants have been struggling with the meaning of marketing and the impact of marketing on their practices.

more: marketing orientation is what firms need | when hourly billing hurts profits
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some would say that it has been the best thing that ever happened to the profession and others, of course, would voice just the opposite opinion. whichever side of the debate you are on, there is one certainty: marketing is here to stay.
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