As our expertise deepens and our impact on our clients’ businesses grows, we will increase our pricing to reflect that impact. We will recognize that, to our clients, the smallest invoices are the most annoying. Through charging more we will create more time to think on behalf of our clients and we will eliminate the need to invoice for changes and other surprises.
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By following the money proclamations—getting paid first (VIII), talking money early (IX), refusing to work at a loss (X), and now, charging more—we develop a confidence that attracts better clients and weeds out poor fits without wasting resources. Proper employment of our Minimum Level of Engagement helps in this regard: thrifty clients are repelled and quality clients are attracted.
In boldly charging more than our competitors, we advertise to our prospective clients that we have confidence in our ability to deliver high quality outcomes.
As we get better we will charge even more, until we find that equilibrium that captures the appropriate remuneration for the value of our services. Our premium pricing will cost us clients from time to time; but if we are not losing business on price occasionally, then we are not charging enough. Conversely, if we need to win on price, we are not setting ourselves apart as experts.
Like our competitors, we too will use pricing as a positioning tool; but unlike them, we will strive to demonstrate higher pricing and thus benefit from all its positioning implications. Where others talk of their “competitiveness” on this front we will march headlong into the subject, following the ninth proclamation (We will address issues of money early), and boldly explain that we are likely to be more expensive than other options under consideration.
We will invite the client to tell us that he would prefer to work with a more affordable firm. We will not apologize for charging more; it is fair compensation for the increased value we deliver as experts. It lets us improve our offering by giving us the means to reinvest in ourselves and, most important of all, it almost certainly improves the outcome and the experience for the client.