Announced on April 21, P3® – The Practice Innovation Conference will transform into P3® – The Virtual Experience, a series of online, interactive content taking place in June. The in-person experience was previously cancelled due to the COVID-19 pandemic. View the P3 home page for more information.

Entrepreneurial Pricing – A Client-Centric Approach to Fully Monetizing Our Value

Track: Pricing & Profitability

Session Number: 261
Date: Wed, Jun 10th, 2020
Time: 2:00 PM - 3:00 PM

Description:

“Can I buy a bunch of 6-minute units from you?” asked no client ever! And yet we persist in framing the conversation and encouraging clients to do so in these very terms. Clients don't buy six-minute units any more than we walk into a travel agent and ask if we can buy 90 minutes on a plane. Clients buy outcomes, results, reassurance, peace of mind. The six-minute unit is a management distraction.

In this session, we will explore in real-world terms with case studies, what truly entrepreneurial pricing looks like, why it is essential to uncouple production cost from the client's perception of the value they are getting, and how this can result in not only enhanced profitability, but also immensely satisfied clients grateful to firms that are genuinely willing to align both party’s commercial interests.

Session Type: Lecture

Learning Objective 1: Revisit what clients actually buy and the fundamental distinction between inputs and outputs
Learning Objective 2: Gain insights into what entrepreneurial pricing looks like
Learning Objective 3: Examine a number of real-world case studies and their outcomes
Body of Knowledge (BoK) Domain: Business of Law, Client Services
Content Level: Advanced
Session Type: Lecture

Learning Objective 1: Revisit what clients actually buy and the fundamental distinction between inputs and outputs
Learning Objective 2: Gain insights into what entrepreneurial pricing looks like
Learning Objective 3: Examine a number of real-world case studies and their outcomes
Body of Knowledge (BoK) Domain: Business of Law, Client Services
Content Level: Advanced