Understanding how people make buying decisions is a key component to any successful pricing strategy. By grasping the concepts of how clients are influenced you can be better equipped to price successfully and increase your profitability. This session will provide a look at behavioral economics, marketing strategy, and customer psychology, and how these principles should be applied to pricing. Based on Ron Bakers best-selling book "Implementing Value Pricing: A Radical Business Model for Professional Firms," published by John Wiley & Sons, Inc, this session will confront the conventional wisdom embodied in the old law firm business model, which states the way to success is by leveraging people and hours, or We sell time. Learning
• Understand the First and Second Law of pricing and how they influence your pricing decisions
• Learn how the anchoring and framing effects influence pricing
• Comprehend what and how people buy
• Learn the importance of price psychology and emotions
• Why your firm should offer pricing options, rather than one price, take it or leave it
• How to construct those pricing options
• Why your firm should offer a value guarantee
Audience Level: Essentials
Ron Baker began his CPA career in 1984 with KPMG, San Francisco. Today, he's the founder of VeraSage Institute and a radio talk-show host on the VoiceAmerica.com show, The Soul of Enterprise: Business in the Knowledge Economy. He is the author of seven best-selling books, including: The Firm of the Future; Pricing on Purpose; Measure What Matters to Customers; Implementing Value Pricing; and The Soul of Enterprise. Ron is a highly rated speaker who has spread his message to over 130,000 professionals.
Audience Statement: Attendee at any level will benefit from this session. No advance participation is necessary.
CLM App Management Category - Functional Specialist: Legal Industry/Business Management CLM
CLE Language: Law Practice Management
Session Length: 60
December 13, 2018 3:00 PM Eastern
Association of Legal Administrators
CLMSM Recertification Credit: 1.00
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ALA Member Price:$109.00