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From the Inside Flap
Value–Based Fees
When Value–Based Fees was first published in 2002, it quickly became the go–to book for consultants who needed a reliable resource for determining how much they should charge their clients for their services.
In this thoroughly revised edition of his classic book, Alan Weiss shows how consulting fees are dependent on only two things: value provided in the perception of the buyer and the intent of the buyer and the consultant to act ethically. Many consultants, however, fail to understand that perceived value is the basis of the fee, or that they must translate the importance of their advice into long–term gains for the client in the client′s perception. Still others fail to have the courage and the belief system that support the high value delivered to clients, thereby reducing fees to a level commensurate with the consultant′s own low self–esteem. Ultimately, says Weiss, consultants, not clients, are the main cause of low consulting fees.
Filled with stories of successful consultants, Value–Based Fees clearly illustrates how consultants can educate their clients about value determining worth and consequent investment. Weiss′s value–based fees approach is about establishing a win–win dynamic with clients, while accommodating buyers′ egos and their belief that "you get what you pay for."
This second edition provides proven step–by–step guidance for establishing value–based fees. The book contains Weiss′s latest techniques and approaches, which embrace the new technology, globalization, competition, and societal changes affecting our world today. The new edition contains sample proposals, letters of agreement, and other practical tools. It includes
Updated examples throughout the book
Current information on ethical issues
Guidance on making consulting scalable
Fee formulas for today′s marketplace
New chapters on building wealth and the implication of technology fees
Value–Based Fees clearly explains how to charge for your value and get what you′re worth, providing nontheoretical, pragmatic advice that will help to improve any consultant′s practice immediately.
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Customer Reviews
I've read Alan's books before - but if you want to be serious about moving towards value based fees - this is the one you want. It has totally sold me on the value we provide as consultants - and helping clients to focus on outcomes not just the inputs. This is well explained as the difference between 'deliver sales training workshops' and 'improve sales closing rates'. One is a value output to the client which they can quantify, one is just a deliverable charged on an hourly rate to the client.
The book has lots of helpful practical chapters, including some ideas on 'how to' calculate fees on a value basis, and how to explain the benefits to clients of working in this way in comparison to the old 'hours-billed' approach. It also explains to to convert clients you've been working with on a hourly rate to a value billing approach, plus a few pages of appendices which really help to sell projects from a 'what's the value we're creating?' business case.
I've just ordered another copy for the team to read as I'm not parting with mine!
If any business doesn't recognise that charging for their time is the most unethical and immoral way to set their prices, they should lock themselves away with this book, a large notepad and a box of pencils and read it from cover to cover at least twice.
Most businesses are undercharging AND under-"delighting", which is why they are undercharging! Read Alan's excellent book and realise that win-win means customers who rightly believe thay are getting immense value out of a bargain investment, and simultaneously suppliers who believe they have just made a hugely profitable sale!
Like GTD, the ideas in this book are ground-breaking and some find it hard to accept. Not that it's hard to imagine how someone could figure this out, or that the concepts are so counter-intuitive. Just that most people think prices are a function of cost, or that there is 'a' market price for a given good or service.
What Weiss points out here is that value, or price, is subjective. This is something everyone experiences daily but can rarely notice.
Second, and most importantly, he outlines how to contract for consulting using a value-based fee, including the sales process. Weiss makes a good case for adopting this approach - good for the consultant and good for the client.
Here's an example of why value-based fees are good (not from the book): hourly, or 'time-metered' pricing will add incentive to increase the low-value '80%'of potential activities to a project. Sticking with value-based fees, or outcome-based fees, puts the incentive on focusing only on the '20%' of activities that will make a real difference. If I hire a consultant, I want results, not deliverables.
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