EntreProgrammers Episode 56
A Lesson In Pricing Models
1:07– Alright, we’re live! After 56 episodes these EntreProgrammers have yet to perfect an introduction. Here is some awkward discussion about pirating of music and Disney movies.
6:24 – Our guess, Wes Higbee joins us from a New York City jail cell. Joking!
9:09 – Wes gives the lo-down about the process of achieving a Value Base Price system. This information is a great resource for software developers and those in similar fields.
13:03 – Chuck shares his approach to pricing and how much value it provides the client.
Derick shares this thoughts on fixed bid rates and trials of a project using this type of rate.
14:50 – John talks about the Fixed bid, Hourly, Weekly based pricing and focusing on the value and project. John continues on about when to use which kind of billing model, in each type of project.
Wes shares his prospective on when, where, and how to work, value base pricing in to your projects. Looking at the outcome of your project is key.
23:34 – John makes some good points about the value base pricing of projects. The time is takes to track your hourly work verses the value on a fix base priced project. The time it takes to administer to your operative is out of the question. On the upside, a fixed base operation with a guarantee job, and has aches to deal with.
24:35 – Wes talks about a Value Buyer, shopping based on the value of the product, not focusing on the price tag.
29:45 – Wes differentiates the Contingent model and Value based model. Wes gives information on how to coach your client if they lack the expertise of value in their project. Wes also distinguishes another type of buyer, Price Buyers.
34:51 – Derick asks about the risk involved on the developers side of the project. Wes provides that risks are elements like: the possibilities of issues with the product, maintenance and support of the product, the training aspects, users and feedback.
42:56 – Chuck asks about how to deal with joint responsibilities when implementing a development. Or what to do if the client does not uphold their end of their responsibility when the software is launched and their outcome is not what they expected. Wes gives feedback on the do’s and don’ts, and the kinds models project work best with.
51:07– Josh’s question is about how to getting clients from an hourly-based rate to a value based pricing. Wes answers that providing extreme value is a starting point.
54:50 – Josh’s question is about what to do to gain more clients. Wes says to go about gaining clients like your using an hourly model. Elements such as, word of mouth offers great leverage and being proactive. Wes urges excellent customers service and locking in a future client.
1:04:12 – John talks about 4 levels of freedom, and how these levels tie into the entrepreneurial stance in this field of business.
1:07:23 – Wes gives his background in work, consulting and developing.
1:10:52 – Derick asked how to deal with living paycheck to paycheck to making the change to a value based pricing pay. Wes describes how to slowly convert by saving, doing both pricing models, and various different tactics to implement. Also, Wes talks about the money back insurance to the client, and how it helps the confidence of your client in your services.
1:23:50 – John’s famous advice is to go to Thailand, live for cheap and create a passive income to gain freedom. Best advice till now! Finally I get it!
John also gives excellent advice and thoughts of where to begin with using the value based pricing model. The bottom line is you have to be willing to sacrifice to make the change.
1:25:45 – Josh asked about the kind of life style Wes leads, according to his current work model. Is there freedom? Wes answers…
1:42:00 – John talks about the practice of bonuses or perks in the corporate business and how that would translate to a VA (Virtual Assistant). Johns mentions the practice of intrapreneurship inside of a business.
Josh talks about the book, Million-Dollar Consulting, and how the concepts here are also shared in the book. http://www.alanweiss.com/growth-experiences/million-dollar-consulting-convention/
1:54:01 – Thoughts for the Week
Derick: “Focus on small things that are easy to count as a success…” Very insightful!
John: “One Percent More”
Chuck: “ Be true to yourself”
Josh: “Guard your mindset”
Wes: “Buy on value”
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