AI in Action: Enhancing Value Pricing Strategies 🚀

Before we dive into the chat, the topic today of value pricing and how we can use ChatGPT and prompts to help us with that. As usual, let's just talk a little bit for a couple of minutes on just some of the latest developments in the world of AI. Because so much is happening so fast. This year has been extraordinary. I would guess that there's been more developments in the first six months of 2024 than the whole of last year and we're going to continue to see this. The world is changing extremely fast, which personally I love. I think it's fascinating. So some of the things that are for the last two or three weeks that you might have possibly missed is there was a big announcement a little while ago from Anthropic. Their large language model is Claude. They released Claude Sonnet 3.5 and one of the really interesting features within Claude Sonnet 3.5 is something they call artifacts, which I'm not going to go into now. But what I will make the point is that for the first time it seems like there's something out there, a large language model that's as good as ChatGPT. So for the last well, since ChatGPT 3 came out to the public in November 2022, it's pretty much consistently been the top of the leaderboard in terms of how good it performs compared to the rest. There was a moment back in May where Claude outperformed it and then ChatGPT brought out their latest model, 4O, which I find is absolutely amazing. But now Claude have brought out their three point sonnet 3.5 and Emily's been playing with that a lot. She'll probably talk about more about that in future sessions. She loves Claude and so you might want to check that out. And I'm going to stick with ChatGPT though today because it's the one that most people use, it's the most common. But don't dismiss Claude if you want to try something different. Also, next thing is Google Gemini 1.5. They released at 1.5. They're Gemini 1.5 just a little while ago. And one of the interesting things about that is they have a 1 million token context window, which means in theory you can feed it much more information for it to analyze, so that may well be useful. And again, I think just recently Emily did a live stream where she compared the different models chatgpt Gemini, Claude. So you might want to check that one out. And my third and final latest news I'm sure you are aware of because it's closer to home in the accounting profession. There was a big announcement for from Intuit that they are making, I think it's about 1,800 people redundant, huge layoffs. And the reason for that is because they are now increasing their focus on AI, which I talked about in my first livestream of the year when I talked about my predictions for the accounting profession and where I think it's going to go. And I talked about some of the major changes we're going to see over the next couple of years. And so if you missed that live stream, it was in February, go and catch up with it. I talked about why our profession is going to change and I talked about the three things you need to do to future proof your firms. So if you missed that, that was in February. It was the future of the accounting profession. And one of those things that I kind of predicted is happening with Intuit. They have an increasing focus on AI, hence the 1800 layoffs. They've closed some of their offices like Boise, but they are going to hire more people, but focused, their new hires are going to be focused more on the AI side of their business. So watch this space. Things are going to change in the next couple of years quite quickly in our profession with AI. We have to keep ahead of this.

Okay, today's session, how to maximize client satisfaction and revenue with a focus on value pricing. So really what we're going to do today is focus on, we're going to look at value pricing and some of the key principles and, and we're going to look at how we can use AI, how we can use tools like ChatGPT to really help us with mastering value pricing. So what are we going to specifically talk about in this session? We're going to talk about a bit about value pricing. We're going to talk about why having a single fixed price is guaranteed to be the wrong price. Some of you perhaps know this, but I'm going to remind you because it's a really important concept. A single price, a single fixed price is guaranteed to be wrong every single time. And I'll talk about and remind you why offering options will both increase revenue, increase client satisfaction, and also makes your sales process much, much easier. So we'll talk about how giving choices, giving options, benefits you and clients prefer it. And what we're then also going to do is, is we're going to talk about why communication is so important with value pricing. A lot of people think that value pricing is all about how we come up with a number, a price and yes, That's a part of value pricing. But I would suggest that the single most important skill that we have to learn when it comes to value pricing is communication. How do we communicate the value? Because if your clients do not see the value of what you do, then every price you give them is going to feel too expensive to them. And then, so we're going to talk about some of the foundations, but what we really want, what I really want to do is then look at, well, how can we use ChatGPT to help us to build packages to communicate value? And I'm going to show you some powerful prompts to help you. In fact, I think what I'm going to do is let's dive into ChatGPT straight away and let's do a prompt first. And just so you can get a, you can see what's coming later on in this session, we'll dive in with a prompt then, which will be a nice little starting point for where we're going to go today. Then we'll take a step back, look bigger picture at value pricing and these ideas of why a single price is always wrong, why we have to give choices. And then we'll come back and do some more prompts in ChatGPT that we can use to help us with our value pricing. So, so what I'm going to do is we're going to go across to ChatGPT in a second. Before that.

One of the things that members of the Value Pricing Academy have been telling me over and over again over the last six months is they love the practical prompts that we're creating and showing same on these live streams. People I know Emily's sessions, particularly people love when she goes through practical prompts because, and we're told it's because this saves you hours of time making, makes it so easy for you to then use this tool to get better results. And one of the things that we've been building this year for our Academy members, for Academy members in the Value Press Academy, we've been building a prompt library and it looks a bit like this. We've got so far, I think it's getting on for 75 very specific prompts for Academy members. If you're not an Academy member, I'll tell you later how you can get some of these prompts. And I went through a session yesterday with Academy members where we actually launched the prompt library and we're going to be rolling this out over the course this year. So I'm going to be using this to demonstrate some of the prompts And I'm going to go in and first of all, use this one called Service Designer. So we have a whole bunch of pricing prompts. I'm going to show you some of these today. So I'm just going to go into Service Designer and I'm going to just grab the markdown version. I'll explain why that in a second. I'm just going to hit copy. So having copied that to my clipboard, because I don't want you to watch me typing. I'm a slow typist. It'll take forever. So I am now in ChatGPT. I'm going to assume for now that you're familiar with ChatGPT. I'm going to kind of dive in straight into the prompts. And so the first one, let me just do Control V and paste this one in. You'll see it's a long prompt. Okay. It's a very long prompt. Why is it a long prompt? Because. Because the more detailed our prompts are, the better the results that we'll get. Does that mean you always have to write long prompts? No. Sometimes a short prompt will be fine if you want to do something quick. But I'm a big fan of systemizing. What we do, and I'm a big fan of anything that we might do frequently is let's create a prompt that.

We can use over and over again that we can use with anything that you might do more than once that you might do repeatedly. Anything you can do repeatedly, we can build a prompt that we can just keep using over and over. So this one is, let's imagine that you've got.

A brand new service you want to offer. Perhaps it's a potential client or an existing client has asked you for a particular service and you're scratching your head thinking, what would I do as part of that service? And so what this particular prompt will do for you is brainstorm and.

Will come up with ideas for what you might do as part of that service. So you could do bookkeeping, you could do cleanup work, tax return preparation. I'm gonna do something a bit different and a little bit more interesting. And I'm just gonna scroll right to the end for a minute of this prompt. Because what I do when I create these prompts and members of the ValuePrice Academy will know this is I'm a big fan of having variables in the prompts. If you're. If we're going to use them over and over again. Because then all we have to do with this entire prompt, we can just Cut and paste it. And the only thing we have to change is the or are the variables. Okay, I have two variables. So the first one is.

What is your business type? So this is where you might put in here your bookkeeping firm, an accounting firm, a tax advisor. So let me just delete the square brackets, the example. So, so I'm going to have my business type as a small accounting firm and then perhaps more important, because you would only set that once with your prompt, what is the service that.

I'm going to talk to my client about? And I've done this, so you word it as what is the outcome? So I'm going to do a. I want to help a client save UK capital gains tax on the sale of their business. So perhaps you have a client come to you and and they're looking to sell their business in the UK we have capital gains tax, as most of the world does. And perhaps you're now thinking about what would you do as part of that service? Because as you'll see later on, I'm going to talk about with value pricing, why we have to increase the value and communicate the value. Now I do know some people are listening to this on the audio podcast. If you're listening to this on the audio podcast the then and you want to go and check out and see what's on the screen, then by all means go to my YouTube channel and you'll find it on YouTube as well. Okay, so we're going to look at in this case a small accounting firm that could be you and you're looking to help a client save tax on the sale of a business. So let me just go back to the start and just explain some of the things that are in this prompt and why it's so long because it perhaps feels a bit scary. But please don't be put off. The first thing in here is.

It says you're a product manager specializing in service design with expertise in customer centric product development and feature prioritization.

That's giving ChatGPT a role because one of the things we know from prompt engineering is that when we provide it with a role, when we tell it the role to play, it will give a better answer. Its default role is a helpful assistant. And, and if we don't put that in there, it'll give the answer as if it's a helpful assistant, which will still be great. It probably just won't be as good as if they are a product manager who's got specialities in building customer centric products and services. So that's the role. Then we give it the task. What's the task? So in this case, your task is to design a new service offering for and these are just variables now. So where it says business type, just read a small accounting firm. Your task is design a new service offering for a small accounting firm. That, and in this case, the service outcome is to help a client save UK capital gains tax on the sale of a business. So I want you to provide detailed features and things that the small accounting firm can do as part of this new service offering. So that's the task. That's what we want to chatgpt to do for us. And because we've put these variables in here, if you decide that you want to run this again for perhaps a cleanup project, you don't have to go and put cleanup project everywhere through here. You just put it in the variable at the end.

Saves huge amounts of time, allows you to turn these prompts into templates that you can reuse. So then I've said write each feature in the format feature and then what we do, for example, posting all business bank transactions, we will post all receipts and payments for all business bank accounts, including any PayPal accounts. So I'm just giving it there an example of.

The format. I want it to give me this. I want it to give me a list of the features of what we could do in this case as part of a capital gains tax service offering. And not just what we will do the feature, but also what that actually means. Okay, so if we were doing bookkeeping, you might say posting all business bank transactions, we will post all receipts and payments for all business bank accounts, including any PayPal accounts. So that's just giving an example. Examples are really important with ChatGPT because when you feed the examples, it's large language models like ChatGPT, like Claude, like Gemini, they basically work on probabilities. They predict the next word in the cycle. And then it says use examples to guide your response. I've got some outcome expectations and then I've got examples. And the bulk of this is I've given two detailed examples because again, giving examples is really powerful in your prompts. If I was to take these examples out, it would actually be quite a short prompt and wouldn't be so scary. Let's run it. Let's see what it does. Here we go. So it's brainstorming all the features we could have as part of a service. That is, where was the service? Let me get helping clients save UK capital gains tax on the Sale of a business. So here we go. It's saying that what we could do as part of that service is we could do initial capital gains tax assessments. Capital gains tax assessments in a little bit description. We could do some strategic tax planning. We could perhaps offer as part of our service an asset valuation service utilizing entrepreneurs relief. That's a UK relief. So ChatGPT knows these things. If you're in the US you'd have more US.

Relevant things. Likewise, holdover relief is a UK relief, as is this one. Gifting strategy, tax efficient exit strategies, deferred consideration, use of annual exemptions, tax advantage investments, detailed tax reporting and compliance, ongoing tax advice, educational seminars on cgt, access to online tax management tools, post sale financial planning. I don't know about you, I think that's a pretty good list of things that we could build into a offering to help a client. And this could be as part of a standard package or it may just be a one off service for a client. They've asked us to create a proposal. They wanted to tell them about what we'll do as part of this service. And so the more things we can tell them about, the more they'll see the value, the higher the price that we can charge. Okay, let's. I'm going to come back for some more prompts. I want to show you that one really to kind of whet your appetite for what more prompts, what other things I will show later on. But let's take a step back at this point in time and let's just talk briefly about some of the foundations of value pricing. So one of the things that I've seen in the accounting profession over the last 20 odd years is thankfully there has been a shift away from pricing purely based on hours, which back in, let's say the year 2000 was probably 99% of the accounting profession. There has been a shift towards fixed pricing and value pricing. And in my benchmarking studies what I found is that a lot of most people in the profession now realize that we must move away from time based billing. It's a crazy way of pricing and, and we've got to move to value pricing instead. But what I have seen in the last decade or so is an increasing move towards flat fees or fixed pricing. And I've seen a lot of people think that if they give somebody a fixed price upfront, that is value pricing and it's not value pricing. It's not value pricing. Giving a single. Giving a fixed price upfront is not necessarily value pricing. How can I Say that. Why do I say that? Because when I ask people what why did you give a fixed price of, let's say, $750 for doing that tax return? The answer is usually something like this. Well, Mark, based on my years of doing tax returns, I know that for a tax return of this level of complexity will take about three hours. My rate is $250 an hour. So that's why I'm giving a fixed price of $750. In other words, it's still based on time. The only difference is what, which it's based on our best guess, our estimate of time. And so fixed pricing is not value pricing. Now, just to be really clear, there are only two ways to price. If we really simplify it, there are two ways to price. Cost plus pricing. Where we add up the costs of something creating a service, a product, add on to that our hoped for profit and that comes up with our price.

And that's a crazy way to price. We know that it's a crazy way to price because it ignores the customer. The customer does not care about your costs. And the customer certainly doesn't care on your hoped for profit margin. It doesn't have any consideration to the customer. Whereas the other way is value pricing. Value pricing flips that on its head. It starts with the customer first, what does the customer value? And then when we identify what the customer values, that's then how we set our price and costs or time spent should be irrelevant for from value pricing. Now, there are many different pricing models you will have heard of. For example, time based billing, flat fees, dynamic pricing, demand based pricing, menu pricing, things like contingent pricing, percentage pricing. These are all pricing models. There are dozens and dozens of pricing models, different ways to price. But all of these pricing models are either a form of cost plus pricing or value pricing. Or sometimes they're a hybrid of the two. Okay, so single offering a single fixed price is not value pricing. It's cost plus pricing. It's also wrong every single time. And the reason for that is that every time you talk to a client about price, they will have in their subconscious what economists call a buyer's reservation price. It's more commonly referred to as the maximum willingness to pay. And our goal should be to get our price as close as possible to the maximum willingness to pay. Because the extent to which we're below that is we're leaving money on the table. If we quote $750 for a tax return and the client's willing to pay $1,000, we've left money on the table. And so the reason why a single fixed price is wrong is that when you deliver that price, let's say 750 for a tax return, the probability, the chances of that being exactly the number in their subconscious as the maximum willingness to so remote, so improbable, it's probably impossible. The number in their mind will either be higher or lower. If it's lower and they're thinking this service must be worth 500 bucks and you quote 750, then you're too expensive. They don't buy, you lose out. If on the other hand, they're thinking, wow, this is going to be amazing. This has got to be worth a thousand bucks. And you say 750, great. You make a sale, but you still lost out because you've thrown away money. They would have paid you more. So a single fixed price is wrong, guaranteed every single time. And it's also not value pricing. So what we have to do is we have to move and give clients choices, options. And there are lots of ways of doing that. But the best way of doing it as a starting point is to use what I call menu pricing. It's where we give people different packages and usually three. Because of the magic of three. Think of it as offering a bronze, silver, gold. Every service you offer, you should give at least three packages. Your bookkeeping, a bronze option, a silver, a gold. Don't use that language, by the way. There are better words that we can use, but you give them different packages. Tax return, service, three different packages. Why do we do that? Because everybody values things differently and you don't know how much somebody's willing to pay everybody. If you. Let's go back to tax returns. Let's imagine rather than 750 bucks, you present the client with three options. A bronze version at 500, a middle option at 750, a top one at, let's say $1,000. And then you present that to your client. Then for those clients that are willing to pay up to 500, they'll still buy. They wouldn't have done before, but now there's an option for them. Those clients that see greater value and are willing to pay 1000 will pay you more money. And we see this with all the most successful companies on the planet. Go to Starbucks to buy a latte, they'll give you three options. The tall, the grande and the venti. Go to the Apple Store online to buy an imac computer, they'll give you three different packages. Why? Because it works. There is so much science behind this. Which I won't go into now. But other than to say it works, you must always give people different choices. A single fixed price is wrong every time, guaranteed. You have to give people different options. So how do we do that? How do we do that? Well, I'm going to show you a prompt that we can use to do exactly that that will help us build our packages.

So let me just bear with me a second. I'm just going to.

Grab my prompt from that board I showed earlier and.

I will actually show it to you. So I have this one that I've called Package Namer and Describer. And what I'm just going to do is click the edit button, grab the markdown language and copy that. I'll go to Chat GPT and I will.

I'm just debating myself whether a brand new chat or not or do a diff. Let's do a brand new chat. Okay, Because I'm gonna do something different this time. New chat. Copy and paste this one in. I could have used this prompt with that list of things for a, selling a, you know, helping a client with capital gains tax, but I thought I'd do something a bit different this time. So before I go through the prompt, the prompt, let me talk about the variables because I've done this one a little bit of a different way. I've done this particular prompt in the value Pricing Academy. I'm going to share some more detailed versions of creating packages. But this one's something you can do really, really quickly and it just asks for three bits of information. One is a bit about you as the business and then what is the product and how many options are we going to go with? I always suggest go with three unless you understand. Until you understand advanced menu pricing, stick with three. It's called the magic of three. And the product. I'm going to do payroll services.

And just to give some more context to ChatGPT, let's give some details about our business. But what I did is I did a quick search earlier to find an accounting firm that does payroll. This might even be you, I have no idea. And so I'm going to go with this particular firm. I'm going to grab this link and I'm going to put that in as the business so you could put it in for your business. And I'm doing this just simply illustrate the fact that one of the things that Chat GPT can do is it can read your website and then, and therefore get to understand in this case about Bryden Johnson's payroll services. So if you want to turn this. So I've gone to this website, they offer payroll, they don't give different choices, at least not that I can see. And yet they should do. They should give at least three different packages, three options. So we can improve this very quickly by just grabbing that information, giving it to ChatGPT. If I now go back, let's just pick out some of the elements of this particular prompt. So again we've got the role in this case it's act as a pricing consultant specializing in value based pricing with expertise in tiered pricing structures. And what I want you to do is analyze the business, in other words, analyze the website and their payroll services. And then I want you to generate number three packaged options for payroll services. And then what I've done is I've asked it to.

Come up with three possible names for the service and I've asked it to come up with as well a description of the benefits of each package. And I'm going to talk about.

That from a communication point of view in a second when we look at the answer. And then the rest of it is I've put some examples in there to guide it with the response. So let's see what it does as I hit this button. So it's now going to work out. Work on that. It'll take a bit longer this time because the. At least it should do because it's analyzing the website. Oh, it's done that. Okay, so you can. So we've got here for Bryden Johnson Payroll Services, we've got three options. And the first thing I ask for is what should we call it? Because I said to you bronze, silver, gold. It's not very exciting. We can come up with something better than that. And I've asked to give three options in the prompt. I said give me. Let me go back to the prompt. I want three options. I want one to be fairly straightforward, clear and simple, one to be highly creative, and a third one, add some humor. You can be the judge of whether it's humorous or not. So for our premium option, instead of Gold Payroll, we might go with full payroll or Payroll Mastery or payroll wizardry. So there's some options for you. I mean, you might not like any of those. You could always come up with some different ideas, but it's just giving up three possibilities. Instead of gold rather than silver, we could have basic payroll or we could have smooth salaries or, or pay with ease as your package name. And for the entry level bronze, we could have quick payroll or perhaps Rapid Paychecks or Pay Express. Okay. These are just ideas that will give you, help you to come up with what you like as the idea for your payroll packages. And with ChatGPT, if you don't like any of them, you can always ask for some more and it'll then do that again. So this prompt has given us three different names, choices, and what it's also done is a description. Now let me just, let me describe the importance of this. I'll just turn that off for a second. When you're talking to a client about your packages, and in this case it's payroll, what you want to do is you want to be able to help the client choose the right one, help the client choose the right one for them. And the way you do that is to have script, a form of words where you want to communicate, essentially, who is this package particularly aimed at? Who is the person who this is best for? So that will help them to understand if that's them or not, if that feels like them. If also we want to communicate, what is the main benefit of this package? Again, to help them understand what's the big benefit of that package over the others. And the reason for this is because.

You also want to, when you present your packages, you want to tell about all the things that you do. So think back to that last prompt about all the things you could do as part of capital gains tax planning. For somebody thinking to sell their business, there was a lot of things it came up with. And when you take all those and build them into your packages, that's a lot of information to take on board, and that's great. We should be certainly telling the client about all the amazing things that we do because in their mind, that builds up the value. The more we tell about the detail of what we do, it builds up the value, and that's great. But we also want to help guide them to the right one for them, which is why I want to use a form of words that basically summarizes that, that summarizes the package. So let's go back to ChatGPT and see what it's come up with. I'm actually going to start with the bottom one. So for our bronze add cheap one. It says this package is tailored for new businesses or, or those needing a quick setup of their payroll system. It's best suited for startups or small businesses with immediate payroll needs. The primary benefit is achieving a fast and efficient payroll setup, ensuring that the company can start processing payroll without delays. This package includes initial payroll setup, basic training for in house staff and the first payroll run, providing a smooth transition to a fully operational payroll system.

I think the wording's great. Whether that's what you want or not is up to you. You might want to create your package in a different but you might want to set that up. That's the sort of words that you might want to use.

The middle one Essential Payroll Services this option is perfect for small to medium sized businesses that need reliable and straightforward payroll services. It's best suited for companies with a stable workforce and standard payroll processes. The primary benefit is achieving accurate and timely payroll processing, ensuring employees are paid correctly and and on time while maintaining compliance with all relevant regulations. This package includes standard reporting and support for regular payroll queries. So again we've talked about who is this aimed at? Small to medium sized firms. What's the big benefit of the particular package? And finally the most expensive one you might describe it as. This package is ideal for large businesses or those with complex payroll needs. It's best suited for companies with a significant number of employees, multiple pay rates and varying payroll frequencies. The primary benefit is ensuring complete compliance and accuracy, covering every aspect of payroll processing, tax filings and regulatory requirements. This package also includes dedicated support and detailed reporting, making payroll management seamless and stress free. And so using words like this, if you're talking to a client offering your payroll service and they do have, let's say multiple pay rates or a lot of employees, then in their mind they're thinking I need that, I need the comprehensive payroll mat, the full payroll, the payroll wizardry, whatever you want to call it, it helps gu the client to the best one for them. So very important. Now this particular prompt was a quick one that you can do very quickly. I know we have lots of people here in the value pricing academy. We can actually make this even better still by doing a step before that, which I don't have time to show today. But one of the things that let's kind of go back a step from a bigger picture.

We looked at that first prompt where we said what are all the things we could possibly do as part of helping somebody looking to sell their business and save capital gains tax? And they gave a great long list of things. And so we can run a prompt to come up with what should we do? And what I perhaps should have done is we could have run that same prompt for payroll service and come up with a list of stuff that we do as part of payroll services. And then what we could do is run a follow up prompt that then asks ChatGPT to be creative, think out of the box and come up with other ways, other things we could do to add even more value. And those of you in the Value Pricing Academy, there's a prompt coming your way on exactly that. And so what that does is that then creates an even longer list with other things we could do to enhance and add even more value. Then what you want to do is once you've got that long list of all the essential features and the extra added value features of what we could do with a service, then what you want to do is allocate them across to your different packages. What would you put in your bronze, what would you put in your silver, what would you put in your gold? And I teach in the academy a seven step framework for doing this, seven steps, one of which, which is really important is before you start allocating all that list of things to different packages, before you choose what's going to be in your expensive package, what will be in your middle, your cheapest and your middle one, there's a really important step, and the important step is you need to think about who are the different types of clients that buy from you, who are the different types of clients that buy from you, who might buy a cheap package, who might buy a middle package, who might buy a premium package. And we need to try and identify those clients, we need to try and describe those clients, we have a picture of them. And ideally, we want to build a customer Persona. We want to build three customer Personas. If we're offering three packages, customer Personas are really important in marketing, but they're also really important in pricing as well. And the reason for that is because what we want to do is we want to make sure that every package we build, what we put in each of the packages, means that that package perfectly meets the specific needs of a particular type of buyer, a particular type of client. And another great thing that ChatGPT can do is it's brilliant with helping us create Personas. And if we have a, if we have a very specific prompt, we can get it to create Personas for the different packages. And so when you run a prompt that gives you the three different Personas that might buy a package, and then you have a list of all these amazing things that you could do as part of that package, you, you can then ask ChatGPT and run a prompt that will get it to analyze the three different Personas, analyze the list of all the things that you do, and then it'll create for you the optimal packages of that long list. What are the best things to put in the premium package to meet the needs of those premium buyers? What are the best things to put in the middle package to meet the needs of the standard buyers? What are the best things to leave in just the cheapest package for those people who are often called price buyers? When you understand the psychology behind menu pricing, and it will do all of that, and then when you ask it to come up with names and descriptions, you'll get even better than what I've just shown you. I mean, these are pretty good. We've just done this really quickly from analyzing a website with a payroll service. We've just looked at this here and what they do and it's come up with something that's pretty good. This, we can do this really quickly and this is likely to be an improvement perhaps on what you've already got. But if you want to go deeper, there's so much more we could do. You need to understand the menu pricing process and perhaps I'll get a chance to teach you that on another day. Right. We have, unfortunately we only have 19 minutes left. I can see some questions and. But I'm going to, I'm going to deal with one more issue and show one more prompt that I love that works really, really well. So the next principle of value pricing, which we've sort of touched on in that last prompt is the most important skill that we can learn is how do we communicate the value?

If you've ever had somebody say, if you've ever presented your price to somebody, either a client or potential clients, if you ever sent a proposal given, shown the price and they've said those words we all dread, oh, that's a bit expensive. Then we make the mistake of assuming they're price sensitive. But they're not. And I'm not going to go to the details right now, but it's a big myth. We do not have price sensitive clients. Your clients are value sensitive and there's a reason behind that. You do not have price sensitive clients. They are value sensitive. So why do they say that's expensive? Well, I know for a fact that's not because you're expensive, because you're not. Every accountant I've ever met, every bookkeeper is too cheap and you need to put your prices up. They don't say that's expensive because you're expensive. You are not expensive. The reason why somebody says that's expensive when you present them with a price is, and this is so, so important, it's a knee jerk. Reaction, a natural thing. We all say when we don't understand the value. When you say this tax return is going to be 750 bucks and they say that's expensive, it's is because they can't see value in your 750 bucks tax return service. And that's our fault because as a profession we are not great at communicating the value. And so communication is the most important skill with value pricing. In fact, I would argue that communication is the number one soft skill that we need if we're running a business, because communication is the heart of everything. We need great communication for pricing. We need great communication if we're selling for marketing, for leadership, for leading a great team and building a culture. Communication, I think is the number one skill we need to master. And prompt engineering, by the way, is communication. Prompt engineering is how we communicate with AI systems. And the better we create prompts, the better the results that we'll get. Communication is so important. So let's do one more prompt and let's look at how we can improve the language that we use to communicate the value of what we do. And I said we did this to some extent on this prompt. With the way that we describe the three packages, that's partly how do we communicate the benefits of the three packages. But let's do a different prompt. And I'm going to this time use a prompt from our prompt library of about.

Prompts. I think it's this one value communication that I want. Let me edit it, let me grab the markdown, copy that. And I think it makes sense to put this in the same chat because I think I'm doing a payroll one. Let me just check.

Yes, I already filled variables in to save you the time of watching me type. And what I did is I've used the same chat this time because I'm going to carry on using this particular firm. So if you go to their, and I apologize if you're here, but if you go to their page for payroll, they've got a description of what they do. It's kind of okay. It's a little bit boring. Because one, because one of the mistakes that we make is we talk about the features of what we do. People do not buy features, they buy benefits. So we have to talk about benefit driven language. So here's the prompt. We're acting as a product marketer again, or this time a product marketer specializing in financial services with expertise in highlighting benefits and unique selling points. Your task is to enhance the product description for the service. So just to show you what I've put at the bottom in this case, I just grabbed the text of their product description. That's this variable here. So it's their payroll description, the unique. Then I put services, Payroll services and unique selling point. I just made something up. Complete delight guarantee. If you're not happy, you don't pay. You should have a usp. Okay, let's go back. Oops, where was I? Let's go back to that prompt and then we'll run it. Have I gone too far? I'm in the wrong box. Here we go. So where were we? Acting as a product marketer, your task is to enhance the description on the website, in this case for payroll services, highlighting the benefits of each feature. You must also highlight the unique selling point. So there's our task that we want to carry out. There's a bit about writing tone and then I've said use the example to guide your response and use this as a template for the structure of your response. So once again I've given an example, this time with 1040 individual income tax returns. That's for the US and just give an example, which means it will then follow that. Okay, let's hit the play, let's hit the button and send this prompt off. Let's see what it does. So bear in mind, we're trying to improve. Oops, wrong one. We're trying to improve this language here which is just about the features. It is a bit boring. So let's now see if we can improve the communication of the value with this prompt. So here we go. Our payroll service is designed to provide comprehensive and cost effective payroll processing that meets the unique needs of business of all sizes. Okay, that's a bit boring. But anyway, more important though, specialist payroll team. So here's how it's worded it. We offer comprehensive, comprehensive and cost effective payroll processing on both weekly and monthly schedules. Our specialist team is dedicated to ensuring accurate and timely payroll tailored your requirements. This guarantees efficiency and reliability in managing your payroll, freeing you to focus on other critical business tasks. That's what the customer's interested in. They're interested in freeing them up, freeing their time up to focus on critical business tasks. They're not so interested in your specialist payroll team. They're interested in a benefit to them. Flexible service. So it goes on. Talks about flexible service of what you do. This flexibility. Ensuring uninterrupted and precise payroll management. We produce customized reports and payslips quickly and efficiently providing you with clear and actionable insights into your data. So again Another benefit, we manage all sorts of boring stuff like P45 starter checklists, P60s, that's features. No, no business owner cares about that. This comprehensive approach ensures complete compliance with all regulatory requirements, minimizing the risk of penalties and fines. That's what the customer is interested in. They're not interested in you doing P60s. They don't care what P60s are. They just care about complete compliance, minimizing the risks of penalties and fines. Leading edge technology. We use the latest tech boring stuff like bacs, approved bureau and so on. These boring features that we talk about, but the customer doesn't care. This cutting edge technology ensures accuracy and security in payroll transactions. By leveraging advanced software. We provide fast and efficient payroll processing, enhancing your overall business operations. Okay, that's much more important. And again, compliance. We've got this boring stuff. And it then says our meticulous attention to compliance guarantees peace of mind, knowing that your payroll processes adhere to legal requirements. That's what the customer cares about. And then CIS Payments, which is within the construction industry in the uk. This specialized service helps you avoid costly mistakes and ensures compliance with the construction industry scheme, etc. Etc. Our unique selling point is our complete delight guarantee. If you're not happy, you don't pay. This commitment to your satisfaction underscores our confidence in delivering exceptional service. You can trust that we will go above and beyond to meet your payroll needs, ensuring complete satisfaction and peace of mind. I think that's much, much better wording than just simply talking about the features of what you do, which customers don't care about. Okay, so many more prompts I could show you, but hopefully that's given you some insights into value pricing. If you're new to value pricing, but also ways that we can use ChatGPT or other large language models, those prompts would work with other tools like Claude. How we can use to help us improve the wording on our website. The way we describe our packages, the way we build our packages. So many things we can do to build great pricing systems. Okay, would you like more prompts like this? If you would like more prompts like this, here are a few ways to get them. So number one, number one is if you are not yet on our VIP list, which Sarah will put a link to into the chat. If you're on our VIP list, what we do is we send you every Monday you get a newsletter. In that newsletter we tell you about all the free training sessions coming up. We have lots of free training sessions coming up soon. But in that newsletter now what we also do is share, for example, guidance on value pricing. And what people love is every Monday you will get a new prompt of the week. So if you want new prompts every week to build up your own prompt library, every week we will share a prompt with you. So through the Monday newsletter, Sarah's going to share the link to that if you're not already on the list. If you are on the list, look out for the email that comes out on a Monday. It always comes out at 04:00 UK time, 11:00 Eastern Standard Time. It's got all the links to our free events coming up and it's got the prompt of the week. What else could you do? If you want to go deeper, we have a two hour training course on chat GPT for accountants and bookkeepers. And so it's just $50. We've kept this really cheap. It's a great way for you to start learning about Chat GPT if you are new to it. It's our beginner course. 2 hours comes with 80 pages of workbooks and prompts and so on. And that is our entry level chat GPT course. If you want to go to another level, I recently recorded a two and a half hour course where I teach prompt engineering and I go through how to build. If you like those prompts I've showed you, I talk about how you can build amazing prompts yourself. And so Sarah's going to also put the link to that particular course. If you are interested in learning prompt engineering and those of you that really want to go deep on.

ChatGPT AI, then the best thing you can do is to join one of our training academies, the Value Pricing Academy. If you are not in the academy, we have three levels. Level one is a great place to start. That's our foundations. If you want to grow your accounting firm and grow it fast and master value pricing, then level two growth is for you. If you want to be at the leading edge and understand the latest in the very best in prompt engineering, the latest in how to deliver value to clients through business advisory and if you want to be a master at communication, then that's what level three mastery is. You can choose any of those and one of the things we recommend is if you're not sure, join Level 1 Foundations. You can always upgrade at any time if you want more training and to go deeper on either marketing or leading edge business advisory communication. Okay, that's a bit about the Value Pricing Academy I am going to at this stage. Now let's see what Questions we've got. I don't think there were many.

But we did have Claire. What did Claire say? Is the reusable GPT prompt already included on the Trello, which you released yesterday? Claire? I'll say. Claire, I think if you're on my session yesterday, no, today's aren't on the board yet. They will be soon. I am doing another session for Value pricing Academy Level 3 members in August where I'm going to talk about price consulting. I'm going to give you some more advanced versions of those prompts. I'm also going to give you versions of those prompts that you can use when you're doing consulting work, advisory work for clients, helping them with their price. So, Claire, you're in the academy. There is some great stuff coming your way very soon and I think Mark Rayner said exactly the same thing. Will this all be in the the prompt Trello? So Mark and Claire are both Value Pricing Academy Mastery members. And so just so you know, we have this prompt library. I think I just showed, I showed you it. We have this internal prompt library which we're building right now. We have, I think somewhere between 75 and 100 prompts like the ones that I've shown we have. We are not releasing them all yet because we're still testing them. Just so you know, to build a prompt like the ones that I've shown you, it takes at least an hour to create them. It takes an hour to come up with the idea to write them, to put them into ChatGPT, test them, because you have to test them and tweak them and then we put them on the board. And so we've spent probably about 75 to 100 hours building those prompts. So far. Every prompt is specific for accounting firms if you're an accountant or bookkeeper. So we are building, building them and we're only now starting to release them. So if you are on our VIP list, we're releasing one every week on a Monday. If you're in Value Pricing Academy Level three, we launched yesterday the first draft of a Trello board just for you. And I put seven or eight, nine on there to get you started. We will be adding many, many more, Claire and Mark in the months to come. There'll be a lot coming in August. Every time Emily and I do live sessions and teach you prompts, we'll add those prompts to the board and if I get a chance, I'll try and have to, I'll try and add the ones I've shown today. But we go on vacation a few hours for three in a few hours for three, for three weeks. I will do my very best, Claire and Mark, to see if I can get some more coming your way. Right. Any other questions? We've got any questions? Otherwise we'll finish early. What do you want to know about prompt engineering, about value pricing, about creating prompts? You have time to ask a question, so please put that in the chat box. Claire says, yippee. Can't wait to get using them. While you're thinking of your question to ask, can I ask a favor of you? Could you, if you've had anything of value from this session, could you hit the like button? That would be much appreciated. If you haven't yet subscribed to the channel, please do subscribe. And we just, last month we hit just went over 9,000 subscribers of the YouTube channel. So thank you so much if you're one of them. So please hit the like button, please subscribe and that'll tell me if you've enjoyed it or not. And also what would be great is if you could put into the comments what was the thing that, what's the thing that was the most valuable? What's the biggest insight? What's the thing that you got out of today's session? Because I love getting feedback, the things that I know you enjoy the most. I can then do more of that going forward. Let me tell you very quickly then while I'm waiting for any final questions, let me just mention about. We have, I have a very, very special live stream coming up that you do need to know about. So let me just. I'm going to show you it in a second. If I go to.

If I go to.

If you go to my YouTube channel and you go to the live section, that's the fourth tab across the top. You'll see that we've got actually a lot of live sessions coming up, some great ones with Emily. If you want to learn how to use ChatGPT for growing your accounting firm marketing, then she's got some great ones coming up. Her session is always really practical. The one I want to highlight is on the 7th of August. It's when I get back from vacation. The 7th of August. Yes, 7th of August. That's a big one. I'm going to be interviewing Igor Pagani. And so just in case you've never heard of him, he is one of the leading experts on prompt engineering in the world. He has an amazing YouTube channel. It's where I've learned most of my stuff from He's a. He's one of my heroes. Good friend of mine, lives not far from me in Lisbon. So he's kindly agreed to come along and do a live stream with me. I'm going to ask him some powerful questions. You can ask him questions and learn some even deeper stuff around ChatGPT AI where this is all going, and so much more stuff. So make sure you've got the 7th of August blocked out in your calendar. Okay, I can see. I can see there's no questions come through, which is fine. I don't mind finishing earlier. I will finish a little bit earlier. If you are new to this channel, I always close out with some music and it just gives me a chance to read through all the other comments you've had. So please tell me, what was your highlight of today? What have you learned? What are you going to do as a result of the day? I will read your comments as we have the closing music. I will see you all when I'm back from vacation. I will see you all, I think, on the 7th of August when I have Igor as my very special guest. Okay, see you then. Bye for now.