BAM Day 2 - How to Build an Effective Pricing Model for your Clients with Mark Wickersham

Okay, it is five past the hour. I need to start because I have got loads of stuff to talk about. So today is all about how we could use effective. Effective pricing is primarily for you to price your services, but you could use it to price your client services. Just. I've not shared this, I don't think yet. If you, if you're not in the Value Pricing Academy, you can subscribe to the software separately and the price depends on your current what country you are in. But if you're in the U.S. for example, the pro plan of the software is $245 per month and people who use it get much higher prices. So I mean that alone you get a very big return investment at $245 a month. However, if you join the Value Pricing Academy, we actually give it to you. We give it to you. And the reason we give it to you is because it works so well. And my goal with the academy is to help you get rich results. I just want to give you anything I can do to help you get those results. And if I mean giving away my software for free, then then so be it. Because it's that, that, it's that community of 500 people that I love to work with and because they're wonderful, supportive people like, like Jessica, who's always sharing and so kind with sharing her time. People like Peter, for example, and many others that you will have met. Awesome people, Carol from Canada and so on. So, so don't go and buy the software. Join the Value Pricing Academy and.

Get it as part of that. So what we're talking about today is though, how can we use the software as a part of our advisory work or price consulting work, if you want to call it that, with helping our clients with pricing. And the reality is, because we've structured the software, it's so flexible, you could install it for a client. What type of clients could benefit from it? Basically any client that does or should have a pricing conversation with a client. So effective pricing would work really well with, for example, anybody in the trades. If somebody has a driveway construction, they build driveways for people. They then they could have a much more powerful pricing conversation than what they probably do right now, which is just give you a single price, a single quote, which is either too high or too low. Either don't make the sale or they leave money on the table. Much better to sit with their laptop or their iPad, ask the customer some questions, and it then gives them some choices and some prices and allows people to change. So the trades, for example, Any other professionals. If you have lawyers, architects, for example, web designers, graphic designers, a lot of. There's a lot of different types of clients that could benefit from this pricing approach. And I'm going to give you example today using a bike shop, a bike or bike repair business, because I do a lot of cycling, so I kind of know that I can see a huge benefit for bike repairs. Similarly, if you have motor mechanics.

Auto repair shops and so on, there are a lot of types of clients that could benefit from this type of approach. And as we saw earlier.

When we looked at profit diagnostic, pricing can have a huge impact on people's results. We saw with Jeremy's water cutter. I forget the business now, the numbers now, But a simple 15% price rise on average, even with losing 10% of his clients, that could have doubled his profit. I think it was about 50,000 that it potentially add. This is the, the potential of pricing, right? We can. You or your clients, you can make a huge difference when you change the way that you price. So I just realized that crazily I was supposed to actually open up a website, but it doesn't actually matter too much because I have something to get around that. So this is a real business. This is a business in the UK I just stumbled across. It's called have Bike and they do have a website and I was going to call it up, but their website's changed. By the way, I don't know if they heard my teaching because they've now improved things. But if you go, this is a mobile bike repair business in London in the uk. So they have a van or actually a series of vans now. They seem to be, they actually seem growing quite fast. They have a series of vans and anybody in the London area who wants the bike repaired, then what happens is they come and collect the bike, they repair it, they bring it back. I would love a service like that around here. Actually, I found one. Somebody in Lisbon collected my bike, took it away, repaired it and then brought it back. But what you may notice from this is that they are menu pricing. They are giving three choices. Great. You might say they're already doing one thing right. They are giving a choice of three options. However.

You might be thinking, if I see somebody who has a business giving three choices, I can't now recommend giving three choices they've already stolen. And my favorite idea for increasing your prices, the thing is, most people who give three choices do it all wrong. So with this one, for example, they give three choices, regular, deluxe and super deluxe. And the price points are 50, it's in pounds, but doesn't matter what the currency is. 50, 65 and 150. And I think that they are with this leaving a lot of money on the table. A lot of money on the table. And I think I am right because I first showed these slides out four or five years ago and if you go to their website now they're doing things very, very different and with different prices. So they have got better but they could still improve.

So one of the things I would, if this was my client, if this was my client, this bike repair business, the first, one of the first things I would do is I would get them to think about changing the prices because that's always the fastest way to get results. And sometimes it can be really simple things. It could be just simply looking at the different price points. And what I can see that's wrong here is the deluxe is, is way too cheap. If they increase the price of deluxe they will, they will almost certainly make more money and I think they do because they have now changed it.

I don't know their profit, it's not a client of mine, I don't know their profit and loss account. But if it was, and I know they've grown now, but if it was a small, if it was a small mobile bike repair business, let's imagine they make total sales of a hundred thousand. I don't know what direct cost would be but they've got to pay for a van, the fuel, the insurance on the repairs on the van and so on. There'll be some direct costs. So perhaps their gross profit is 75,000 and perhaps they have some fixed costs of 50,000. So they're making a net profit of £25,000, which is probably about right for a one man band mobile repair business. So the question then becomes, well, what could they possibly do, what results could they possibly get? And of course we could go into profit diagnostic and play with all sorts of numbers. But let's just look at this one thing, let's look at what I would ask the question. I would say to them, okay, looking at your customers, how many people buy the regular, how many buy the deluxe and how many the super deluxe? So it may be that the regular is £50. And I wouldn't be surprised because there's a real science behind menu pricing. There's been a lot of research, a lot of science, which hopefully I'll get a chance to teach you one day. But I would be fairly confident that if they told me what percentage of customers buy it would be most people buy the middle option, probably 70% and they will have some people in London paying for Duper Deluxe. I know that because people in London have got more money capital of the uk, people who own bikes, that they've spent five to ten thousand on a bike. And people do that. By the way, I know for myself, when you spend a bike, buy a bike that's five or ten grand, you want to be properly serviced. £150 is crazy cheap for a super deluxe service. Their pricing is terrible. So they will make sales and at least 15%, probably even more probably, but let's go with that. And they will probably find that a small number comes from the regular cheapest one. If we crunch the numbers, if that happens to be their numbers and the distribution, you work the numbers, that's 100 grand. So this is what I would do. I would say to the client, I think you're pricing way too low, but I know you're scared about putting all your price up in case you lose your customers. So let's test one little thing. Let's just change the price of the middle option from 65 to 97 and we can test it in a safe environment. Because the thing is, if we push it too high, people will still buy something. But I can almost guarantee again because of the science behind it, that even at 97, most people will choose the middle option. Most people choose the middle option. And what will also happen, and again, there's some science behind it is more people buy the super Deluxe because there's now a smaller jump in price. I don't get into the science of it right now. If you're in the vpa you'll probably know this and if you crunch the numbers, that's 130,000, the sales could be. In other words, just one tiny, tiny change could add 30 grand to profits. Okay, it's. And if we look at the P and L account, actually it's a bit different to that because of direct costs and so on. When we take into account all that they could double, they could easily double.

They could easily double their profits. So one little simple thing, you can weigh focus on price.

You can double people's profits. We saw it, we saw it earlier with Profit Diagnostic, with a larger business, with the water jet cutting business, some simple changes could double profits. With a real life bike repair business, you could demo double profits just by doing that. But there's so much more that we can do because as I said earlier, there is the problem with three options and it's Great. Three options is still only three price points. Let me show you a much more powerful way that that business could price and, and being a cyclist myself, I know this would work because people who have 5,000 pound bikes will pay much more for a good service I just did recently for my bikes in Lisbon. So just bear with me a second because I just need to go. Yeah.

So here's Effect device we looked at earlier and.

We can go behind the scenes with the settings. And one of the things that you have access to is something down at the bottom called client versions. In other words, you can create a version for your clients and you can sell it to them. And it works a bit like wholesale billing. So for example, you subscribe to qbo, for example, and then you charge it across to the client at whatever margin markup you want to add on. So think of effective pricing as the same way. So I'm going to go into client versions and I have a few set up here. So I'm going to go into Garain Thomas, which is, he owns a bike shop. I have different brand. I've got Infinity Bikes now. So the first thing you can see straight away is that the branding is different. We've got Infinity Bikes logo in the top left, we've got their color scheme and we have a model for servicing a bike. So imagine.

You have a bike and you want it servicing. You go into the bike shop and they perhaps talk about their bronze sealed gold option and the benefits and the value conversation. And then it comes to the price. And imagine that Ralph giving you three prices on a standard menu, which means they're probably underpriced. Imagine instead that they just pull out their iPad. This can run on an iPad. So they open up their iPad in front of the customers in the shop and let's imagine the customer is Chris Froome, because it's the only one I've set up. So Chris Froome comes into the bike shop and the first question you might ask if you were running a bike repair business is tell me what bike have you got? That's a critical question. Been the reason for that is because somebody owns, let's say, and I could put in a lot more detail here, but somebody owns a 5,000 pound or $5,000 racing bike is going to be willing to pay a much higher price than the father who's bringing in the child's, their toddler's first little bike. Somebody's a child's bike. You're not going to pay as much for a child bike as you are for let's say a high end racing bike or, or an E bike or something. So this isn't a really, this is a really important question which establishes willingness to pay. So let's say we've got a racing bike, by the way, all these questions you can build. I could have broken it down to different types of bike, expensive racing bikes, cheap racing bike. I could be really detailed. Then we might ask some other things. We might say, so while we're doing a service, would you like me to replace the chain? Would you like our collection and delivery service?

Because if people want their bike collecting, we charge a premium price because they value that. Do you want our 24 hour express turnaround some customers? I would say yes please. If you can get it back in 24 hours. I don't miss a day on the bike because as some of you know, I cycle six times a week. I don't want to be out the bike. I will pay a premium so I don't miss a bike ride. So then we go and we can then say, okay, so I know you said earlier you like the option of the middle one, the deluxe package. This is the deluxe package. Is that still the case? Yeah, it's the deluxe one that I want. Okay, so let me show you what the prices for that are. And now we see they got 590 for Super Deluxe, 305 and 1 199. Much higher prices than what was on their website.

Now if I've got a 5,000 pound bike, I will probably say yes to that. Yep. 305 for you to collect it. Collect it, deliver it, do it in 24 hours. Yep, I'm happy with that. In which case the bike shops made double the amount of money. Even more in profit, they double the sales than when their premiums 150 on the website.

In other words, they get a chance to have much, much higher prices. But if I say no, that's too expensive. Well that's not a problem because they could just offer the regular 199 using the 305 as an anchor. Or they might say, okay, well if it is 305 and the reason for that is because you want the 24 hour service, how important is that to you?

How long is it normal? Otherwise we can do it in about three days. Okay, I'll go with that. How much is that? Oh well that's just 255. And now as a customer I'm thinking okay, 305, that's a cheaper price too. I'll go with the 255 bike shop still makes more money. If I say that's too expensive, he changes something else. By having a conversation with the client, involving the client in the pricing process, you get higher prices. You get higher prices almost every time. Just hear the success stories of VPA members using the software, your clients can do the same thing. Just imagine we looked at profit diagnostic. Just imagine the potential impact on their bottom line profit if you can put in a place a system that might get them 15, 20, 25% higher prices. We looked at Jeremy's water cutting with 15% higher and losing 10% of customers. With this process you don't necessarily lose customers because they will buy. It's just a case of finding the highest price they're willing to pay. You can completely transform business owners results add huge amounts of value. So what's the service that you could offer? Let me talk about what might you do as part of an advisory service around pricing where you can see an opportunity for them to use this kind of pricing approach, using a software systems approach to their pricing. And I think there are, there are really six, six elements of things that we could build in. So firstly we can create value through the price consulting just by giving them ideas. For example, why not give your customers a choice of three options? Why not look at those options if you're already doing them and change the price points, come up with some different price points. We can give them pricing advice. So that's the first way that we can add value to our clients. The second way we add value is setting up the software. So if they're using the software, we can set it up for them. We can brand it with their logo, their color scheme. So when they see their customers with their iPad, it feels like it's their own software. How many other bike repair businesses have software? It's going to impress, this will impress people. You can also add value by building the models for them. So that, that one that I've just shown you, that probably took me about less than an hour to build that model in the software. Jessica will know that's true. There was about six or seven questions in there, simple questions that I put in there. But from a client's point of view, they don't know it's that easy. They're going to be really impressed that you've built a pricing model. They can start using it straight away and start getting better, higher prices. You can also build proposals for them. So.

I don't know if I.

Yeah, let me, let me select that middle deluxe option. And if we've got time, if we do have time, sorry, I'm not showing it. I know.

Software.

Once you've finished and agreed the price, I'm going to complete that quote. You then have the option to create a proposal. So you can pick your proposal template. What we have a bike servicing one, I'm going to call it Racing Bike. And then what we do is hit this is all the, all you need to do. You hit that button there and it pulls in the template for what you've got as a, in this case a bike repair proposal. We can make changes to it for this particular client if we want to, or if we're happy with the generic one, it'll just insert the price, everything that we've agreed and the client can then produce a highly professional looking proposal in seconds which has all the prices and everything agreed with the client. So you can, otherwise, in other words, you can add value. You can add value by open and create those proposals. You can add value by then the ongoing support. And also you are then giving ongoing access to the software. So the software.

Works like wholesale billing. So within the software you can create inside a client copy for your clients. And what that means is you pay for it, you buy the software on their behalf, you pay the list price of the software, just like wholesale billing with qbo. If you buy QBO for a client, you buy QBO and then you choose what to sell to the client. And in this particular case, what you should charge is much, much more than the software because you're not providing software to the client. You're providing us a solution, a pricing solution. And we value pricing based on the result that they get. It's not just the software itself we're setting up and we're advising them on, well, what are the right questions to ask, what are the scope questions to ask, like what bike have you got? What other options could we give the client, the customer? And these are things that you would, conversations you would have bring your knowledge to the table with your client to help them think about what would be a great model. And then you build a model for them in the software that's hugely valuable because of the sorts of results that they can, that they can get.

So then what you want to do next, what you want to do is, is you need to be able to give the client, if this becomes a service, if you want to help clients with their pricing and offers a service, next thing to think about is, okay, so what is it you're selling? What are the options. Because what you want to do is give them some choices. What you want to do is create.

Something like this. You want to have.

Something where you can sit down with a client and explain what's in your bronze, silver, gold option of helping them set up a pricing system. And what might go in those packages would depend on. You might, for example, look at those six items I just shared with you. The entry level might be just setting them up with the software, their branding and so on. The middle option might be creating some, might be creating some pricing models. The top one might be working on proposals. The top one might be, might include things like on an ongoing basis, you do some testing with them. Because one thing is really powerful is to test. So you could set the client up with the model, get them using it, and then perhaps a month later or two months later, get them to share with you the results, the numbers, how many people are buying the most expensive option, how many, the cheapest option. And based on information you can then start to figure out, okay, let's just change the model. Just like I showed you with that half bike. If they start with, if they start with one set of prices for their bronze, silver, gold, let's test, test it. So we move the middle option nearer to the premium and let's see what results we get. You can add huge value to a client just by testing and measuring over time. Because as we saw with that half bike, just a simple change in the price points can have a huge impact on bottom line results.

So.

If we're offering this as a service, the service being helping clients with pricing and putting a pricing system in place, how do we build up the value? We build up the value in their mind by doing something like the Profit diagnostic we looked at earlier.

So you might use the profit diagnostic software and talk about the pricing side of things, share a few ideas to show the client what might be possible with their pricing. And if they're big enough numbers and if the client could benefit from having effective pricing installed, then what you want to do is start to really build up the value, talk about your different options. And one of the things you'll want to do is have a, a brochure for it. So one of the things I have done for members of the value pricing academy is we have a brochure which.

I was supposed to open up, was supposed to open up and show you. And it may be that I can do that quickly. I don't know, let's see, Just, just bear me a second because I think I got it to hand. I'm fairly sure.

I have it here. It's just opening.

It's opening but sideways. Let me just turn that round. Okay, got it, got it, got it. So if I just switch across to. Sorry, this wasn't very well prepared. I apologize. Here we go. If I go to. If I go to here. So this is. I talked earlier about having brochures. The brochures make it look professional, what you're doing, but also allow you to act as a script, an agenda, aid memoir, to say the right things. Oh, it's still the wrong way around. Let's.

Change that back to there.

You'll get the point. I'm pressing the wrong buttons. So when you're having the value conversation you heard from me yesterday, you heard Nadim, you start by talking about the pain, the problem. So use a brochure to access a script to understand what are the problems in your business. You're working too hard, you say for too little money. The root cause is probably pricing. And so we talk about the pricing problems and we're still sideways on, so you'll just have to look sideways. And then we just build up and then we go through different packages and then we use language to explain the benefits of all of the things that we do. Sorry, that was so badly prepared. I should have had that the right way up. But that's A brochure is a powerful way to build up the value.

So I guess the last question is. And we're going to have time for. We're going to have time for questions, I think. So think of your questions and let me know what questions you've got. Because the last piece of the puzzle. So you've demonstrated, perhaps using Profit Diagnostic or perhaps just paper and pen, you've demonstrated that if they could change their price, they could increase their profits by.

Let'S say, 50,000. And we've then built up the value further by going through a brochure and talking about the things that we can do. We've shown the different options. The client wants this. They're excited. They know their pricing's wrong. They love the idea of being able to go to their customers with an iPad and just ask questions and involve the client in the pricing process. They're really excited. The question is, what do you charge? How are you going to price that? Well, the way that you would price it is use the same system that you say, well.

We use the same system so we can give you some choices. And so if I just go back to.

Here, let me just hit on this button here. So I'm actually currently right in Infinity Bikes client version account. If I can go back to my account, in other words, you as the accountant, I have set up for you in the software.

A model that you could use and you could change it. It's just an idea. This is a model you could use to sell that service of putting in place a complete pricing system. So let's imagine it was Jeremy's water cutting business and we can see an opportunity for him to use, have a meeting with clients. So what might be, what might we ask? We might ask about the size of the business. You could of course change that question for what I showed you earlier, where you could say, what's the profit improvement potential? So the bigger the potential improvement to profit, the bigger the price will be. I've done it a bit simpler on this one. I've done it what's the size of the business? So if it's a small little business of up to 100,000, it might be a smaller price because they won't be able to afford so much. If you're talking to a client that's doing a 1 million plus turnover business, there's probably a much more at stake and, and so you could charge a higher price. So let's imagine we've got a client that's doing, just getting up to his first half a million. And so then we might ask the question, how long do you want the pricing strategy meeting to last? Because one of the things you want to do before you install a system for the client, you've got to have, you got to start to, you've got to have a meeting to understand.

Where they are with their pricing right now, what are the challenges, what's their pricing system right now? And so you can start to diagnose things and see what's wrong. So it would kick start with a diagnostic, a diagnostic meeting to do that. And it says there, normally we recommend two hours, but let the client choose. If the client wants a full day one, then they value a day with you to talk about pricing, then they'll get a higher price. They might want a two day retreat, for example. Let's imagine they just want, in this case, they're happy with a, they want a full day, they want a full day and they want that meeting to be at their office.

For example, as we saw earlier. So in other words we can ask questions to find out what their preferences are and that determines their, what they value and what we should charge. And so now we might ask the question.

So one of the things we do in our services, we build pricing models for you. How many models do you want? So if it's a bike repair business, they probably just need the wall. It's a bike service. If you're talking to a firm of lawyers, they might say, well, we could do this for our house conveyancing.

A legal contract work. And they might want five or six different services. Just like an accounting firm. You'd want bookkeeping, annual financial statements, you want a payroll model. So you ask client, how many models do you want? Client might say.

I've got five services. I do same with proposals. You could create more than one proposal. I'll leave it at that for now. And then we get to the stage where we now say, okay, so here's our different plans I talked about earlier. Which one would is right for you? And therefore the middle one. I want the pro plan. The pro plan. Okay, we could do the pro plan. So that means you get all these things here. The only thing you don't get is the extra training. But you can always upgrade to that later if you change your mind. So that would cost you $1,715 per month. And you might be thinking, wow, that's expensive. But we're value pricing. We have to start off with what's the potential. This could have a huge impact on their pricing. If this is a half a million ton of a business and you perhaps use profit diagnostic, it might be showing that this is going to add 100 grand to their bottom line profit. If it's 100 grand to bottom line profit.

12 lots of 1715 is not a lot of money. But from your point of view, if you were to get that, that gives you a, that's a nice fee. You can do some really serious pricing work with this client. If they say it's too expensive, of course, as you know, you can go back and change the package. It might be, for example, that you say, well, let's just do one pricing model to start with and then we can always upgrade later. And if you just have one, not 1,700, it's just 1,150. So we just come down price bit by bit until the client says yes. Now a little tip. I'm just. Got any questions? Let me just bear me a second because we have, we have 11 minutes. I can keep talking, but actually I'd rather answer your questions and I want to just see how many. So Diana's got a question. I will definitely answer that question. Are there any questions in the Chat box, I don't know.

So some questions in the chat box. So I will read those as well. So let me make one more point then we'll go into the chat box.

And I've forgotten the point I was going to say. What was I going to say? Oh yes, yes. So I didn't show this earlier, but one thing that you can do with the software, we talked a lot over the last two days about the power of packages menu pricing and that normally you have three options and there's a reason for that. It's called the magic of three. Three very often works, but there are some situations where four is better or even five and in this particular. And so you could build that into the software. And what I've done with this one is I've done it so that it shows three options to the client because we know most people do pick the middle option, but this little button called TR here, it's called TR because you.

You don't want the client knowing what it says. But that basically stands for toggle, reveal what that means. If I press that, it unlocks a fourth option called Starter which you don't have to show. But if you, if you, let's just go back to that. If the client says, look, I love the idea of this, I really want it, but you know, I can't even afford the $915 a month. I just can't afford that. How can I get started with it? So you've used that to create an anchor 915amonth. The client can't afford the cheapest option, but you still want the business. So you could have fourth cheap one up your slip. Well actually we do actually have a starter option that might be best for you. It's just $505 a month and for that we do some possibility analysis to work with you. We set up the software, we do some live training so we have a cut down version and I've even built in with this software an option to have a, what I've called a trial version. And if that's too expensive, we have a $375 trial one that will run for six months and then you can either stop using it or we can then upgrade to Starter. So I'll give you an example there. In other words, there's so many things that we can do with the software either for you and your accounting firm or when you're setting up for your clients to really be flexible and start to build in more advanced pricing techniques. We haven't had a chance to cover those in this conference because it's more about business advisory. But you don't have to have three options. There are other things that you could do. There's a lot of price psychology built into the software. All the things I've learned over the years to help you get better process which we haven't had a chance to go through today. But when you join the Value Pricing Academy, you're going to learn all about price psychology, how many options should you give and all this. And then you'll also learn if you're using the software, how you can build that into the software. But let me answer questions now. I'm going to start with the Q and A because that's easier. And Diana asked question Diana said how do you apply to a client in a service business without much wiggle room such as preschool that are required to meet ratio limits set by the government so they can't add customers? The only driver I can see is the price. I can't see at the moment. Three versions of caring for children other than time spent at preschool. Okay, so Diana first point is menu pricing giving say three choices. It won't work to every business. It won't work for every business. It works for many, many and many business use it now coffee shops, Apple do software companies, but not every business. But there probably are other strategies that will work for a care home, sorry a child child I've never worked with with a preschool. So I, I don't know enough about it or the government regulations. But one of the things Diana that we do in the Wednesday sessions are on sorry on the profit advisory live. When I do the live training on profit advisory, we go really deep on particular things. And one of the things that we're starting to do based on popular request is every third month now we pick a one or two industries and we brainstorm as a group. So if we chose preschool, we might have a set a live session where we say okay, we what are some ideas that work for preschool? And then you'd end up with a whole bunch of ideas that you can use. The last one we did a couple of, a couple of months ago was we looked at the construction industry and we came up with a list of I forget how many but there were dozens and dozens of ideas for how you could implement or help a construction company.

Grow their profits, increase their pricing and so on. I don't know enough about preschool so I can't give you the answer to that one. But the other point Diana, is when it comes to business Advisory. Not every client is right for business advisory and some clients are easier than others. And my advice is always start with easy clients first. Start with clients where you know something about the business. For example, so for me, I'm a cyclist. I could help a bike repair business make a lot more money because they have no idea how to price. To me that would be really, really easy. And other things that are easy is restaurant industries are easy as well, fairly easy because we all are customers of restaurants, see all the bad service and all sorts of things we could do to improve a restaurant. So pick the easy ones. Kim says will there be different industries available? I. E. Financial planners, CPAs, investment advisors. I don't know what you mean by will there be different industries available, Kim, so I might need you to clarify the that.

If you mean within the software. Within the software we we create templates for members, for, for users, for the main core services, for accountants and bookkeepers and tax.

But you can create models for anything. Hopefully you perhaps see enough now that building a model is actually is fairly easy. You can build models from the ground up. All you've got to do is understand.

What the sorts of scope questions to ask. If it's a financial planner and they were pricing, what are the scope questions? What are the things that impact on the amount of work they've got to do that they might want to ask the client before they give a price? What are particular options, choices they might want to give. They might want to give. And in our live sessions, Kim, we cover all that. Now I haven't covered the time to go into specific industries but we look at different industries and we go deep on things and we brainstorm us as a group in the value price academy. Liz says can the client change the model and the proposal for their business?

I found the question yes, the software is again, you can price anything that you want. So I, I've created models for accounts to use like how to price payroll because I know I understand how to price payroll. I was in practice. But let's say that you.

Let's say that you had a client that is a landscape gardener and the landscape. You could see how the landscape gardener used this then there aren't models written for landscape gardeners. But we will teach you the process of building a model and it's not difficult. Once you learn some of the techniques in the pricing stuff like the importance of scope questions, preference questions, how to build your packages. Once I've taught you these things to apply in your practice, once you understand value pricing better, you can then apply that to building models and helping your clients do the same thing. Much of what I teach you is equally applicable to many of your, many of your business clients. I don't know if that helps you the question, answer the question or not, but if it doesn't, we can, we can go deeper on that Another, another time. I'm conscious we have two minutes left.

And I, I know there were questions in the chat box as well that I might have missed. Was there questions? Natasha says, does it work with sp?

I don't know. Is the answer? It depends. So it wouldn't work in a coffee shop because you go into a coffee shop like Starbucks, it's a fixed menu of prices because it's not practical for the person behind the counter to have a pricing conversation with the client because they've got a queue of customers waiting. So it wouldn't work in a coffee shop. But if your spa, let's say a premium spa, and if someone wants to come to your spot bar, you have pricing conversation with them, then. Absolutely. The software can be used whenever you have a pricing conversation with the client.

Sue says what base numbers or pricing are coded into the sw, the software to drive pricing?

The models that I've built for you as an accountant, like how to price payroll, I've built models for you with suggested prices as a starting point and some people use it straight out of the box. But it's really easy behind the scenes to change the price. Really, really easy. If we had time, I'd show you, but we haven't got time. So if you want me to show you how to change the prices behind the scenes, I can do that in the, in my Q and A session in the Value Pricing Academy booth. So if you've got more questions about the software like that, please come to the Expo booth today or tomorrow for that Q and A session and put the question in there and I will then I'll show you how you, how you make some simple change, how easy it is to change the prices.

What is the ongoing service with offering the pricing models with Stacy? Well, that's entirely up to you. But what I would do is, and it depends what you want, how you want to. It's up to you, what you do and how you price it. I just give it as a suggestion. But what I would do is the ongoing support would be technical support. The client says.

I want to change this in the software. How do I do it? Well, you might tell them. But more importantly, I think the ongoing support is more about things like getting the client to test their models. One of the nice things about having a system in place, a pricing system of which menu pricing is a pricing system. You've got something to test against. Starbucks change their prices many, many times over the course of a year. You probably don't notice, but they are changing them all the time because they have a system. They have prices on a menu. They can test their prices and they're always changing and testing and measuring to see what gets the best result. If they change the price of their venti and sales go down, they change it in the wrong direction. Let's change it back until sales go up. So have a pricing model, whether it's menu pricing, whether it's software, whether it's, we can test things. Right? I, I, I've run out of time to answer questions now because it's, I've got to be back on the main stage.

So in four minutes, time to get ready for that. If you've got more questions about the software, come to my Q and A in a short while, today or tomorrow, I will take more, more questions. So I need to close this one down. I'm sorry, but I will see you again soon. I will see you on the main stage in just about five, four minutes. See there.