Effective Pricing with Kimme Lafayette: How to Set Up a Demo Account

So today's session is how to use effective pricing to up a demo account. It's going to be really different than everything we've been looking at throughout the year so far. Okay, so our goals for today, and I'm going to be jumping over into the software in just a minute. Starting to use effective pricing at this level is getting really advanced, more so even than just doing advanced quotes and proposals for your own accounting services. If you've been using effective pricing all along, you're probably starting to get comfortable with doing that. But now, doing this, setting up a demo account, you're actually going to start using effective pricing as an additional revenue stream for your firm. Helping clients with their pricing and showing them how to use the software in their business is getting into higher level advisory work. You're not pricing tax returns or bookkeeping services or cleanup anymore. Now you are starting to price helping them with their pricing. So it's an extra service. Effective pricing is not going to be the perfect fit for every client. Be cautious or aware of who you're upselling or offering this service to. For example, if a manufacturing company came to me wanting help with their pricing, I don't think that effective pricing would be a good fit to help them in that type of industry. Someone may have developed a model in effective pricing that would work for them. I personally don't service manufacturing type companies, but I find the sweet spot for effective pricing is those service based type businesses. And it can be a very lucrative service you offer in that area. You've heard my story. You've heard stories from Mark and his other trainers. You've seen reviews posted in the software. People increase their prices when they start using the software. On average, people that start using effective pricing are increasing their prices by more than 70%. So this is a common story of people that start to use the software when they have a thorough understanding of how it works. Why wouldn't we want to use this same tool to help our clients improve their prices as well? They're going to love us, right? Imagine a tradesperson on site with a client who wants a quote. They open up their tablet or laptop and go through the effective pricing model right there on the spot with the client be involved in their pricing the same way that our clients are. And that tradesperson being able to provide the quote on the spot and walk away with the deal. The client says yes right away. Rather than walking away and saying, I will get a quote prepared and sent out to you in a couple of days. And by that point maybe their client has already chosen somebody else. So we're going to look at how to spot the opportunity and how to choose which clients this would be a good fit for. We're going to look at how to create your packages for selling this service in your own effective pricing software. Because you need to create packages to offer to your clients of how you're going to help them with their pricing. We're going to look at how to communicate the value for this service, what to do when a client says yes, how do we price it, how do we help them? That is the part about when we set up the demo account and we're showing it to them in their sales process. So how do you actually do the work? Get them set up and get them using effective pricing. Okay, so you've decided that as part of your advisory work, you want to help clients with their pricing and use effective pricing to help them build a more profitable business. So you're going to need to show the software to the client, but you're not going to live version. It can get a little clunky when I share and stop sharing because I don't want to display confidential information. Having a demo version allows you to show the software to people, let them see how it works. Being able to show them visually has a much more powerful impact. If you're demonstrating to somebody in the accounting industry, you could show them one of your models with a test client so they're not seeing real client information. But imagine that you're showing it to somebody in a different industry. They're still a service based type company because we've decided that's who it's a good fit for. Showing someone like that your model of how to price bookkeeping or tax returns is likely not going to sink in as much as if you were using a demo version that you could tailor a little bit to to their industry. There is going to be a handout with today's video when it's uploaded and that is going to be a resource for you as well as you start to do this recording. It's always available in the Academy library and it will be on Mark's YouTube channel within about 24 hours. So I'm going to be flipping back and forth a little bit today between the handout and the softwares that I'm going to be showing. So let me just open the handout now. At first I'm going to jump to page three. This is the example that you will see. We're going to be helping with their pricing. This is the one that Mark used when he used to teach this and it's the one that I'm going to continue using. This is a bike shop. They offer bike repairs. They don't have a physical location with fixed costs associated with that. They have a van and on their website they had these three packages. Their regular price for bike servicing was $50. Their deluxe package was 65 with a little note that says normally 90. And then their super deluxe has a price of 150. It's in pounds. I'm just going to say dollars because that's what rolls off the tongue a little easier for me. So when you first look at this on their website or on your client's site, if you're familiar with how their pricing is working, you might think at first that everything looks good. They have three packages, just like how we teach in the academy, and they're giving their customer options of regular deluxe and super deluxe. So they're giving their customers some control over the prices. But as you've learned in the academy, this is menu pricing, not value pricing. When they have a menu listed on their website with a list of items included and a price displayed, this is what we call a menu that people can choose from. And when we have the price displayed like this on a website, even if you display the words starting at the price might be higher, it's still going to create that price psychology anchor in their minds. It leaves little wiggle room for price. Based on the value questions, we want to help them increase their prices at this advisory level. We're not just going to tell them we want to look at the big picture and assess. There is some initial diagnostic work you need to do first to determine if it's somebody that you can help with your pricing. Seeing this on the bike shop's website, yes, that tells us that we can definitely help them because they're doing menu pricing and there are a lot. There's a big opportunity for this because there are a lot of service based companies nowadays that are doing menu pricing. Don't let this discourage you. If you don't have clients that fit this, if this is a service that you want to offer, it doesn't necessarily have to be a client. Mark found this company just through searching. As you all know, he's a very avid bike enthusiast. If you start offering this as a service, it makes it a little easier at first to do it with clients. There's some numbers that we'd be able to pull from their books that help us demonstrate our value. Once you've started to do this with a few clients and your confidence is growing. There is nothing stopping you from presenting this to people that aren't your clients as well and offering it as a standalone advisory service to help somebody with their prices. Looking at our bike company here in the handout, this is a real company, but we're using fictional numbers. Mark posts in the handout what their website is. You can go and see that it's actually changed a little bit. They have increased their prices. Mark was not the one that helped them do that. Somebody may have, or they may have done it themselves. But a couple of things that jump out here when you're spotting the opportunity is their regular price is $50, their deluxe is $65, their super deluxe is $150. They may have thought they were doing something good by putting that normally $90 in brackets there. And in one sense they are, because some people that may have been looking at that $50 regular package might be more to spend the extra $15 and buy that deluxe package instead, but they're still leaving a lot of value dollars on the table. So when we're talking about spotting the opportunity, one of the things to think about with this company is this company is located downtown London. There are a lot of people riding bikes. So there's a higher demand for bikes to be serviced just through general knowledge of that area and industry. Several people that work in in downtown London probably have higher salaried jobs. They're likely spending more money on the bikes that they own. And because of that, they're also likely to spend more money to keep those bikes in good condition. So these are all things that Mark was familiar with. And this is why it's good to start with clients that you're familiar with. It's another reason why I support niching and being familiar with an industry of choice or the type of person that you're servicing. We've talked about that before. It's not the basis of today's service, but it is going to help you in spotting the opportunity. And then after you have found the opportunity, in being able to demonstrate your value. The other thing that's wrong when we're looking at this is, is that those prices are a little bit weird. I can understand a jump from 50 to 65, that makes sense. But then a jump from 65 to 100 is really hard for them to sell that super deluxe package. So remember, they're not doing value pricing. This is just menu pricing. It does make it really easy to nudge those people from the regular package to the Deluxe because it's only $15 more. But it makes it harder to nudge the people that may have been looking at deluxe to Super Deluxe instead. Because that's $85 more. They could buy two of those middle packages and have their bike serviced twice as often and still be at a lower price point than what that Super Deluxe package is. So the gap between the prices is a little odd. I want to keep going through a couple parts in the handbook. This is just some summaries that Mark said. We're going to start looking at this software. You're going to see me start plugging some of these numbers in. I'm actually just going to make a copy of this quickly. Want to just have a copy of the numbers.

So when I open the profit diagnostic software, I can use the same numbers. So I'm opening the profit diagnostic software on another screen because it is my live version. Okay, so now I'm going to drag it over. This is Infinity Bikes. This is the company that we're working with. I have not shown you this profit diagnostic software before. You're going to see several pages of it in the handout that you get. Up until this point, this has been outside of our effective pricing course and we've been solely focused on pricing our own services within our own firms. But now moving into this advanced advisory level, you'll want to determine how to demonstrate to your clients how much you can improve their profit. It's really easy to do in this profit diagnostic software. Just like effective pricing is a powerful tool when they can visually see it. Using the profit diagnostic software also makes it very easy to demonstrate the value of how you can help them with their pricing services. So here we have Infinity Bikes. I'm just going to open one of the scenarios. Here's the numbers that are in the handout you're going to get. You can see it looks very similar to effective pricing where we have this menu option over on the left. We're essentially on this first page going to plug in some numbers that we know into the white boxes. So I know that the client has 250,000 of annual sales, 60,000 of variable costs. They don't have a lot of fixed costs because they're operating out of a van. We do have some fixed costs for them of 150,000. The gray boxes calculate for you automatically. Over on the left hand side is all of our income statement accounts. Over on the right hand side is all of our balance sheet accounts. So we're going to say initially that this client is making a $40,000 a year net profit. But because they're a sole proprietor, that's not really their true profit. The income they're earning as a sole proprietor is their income. At the same time, we have to factor in what their salary would be worth if the company was actually paying a salary to them. When Mark was creating this model, he did some research and said the average bike mechanic technician was making $30,000 a year. So we would put that in as an owner's salary adjustment. And then we get an adjusted net profit of $10,000. Moving over onto the right hand side, we have some assets of 100,000, inventory of 10,000. There's cash in the bank of 25,000. And you'll see this software, just like Effective Pricing allows you to enter some tool tips through throughout it. He has accounts payable of 10,000 and a loan of 5,000. The reason I was asking about who is Academy members and who isn't when I was asking you to drop it into the chat is because Academy members have access to this Profit diagnostic software complimentary through your Academy membership. If you don't have this already, I encourage you to. You can find how to register it right in your Academy. There is a profit advisory section and a link to register for the software. You need to enter your credit card information. But you there's also then a coupon code which is in the training videos for the Profit Advisory Academy. Enter that coupon code and you would never get charged for the software. People who aren't Academy members would have to purchase this separately. Since this program has changed, it's only available for Academy members now. I realize I'm going through it a little quickly today because I want to take you through some steps here. I still want to take you through the demo model and setting up your packages and everything in Effective Pricing. So the focus of today is not going to be so much on the Profit diagnostic software. There is an entire set of training videos about it. I just really want to show you a couple of parts of it today about how it can be this powerful vid you can use in front of clients to help sell your pricing services. If it's an existing client, you would have these numbers available to you. You can plug in these numbers ahead of time before you have the meeting with your client and say, Mr. Client, I saw from doing your bookkeeping that I took these numbers from your P and L and your balance sheet for your last fiscal year. Would you agree that these are your most current numbers? Is there anything that you would like to change. This is kind of like a testing platform when we can change things around. So you'll see that on the next screen that we're going to get to. Okay, so after I've filled in those numbers and explained the net profit and adjusted net profit to my client, obviously if they're not a sole proprietor corporation, you're not going to be filling that in. But then I'm going to click on save. And next, this brings me to the pricing power screen, the second part of the software. And this is where we're going to start to see some of the power that the program has. So we're going to do a couple of different things here. At the very basic level on this screen, I can show the customer this first section about if they want to increase their price. I'm just going to say they want to increase it by 10%. But then let's say the customer says, I'm worried that if I increase. Because we all have this fear that if we increase our prices, we're going to lose customers. Right? Our customer may come back and say, I would love to increase my prices by 10%, but I'll probably lose 10% of my customers if I do that. When I do that, this screen will allow us to play with some of those numbers and oh, the client that even if they lose 10% of their customers, if they increase their prices by 10%, it's still going to increase their gross profit by $3,500. So, so this is just a basic screen. The next one that I want to show you and where the real power starts to come in is if I click on this menu pricing button. Again, this looks pretty similar to our effective pricing software, right? Remember, we're pretending that we know our customers annual sales are 250,000, which is currently in the entry level package. At this point we can ask them, if we're not able to determine it from their books already, how much of that 250,000 comes from each of their three packages. So whether we've gathered that information from their books or whether they've told it to us, let's assume that their full package is 120,000 and their premium package is 90,000. Remember, we can only fill in the white squares. We still have our total of 250,000 for the year and it has automatically calculated that their entry level sales is the remainder of the 40,000. And then on the next line we have the current relative prices. Assuming that the entry level is 1. Similar to our effective pricing software, we are Assuming that our basic level package is one, and then we're going to calculate some relative prices for the full and premium packages. So we know from those prices that we were talking about earlier, the $50, the $65 and the $150, we can determine that their full package is 30% higher than their entry level package from 50 to 65, a 30% increase. So we're going to say it's 1.3 times and then again we're doing relative to the entry level price being one. I'm not going to calculate the premium based on the difference between full and premium. I'm calculating it based on our entry level price. So if our entry level price is 50 and our premium package price is 150, then that is a relative price increase of three we're going to put in there. Okay, it's three times the amount. This now calculates how the customers are split between the three packages. We have 24.6% of their customers choose their cheapest package, 56.9% of their customers choose the middle package, and 18.5% choose their highest package. So now I can say to my customers, because I'm doing this all in front of them and this is a testing field, we can play around with the numbers. Just like with effective pricing. If they've answered a question one way and they want to change it and see how it impacts the price, we can do that. So, so we can change any of these numbers and see the impact. But I want to walk you through one entire impact. So now I can say to my customer, let's raise your prices. You're in downtown London, it's a very busy area. People spend a lot of money on their bikes there. Your prices are quite low and the customer comes back and says, I can't raise my prices, I'll lose all of my customers. So then we would want to maybe change our wording a little bit and see if we can ease them into the conversation and suggest changing just one price of their packages. I would suggest changing the middle package because that's where the bulk of their clients are. Almost 50% of their clients are buying that middle package. We can demonstrate in the software and talk to our client about if they change the price for just one package. Price psychology that even 56%, and I don't know if Mark worked these numbers out intentionally, but 56% is the consumer average. A lot of service based industries are doing menu pricing nowadays. 56% is actually the consumer average of people that choose middle packages. So if we're not going to get into huge amounts of price psychology with him, but you can definitely drop some statistics like that. You could explain a little bit of the psychology that if 56% is the average of people that are going to choose a middle package anyway, he may not lose any customers at all because he still going to have three packages. He's already right in the ballpark of how many people choose that middle package anyway. So let's test some what if scenarios. Let's say we want to ask him to increase that middle package to $95 instead of $65. This would mean a 1.9% increase over their entry level package. I'm going to come down here to this what if section to my middle package, Change that to 1.9 and keep 3 over here for my premium package. Now he's worried that he may lose some customers. And again, we're talking about some what if scenarios. Let's say we suggest to him you're probably not going to lose any customers, but some might decrease to your entry level package. So we might find that There is a 6.9% decrease in your middle package. But that might mean that some people are choosing the entry level package instead and going a little bit cheaper. But it also might mean that some people are now choosing your premium level package instead because it's less of a gap. Now instead of from 65 to 150, which was a big jump, we're now going from 95 to 150. Some people that aren't choosing the middle package anymore might choose the premium package. There's a strategy for this. It's called a nudge strategy. So for the percentage of customers, we're going to take that 6.9% away from the middle package and divvy it up. Our premium package instead of being 18.5%, we're going to say that that's jumped up to 22. And our entry level package instead of being 24 point.

We'Re going to say that is 28. And he's still going to have 50% purchasing his middle package. We still have 100% of our customers accounted for. Look at the results at the bottom of this screen that you can be showing your client live. This of course, is the example of a sole proprietor customer. And we've only changed one thing thing for his pricing. We're not having him spend money on marketing. This is all just direct additional profit. There's going to be extra expenses for people that move to the premium package and some extra direct labor involved with that package. But remember, some people are choosing the entry level package as well and there's going to be less labor there. For comparison sake, I wouldn't really volunteer that information. I'm saying it here because we're all accounting professionals and some of you may be thinking about how the costs would be changing as well. But I think the cost would be minimal and it would offset. We've split the number of people that are going to be going to premium and maybe having some extra costs there versus the ones that are going to entry and having less costs there. Remember, this is just a pricing change to one of his packages. I can show him at the bottom that his new projected sales from this one change is now going to be almost 307,000 and his additional sales, so he was at 250. So this means his additional sales are almost 57,000. An average improvement of 22.7%. This screen already, I think for a client they're going to be so impressed, they're going to be like, wow, sign me up. But I want to take you back to our previous screen where he had said let's increase the prices by 10%. If I change this now to that 22.7 and I change this to zero. Because in our what if situation we are pretending that he's not losing any customers. They're just getting spread around a little bit differently. You can see now that this is direct additional profit for him. We have already factored in the 30,000 salary for him being a sole prop. So with just this one small change, we've taken him from what was theoretically a 10,000k profit to almost 57,000k profit. Obviously they are going to want to know more. There is a lot of other things in the software. I'll just quickly show you the growth drivers screen. You can start to get into.

Higher level advisory services here. Today we're only talking about these first couple. I highly recommend if you're not using this software already and you want to get into this type of advisory service, do go through the recordings and get familiar with this software. Because I talk about how powerful effective pricing is and what it's done for my business. This is another software, super powerful tool. The two combined will magnify if you start offering this as an additional service. I'd even suggest that you play around with it in your own firms. One of the things that I hear accounting professionals say all the time as we're going through training and I'm doing coaching with them is that same fear that any business owner has that if they increase their prices, they're going to lose all of their customers. And yes, they might lose some of their customers, but you can play around with that. They're not going to lose all of their customers. And they may even find when they start earning more money is you actually want to start firing some clients, you want to start getting rid of some of that dead weight that you don't want to work with anymore. And you're still, if not even more profitable than you were. So I encourage you, even if you're not at the point where you're ready to start offering this as a service to clients, I do encourage you to become familiar with it and play around with it in your own firm. So how many people drop a message into chat if you think just from these couple of screens that I've shown you this profit diagnostic software sells the value on its own for you to be able to sell pricing services to your clients without you even having spoken about your value. This software alone and being able to show just these couple of screens will do wonders in front of a customer. So we want to talk about our value because we want them to hire us, right? We don't want them to just go away with the bit we've shown them and increase the price on their middle package and think that everything's going to be good. We still need to sell us as the value of why they want us to do this service for them. How do we get them to hire us rather than just doing the pricing change themselves, we need to go back to some of the same points that we use for selling our regular services. Use a brochure if you have one. If you don't have one, create one. There is a template in the course for this that you can use as an example. Those brochures that we've used and learned in various marks programs are really powerful. Then of course we want to focus on the pain. Just like when we're pricing any of our services. Focus on the pain and the outcome you can provide. Remind them that they're already working really hard running their business, repairing the bikes, servicing their customers and trying to figure this out on their own. Play around with different what if scenarios. They don't want to necessarily go through pricing changes themselves and it doesn't get the results they're looking for. Then they're changing something else and before you know it, they're lost in a pond full of pricing changes that didn't work out. So they really want to have an expert on their side that can guide them through this process. Even better for me because I'm a bit of a control freak. I like my clients that allow me to do just about everything for them. So we're going to look at how you can design your packages. My premium package is kind of a do it all for them type thing. But you want to remind them that you are the expert, you are familiar with their business. If they're a client already, you're familiar with the industry. If you're niching in that industry, you want to focus on how you're going to bring solutions to them so that they're not feeling that pain anymore. Highlight what the benefits are and how you can help them get there faster than if they were doing it on their own. Because it's, it's that easiness that you want to bring to them to take this off their shoulders. You just want them to see the results and see their bottom line increasing. That's what the client is truly going to be after. Okay, so I'm going to move over into effective pricing and show you how you can create your own packages and sell this pricing service to a customer. So I'm just going to get signed in. I am using. I'm curious how many people think that this is a one off type service that a client only needs once in a while when they want to increase their prices. So drop me a message into chat if you think that's how this would go, that you kind of sell it as a one time offering and then client goes away and waits for their bottom line to start increasing and then they hire you to help with some price increases. Again I'm going to show you how that doesn't need to be the case and shouldn't be the case. I'm in my model management page here for effective pricing and you'll see down at the bottom that you have this effective pricing installation model that Mark provides to you. When you click on use model, of course it's going to come up here when we are pricing this work. Remember this is all based on the case study. We're demonstrating how we've added over 50,000 to their profit. We're talking about the value that we provide to them as the expert. So we're going to create proposals for them, we're going to create their models for them, we're going to set up the software, do all of their branding, we're going to give ongoing support, ongoing access to the software. Using this case study as an example, we're going to demonstrate with Mark's model how you could charge a thousand six hundred twelve hundred dollars a month from this. So I'm going to go back over to. You will see there are some other business advisory models in here. Business advisory is more of a broader general type when you're doing all kinds of advisory work. We have some forecasting, some price consulting. I encourage you to go around and look at these T today we're focusing because it's our effective pricing course. We are using this one and I want to use it with you. You already know how things work behind the scenes in the effective pricing software so I'm going to use it with you as if we're doing a quote for a customer. Some of the questions that Mark has in the model, I'll explain a little bit why they're there and then I'll talk a little bit about some other ones that I think are helpful as well that you may want to use. So we're setting up the effective pricing software for them, but we're also going to be doing way more than that. Our bike shop owner that's earning an extra $57,000 a year, do you think he would object to paying you $1,000 a month to to be the ongoing support with him? Use those big annual numbers when you're talking about the increased profits for them, but then use the smaller chunked down numbers when you're talking about your price for those services. Price Psychology 101 again, right? You want to remind them that price changes could require additional testing. They might want to add new services. They may start using the money for marketing and then having even bigger growth. And guess whose advice they're going to need all along the way on that journey. So that's why it's really good to sell this as a monthly recurring package. That's what you want your brochure to refer to and how you want to be wording your conversation and demonstrating your value. I know for a fact people have reached out to me for coaching help with their own effective pricing setup. It's very easy to use the software, but it can get confusing to understand and set up if you don't completely know how it works. So imagine being able to offer this as a complete setup. Selling a training package, selling a support package. We have this first question in the model provided by Mark about what is the size of the business? It's a drop down style question. This is important to know because you want to determine their willingness to pay based on annual revenue. You're highly unlikely to see a startup or a low revenue business willing to pay for high value services like this. It's not to say that it won't happen, but it's important to know your target of who you want to service with this type of pricing help and advisory work. Keep in mind that if this is an existing customer, then some of this information you'll already know. I will pre populate some of the answers. If you're using the profit diagnostic software first, you could have a drop down with menu choices of what the profit potential is for their business. We had that 22.7% which was an extra 56,000 a year. Based on that question, you could have your price calculate how would you describe your current approach to pricing? And again have a drop down that maybe they're guessing based on what the industry average is or maybe they're just doing time and hourly rates. Or maybe they're doing cost plus markup or menu pricing or value pricing. You really want to determine their willingness to pay without asking that proverbial what is your budget question. That question tends to make people feel defensive and shifts the power of the conversation. So instead we're going to use some indirect questions that helps us tap into what they are thinking about value, what they're thinking, what their thoughts are about urgency and affordability to without them realizing that they're disclosing their price tolerance to us. So another question might be what motivates you to improve your pricing? Some answers could be overworked and underpaid. I want to increase profits without losing clients. I want more confidence when I'm talking about pricing. I'm ready to redesign my entire pricing structure. You could ask them a question like how confident do you feel about your current prices? Drop down answers like totally confident. I just want to optimize it more. Somewhat confident, but I think I could be charging more. Not very confident. I'm often second guessing what my prices are or not very confident at all. I feel like I'm winging it all the time. When it comes to improving your business, which statement sounds most like you? These are now starting to get into the value building. This is not just the core information that we can pull from looking at their books. You might ask them if you found the right pricing coach or program that could help you earn significantly more. How would you prefer to approach it? Do you want one on one help? Do you want to join a small accountability group for more affordability? Would you like to learn self paced and implement as you go? Got about 20 minutes left. I Still want to show you the demo model. We have a couple other questions here. In the template we have your support options. How long do you want the pricing strategy meeting to last? If it's a huge company, they might want a whole two day retreat where you meet with their entire senior management team or their entire sales team. I recommend and that's why it's in the software. Actually a two hour minimum. So that's the only choice customer might want. Half day, full day, so on and so forth. Where do you want our meetings to take place? Even though I work 100% virtual, if I was offering this type of service to a large company, all of my clients are still fairly geographically close to me. Like within the same province that I'm in. Definitely nowhere that I couldn't get to within a few hours drive or a short flight flight. If you're dealing with a huge company that wants that two day retreat type office, they may want you to come to their location and there would be expenses. Next we have a couple of options about the software. How many pricing models do they want us to build? How many proposal templates do you want created? They can change that later. Then we have our packages page page. I'm not going to go through this in detail because I still want to get into how to set up the demo account. You would set up your packages behind the scenes in your own software. You can see we have the most popular button. You can see we have behavior rewards enhancements and payment plan. I did want to draw your attention to a couple of examples that are here. This is the live training. You could run a group session where all of your customers come and you have a set schedule of what your training is going to be on for that month. This needs to be updated. But then you could. Of course effective pricing has the starter full and pro package that affects how many customers they are allowed to have in their program, the number of pricing models and the number of users. This package is a template you would want to update that these are more like drip fed training schedules. If they wanted to learn at their own pace, this could be included with your premium package or be an upsell on some of your other packages. As usual you would want to after reviewing through this, you would want to ask your customer which package they are leaning towards. Select that one and then reveal the price. I'll show you a couple of the behavior rewards in the template. One I particularly like is the discount for paying in full in advance. If I save and continue we get to examples of add ons they can do. You could create a pricing brochure for them to show their clients. And, and you can charge that. And so as you can see, just we didn't answer a lot of the questions, but this is coming up at almost $850 a month of monthly recurring revenue. So can you see how this would be a really high value item for something that you can just set and forget and touch once in a while when they need changes? I want to show you the part about using the demo account. We've got about 15 minutes left, so I want to show you how that works in the effective pricing software we talked about how in the profit diagnostic software, we're going to wet their appetite with those really big wow numbers that we can show them. And then we're going to use the brochure to demonstrate our value of why they shouldn't just do it themselves. Now they're going to want to see the product, right? We need to be able to show them the product and how it works. You can explain to them how there's this average 70% increase in prices when people start using the software. Looking at our bike shop example, his top level package was $150. He will never earn more than that with his current pricing being a menu model like that. So it's going to set a limit on him. But if I'm giving him an example of how effective pricing works and giving him some history about the price psychology of value pricing, then I can explain to him some examples of how he could use the software and earn more. If a customer wanted to pay extra for rush service, maybe he does want to get a storage facility and offer a service where people can store their bike in the off season. Or perhaps they want it washed after he services. I get my car washed when it goes in for service. I don't know if they do that for bikes, but why not? Bikes can get muddy when they drive through puddles and stuff too. Right? So these are all value add services that he could offer. Maybe they want an extra seat or a different seat. There could be any number of things that we can show them in a demo account. It's really easy to set up a demo account in the software. You could do this with your own version of the software, but it can be a little clunky. You can demonstrate a model by using a test client and you're not going to show different information. But if you want to demonstrate the branding and some of the keywords and model management and stuff that's available behind the scenes. Then he could inadvertently start showing some confidential information or it's going to get clunky as you share and don't share your screen. This is why it's recommended to have a demo account. I'm going to be flipping back and forth between the software and the handout because I having a demo account does mean that you need to purchase a demo account, but you don't have to invest in the Pro plan. A full or a starter plan would suffice. So if I go to our plan prices, these are Canadian prices, it'll be a little bit lower for our US people. You can use the starter plan for your demo account. The starter plan doesn't include things like payment plans, behavior rewards enhancements. There's a few features that aren't available in the starter plan. But for demonstrating the software, you don't need to pay for the full version unless your niche of who you're marketing this service to is really going to need to do that. So to purchase a demo account you need to go to your model management and then client versions. This is going to become very similar to wholesale billing like you would have with a lot of the accounting programs that we use. You will purchase this account, but then it is going to be built in to the price of what you're charging your clients. So you're going to have this dashboard here of all of your client versions. I'm going to switch back to the handbook in a minute to show you what this looks like because I don't have a bunch of client versions. So set up in my demo account. This is my effective pricing demo account. I also don't have a client demo account in here. But what you would do is go into this client versions, create a version. If this is going to be your demo one, then I would just call it demo. You do need to put an email address in. It can't be the same email address that you've used for the software already because it'll tell you it's already in use. But it doesn't matter what email address you use as long as it's a legitimate email address. You go to that client versions page, it's going to be your wholesale page where you see all of the client versions you've bought in your master account. You'll need to create a password. The role of user is grayed out because any client you purchase the software for is always going to be a full user. You as the owner of the effective pricing program are the admin user. You can make changes to the plan they're on, if they're on Starter and they want to go to full or vice versa, they can't do those changes themselves. You have control here. With this enabled or disabled, if they stop paying you, you can disable their account or if your services with them come to a close, you can disable their account and they are not able to continue using the software. We've got about.

Five minutes left. If you're just getting into this, I would set up your demo account as the starter plan. Here is where you would select which plan you're putting them on. Save and continue. It brings you to this page where you can select which pricing models they have access to. I only have three that are live right now. These are going to pull from the effective pricing software. So you get to choose which models your client will have access to and you can use and then go into their software and revise it for them. So you would click bookkeeping full and then add and then same thing for the proposal. You can choose which proposal template if they've purchased that software from you. And then you can continue. And then now I am going to flip back over to the handbook. You get all of this information here that I've just been talking about. I want to scroll down to. Mark does give us a template that we can use for a demo account that is based on the affinity bikes and all of the theme and design and everything is all set up for you. So if you didn't want to spend a lot of time setting up a demo account, he does provide that template for you. But then here at the appendix is where we have all of the information about setting up the demo account. So we just did this part trying to get to a couple of different specific screenshots. When you are in that client version section of your effective pricing and you do have different client versions in there, this is how it will look. We'll have infinity bikes in there. Their status will show as enabled and if we click on the view button, this is where we can change them to disabled. That's the only thing that you would really change in there. Then you have this login button. When you log in to their software, you're going to see it just as they would see it. So you're going to see all of the configuration steps, just like we see when we're first setting setting up an account, you're going to see their branding page. If you're using the model that Mark provides, it's all set up for you. And then you can Go into model management and start changing some models for them. If you want to exit a client account and go back to your own account or back to your client dashboard to work on another client account, you would just hit this back to my account button. So if I go back to my software, this is where it's a little confusing for me to talk about because I'm going to get a demo account set up in here for next time. It's easier to demonstrate it live in the software. If anybody does have any questions when you're going through this handout, the handout is really thorough. You can see it's a 23 page handout. It walks you through everything from the profit diagnostic software, which does have its own training platform with videos to learn how powerful that tool is. And then coming into effective pricing and setting up your packages and setting up your demo account. Even setting up your demo account can be quite easy because Mark does provide the template here. But if you wanted to, you could spend some time and set up your own. I know I went through this last part a little faster than I intended to, but I see that I'm out of time. I have about a minute left. I just wanted to see if anybody had any questions or any particular part parts that you maybe wanted me to go back to again. Lynn says, why wouldn't it work like the different packages and services that we offer? Why wouldn't they want us to create the packages for them and possible future support and maintenance? So, Lynn, I think you might be talking about when I was in here, we're talking about our packages, if I understand your question properly. I'm a control freak for my clients. I want clients that are going to let everything up for them. Let me talk to them, find out what their packaging offerings want to be and advise them on that. They're going to determine the services, but I want to create their packages for them and help them based on what I know about the industry or niche. Having unlimited pricing models should only be in your PRO plus account. I would not offer that in my PRO account. Number of customers I mentioned this one would probably change. Regular accountability call in my full package. I might say that's not included in my full package. Or maybe it's a lower frequency. I might put that as a text field and say it's every six months. Whereas in my PRO package it's quarterly and in my PRO plus package it's monthly. So absolutely I would want to set up their packages. If this was our bike company and I was setting this up according to the menus they have. I would probably start there, but then advise them a customer that wants storage for their bike should be part of your premium package. A customer that wants their bike washed should not be part of your basic package. It can be part of your middle and your premium package. I hope that answers your question. If not, you can reach out to me again. Thank you everybody for coming today. As usual, if you do have any questions, just reach out to me in the Academy group, tag me so that I get the notification and otherwise. I hope to see you all next month. It's going to be another great topic. Thanks and have a great week. Bye.