Twice in the last week I have been asked my view on fee quotes sent out by accountants I am mentoring. They are not alone. I know from my webinars and round table meetings that plenty of sole practitioners are frustrated by the same issue.
In each of the most recent cases I noted that the accountants had made the same mistakes. I was able to offer constructive advice that I am sure this will enable them to win more of the work they quote for in future.
Here are the 5 common mistakes:
1 – Focusing on the fee payable rather than on the value the client will receive (and expressing this in a way that relate to the value as required and perceived by the prospective client).
2 – Keeping the fee quote email/letter short and sweet. If you don’t spell things out you are reliant on the prospect’s past experiences and expectations.
3 – Failing to clarify the prospect’s reason for seeking a new accountant and what they want. If you don’t know what they value you are unlikely to make a ‘connection’ or to be able to relate your fee quote to vale (as perceived by the prospect)
4 – Assuming that all that matters is price. That’s rarely true unless your marketing only attracts people looking for a cheaper accountant. Which means they’ll be off somewhere (even) cheaper next year.
5 – Omitting to identify what you will do that many other accountants don’t do. At the headline level what you do might be the same but you are unique – with distinct experiences and stories you can tell about other clients you have helped in the past.