EP320: Spotlight - Ed Kless - Discovering Effective Valuation In The Subscription Model - Part 2

“Far too many professionals want to feel good about themselves and demonstrate their expertise, but what they do is, they jump in and talk about how they are going to solve the problem before they have an understanding as to the value to the customer.”

-Ed Kless
 
Welcome back to another spotlight session with your host, Louie Prosperi, the second in our three-part series on subscription models for bookkeeping and accounting businesses.
 
When trying to sell ourselves to clients, we often believe we have to offer the best and most rapid solution to their problem, in order to beat the competition. But is this way of connecting with clients hurting your bookkeeping business?
 
This episode’s featured guest is Ed Kless, Senior Director of Sage Accounting Solutions and co-host of The Soul of Enterprise podcast. Ed speaks to the need to avoid being a solutionist, to avoid jumping the gun to secure a client before you can fully explore the true value of what they need. The best way to express your expertise isn’t to fix problems for free or to undercut yourself, it is to ask the right questions. To replace advice with curiosity. Only when you know what a client values can you put the right price to it.
 
Once you know what clients value, you’ll know where they fit in a subscription model and know how to structure different subscription levels, for clients with similar needs.
 
If you are someone that wants to unlock the potential of subscription modeling but is afraid of giving up too much too soon, this episode will change the way you think about your relationship with your clients.
 
During this interview, you'll learn...

• The value of asking the right questions to prevent undercutting yourself
• How to integrate value pricing into a subscription model
• The importance of tailoring your pricing to customer needs

Click here to find out more about Ed.
 
Email him directly at ed.kless@sage.com.
 
Connect with Ed on LinkedIn or Twitter.
 
Click here to listen to The Soul of Enterprise.
 
Go to this link to pre-order Ron Baker's new book, Time's Up!

Both Ron and Ed will be speaking at The Successful Bookkeeper Summit which begins November 9, 2022. Click here to get your FREE ticket!
 
Time Stamps      

02:33 - The subscription model for accounting firms
04:40 - Integrate values priced pricing with a subscription model
06:30 - Don’t give away the farm by overselling too quickly
10:40 - Replacing advice with curiosity
17:00 - Pricing the portfolio & the relationships
20:01 - Tailoring your pricing to your customer's needs
23:25 - Adding value & innovation to your offering
29:35 - Asking the right questions to build the right relationships
32:25 - The difference between reoccurring & recurring revenue
35:33 - Valuation in the subscription model
38:24 - The Soul of Enterprise