Background

Our client has over 100 partners, operating in 12 different practice groups. The firm’s management believed they had the opportunity to improve their pricing performance but didn’t know where to start.

  • Each practice group faced different market dynamics and approached pricing in nuanced ways.
  • The proposed solution needed to recognize the differences, while being highly action-oriented.
  • The partners were confident they were managing pricing as effectively as possible, given the challenging market in which they operated.

 

Positive Pricing Approach

Positive Pricing focused on developing a customized pricing strategy for each practice group. Individual interviews were held with each practice group leader, to enable tailored workshops to be developed.

The educational workshops explored the key pricing issues faced by the practice group and how other firms addressed each challenge.

We then facilitated discussion around opportunities to improve pricing outcomes within each group.

Upon completion of each workshop, we prepared a two-page pricing strategy, capturing the ideas proposed by the partners.

Key Actions

The resulting strategies highlighted the differences that existed between each practice groups. While some strategies were relevant to multiple groups, ultimately each group had developed its own, unique pricing strategy. Strategies included:

  • Increasing pricing in specific, identified areas
  • Improving disciplines around capturing variations in a manner that clients appreciate
  • Identifying and demonstrating superior value, to reduce the need to compete on price;
  • Using a range of techniques to create more accurate estimates, and
  • Implementing processes to improve price-competitiveness.

“Upon completion of the project, each practice group had identified and prioritized strategies for improving their pricing performance. The collective development of the strategies created peer pressure to implement the agreed action plans.

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Pricing Review Results

Firm's Best Practices

All partners had developed their knowledge of pricing best practices, in their specific markets

Positive-Pricing-Case-Study-5

Positive Pricing Mindset

The firm had developed and agreed pricing strategies for each of its twelve practice groups.

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The Pricing Masterclass provided practical strategies to help us win work, analyse pricing risks, and promote value internally and externally. It presents all sides of the equation: clients, partners, back office, and more. We immediately capitalised on what we learned. Thanks for a fantastic and interactive workshop.

Peter Lane Secor
Director of Strategic Pricing and Project Management
Pepper Hamilton, Boston

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