Our research in the sector has found that, despite an upturn in the economy this year, clients of professional services firms continued to face increasing pressure to reduce costs and work to fixed budgets.
As a result many are rejecting old hourly rate pricing models and insisting their professional advisers come forward with alternatives such as fixed or capped fees.
At the same time, trust and the quality of the relationship are still very much at the heart of why one adviser is chosen over another. Transparency of pricing is indeed an integral part of the trust-building process for a client relationship.
So the challenge for many firms in the year ahead is how you balance the need to:
• build trust and loyalty with a client
• respond professionally and sympathetically to their demands to reduce fees
• avoid damaging your firm’s profitability
We have written a Winning Business Digest which gives 8 strategies to help professionals manage their fee negotiations more effectively – and achieve that balance.
Contact firstname.lastname@example.org or tel 44 (0) 20 7488 4419 for a copy or to learn more about our fee negotiation training, coaching and webinars.
You also can find out more about more about our Winning Business Digest series here.