Activating New Pricing Strategies
Workshop with Tim Williams
Thursday 6th July
09:30 to 12:30
Open to IAPI member agency employees only.
Many agencies are now convinced that it's time to bury the billable hour and adopt more
progressive pricing practices, but aren't sure how to bring this transformation to life inside their organizations.
Based on the experience of forward-thinking professional firms around the globe, the best way to make this happen is to formalize and centralize pricing as a core competency of the agency, separate from finance and accounting. This is the bold new concept of a "Pricing Council" -- a small, interdisciplinary group of senior executives charged with ensuring that the agency prices on purpose, according to the value received by the client, not just the costs incurred by the firm.
This hands-on workshop shows how agencies of all sizes can implement this powerful idea and achieve not only long-term margin improvement, but also short-term wins that can impact your bottom line starting with your next P&L. We'll show how the Pricing Council can direct the agency's focus away from efforts and inputs — which is what cost accounting measures — to outputs and outcomes, which is what clients really buy. Specifically, we'll explore in detail how the work of this team can not only significantly improve agency profitability (the overarching goal), but also produce immediate agency-wide benefits by delivering on key initiatives such as:
- Redefining the multidimensional ways the agency creates value for its clients and repackaging feature-driven services as benefit-driven solution sets.
- Helping the entire organization move away using from the language of cost and replacing it with the language of value.
- Employing modern pricing psychology techniques to change the dialogue (particularly with procurement) away from costs incurred to value created.
- Guiding professional buyers toward a better way by disrupting the buying process based on the immensely effective techniques of the "challenger" sale in place of the expected "relationship builder" approach.
- Creating innovative new pricing approaches that replace the traditional rate card with a "pricing stack" -- a rich variety of pricing approaches that can be applied to each individual opportunity.
- Diversifying the firm's remuneration portfolio by "productizing" agency services and packaging up agency IP to create new revenue streams.
- Injecting a focus on outcomes into every aspect of the agency's business practices, including the idea of starting new assignments with a "success workshop" designed to identify and clarify desired results.
- Employing advanced "profit analytics" to better assess which clients and services are contributing not just the most revenue, but the most profit.
- Institutionalizing pricing as a core competency -- separate from finance -- that is responsible for constantly evolving and improving the firm's profit model, guided by a clearly understood set of pricing principles.
We'll also explore how to select the best people for this transformative team based on essential qualities such as knowledge of the business, positive attitude, internal credibility, collaborative skills, and a spirit of innovation.
By involving professionals from multiple disciplines within the company, you obtain insights and ideas that would never arise from a traditional financial management group. Most importantly, the formation of a Pricing Council sends a strong signal to your both your team and your clients that pricing is a professional discipline in your firm, never again to be confused with just counting your hours.
About the Trainer
Tim Williams is one of the leading voices in the pricing revolution in the agency business. As a career agency professional and founder of Ignition Consulting Group, Tim works with firms around the world in the areas of pricing and business strategy. In the process, he has written two books, authored numerous articles for publications like Campaign, Campaign Asia, Admap, Advertising Age, Adweek and Communication Arts and has been interviewed by organizations like The New York Times, The Wall Street Journal, The Economist, The Guardian, National Public Radio, Toronto Globe & Mail, Bloomberg News, Japan’s Nikkei News, and other news organizations covering the world of business and marketing.
As a consultant to advertising and marketing firms, Tim has worked with hundreds of agencies ranging from mid-size independents to multinational agency networks in North and South America, Europe, Asia, and Australia. Before forming Ignition, Tim worked at multi-national agencies in New York and elsewhere, and more recently served as president and CEO of several successful independent firms. As a perpetual student and member of the Professional Pricing Society, Tim serves as a one of LinkedIn's global "Influencers," writes the popular blog "Propulsion," and shares what he has learned on Slideshare, where Ignition's content is ranked in the top 1% worldwide.
Testimonials from the previous workshop
All senior managers in the industry should be attending this course. It's imperative that we address the issues we have with how we interact with and add value to our clients' businesses. It's change or die time. - Eve Conboy, Director, Radical
Fantastic and inspiring. It will challenge you and force you to think differently about how you approach making money. – Dee Gunning, Client Service Director, Chemistry
I'd suggest that Tim William's Pricing Strategy Workshop is a must for anyone working in the comms industry. It was brilliantly presented and extremely thought-provoking and turned many outdated industry remuneration practices upside down. Best workshop I've attended in a long time. - Allen Kiernan, Finance Director, Irish International
Please note this training is open to IAPI members only. All bookings are non-refundable.