Apr 24, 2023
As the founder and CEO, Joe Woodard empowers small business advisors to transform small businesses. He works toward this vision as the host of the annual Scaling New Heights conference, the host of Woodard Alliance, the head of Woodard Institute and various speaking and writing engagements he performs throughout the accounting and bookkeeping professions.
In this episode, Joe discusses how to design a subscription pricing model that prioritizes building strong relationships with clients, empowering them, and generating a long-term impact on their businesses. This approach also helps increase the lifetime value of clients.
Why you have to check out today’s podcast:
- Get an in-depth discussion on pricing result versus pricing transaction
- Understand how charging relationships works in a subscription pricing model
- Uncover how to price human connections that go beyond financial reasons
"Be bold with pricing. You are worth more than you think
you are, and definitely more than your clients think you
are."
- Joe Woodard
Topics Covered:
01:29 - Talks about getting differentiated from the rest with his degree in classical Greek
03:37 - How his career path ended in Pricing
04:25 - What is so significant about the subscription business model?
06:16 - How do you price a relationship?
10:08 - Going in-depth into pricing for a relationship
13:40 - Measuring the service-provider-client relationship
15:12 - Going beyond financial outcomes when measuring the economics of relationship
16:25 - Discussions around Mark's objections: 'I don't see how you price for it [relationship]
17:02 - Pricing human connection that transcends economics
20:57 - The danger about price segmentation in relation to pricing relationship
22:03 - Pricing segmentation's end-goal in a subscription model
23:38 - Healthy subscription versus toxic subscription
25:48 - Driving customer lifetime value plus creating experiences for engagement
27:43 - Joe’s pricing advice
29:19 - Connect with Joe
Key Takeaways:
“We're intensely focused on the customer's outcome, and our outcomes become a means to that outcome. And therefore, we are pricing the relationship we have with the client because it's about the outcomes we're driving in that relationship.” - Joe Woodard
“I am delivering, within the context of a relationship, value. And part of that is, I’m giving you attention at the individual level. Not a newsletter, not cookie cutter answers. There's something where you're individually being touched.” - Joe Woodard
“Relationship economics is about the business outcomes or the business benefits that are gained by being in a relationship.” - Joe Woodard
“The intensity of the relationships increases based on the value that you've added in the amount of attention that you're able to give.” - Joe Woodard
People / Resources Mentioned:
Connect with Joe Woodard:
- LinkedIn: https://www.linkedin.com/in/quickbooksadvisor/
- Website: https://www.woodard.com/
Connect with Mark Stiving:
- LinkedIn: https://www.linkedin.com/in/stiving/
- Email: mailto:mark@impactpricing.com