Agency Compensation
Principles and practices of value pricing
Checklist: A Declaration of Value
October 21, 2011 | Author: Ignition
If you accept the premise that your firm sells the value it creates rather than the hours that it works, your goal is to commit your senior team to the following “Declaration of Value.”
Guide: How to Trade Time Tracking for More Important Activities
March 28, 2011 | Author: Ignition
The following is adapted from “Getting Rid of the Timesheets” by Paul O’Byrne, as quoted in the book “Implementing Value Pricing” by Ron Baker (Wiley, 2011). “We were frightened of trashing our timesheets. As a general practice working for owner‐managed businesses, everyone in our practice had grown up with them; it was what people in practice did...
Guide: Price better by 1% and earn 10% more profit
February 22, 2011 | Author: Ignition
Eavesdrop on management meetings of firms around the world and you’re likely to hear a discussion about how to cut costs in order to increase profits. That’s the wrong discussion to be having.
Guide: How to reduce your cognitive costs
February 14, 2011 | Author: Ignition
When your clients buy from you, they incur two different kinds of costs: economic costs and cognitive costs. The economic cost comes out of the client’s bank account. But the cognitive cost is extracted from your client’s psyche. Think of it as the psychological gap between the cost of something and its perceived value. Sometimes that gap is small (or even non-existent), in which case the cognitive cost is minimal. But when that perceived gap is large, the cognitive costs are huge. In effect you’re making your client pay a heavy price, in more ways than one.*
Checklist: Uncovering lost revenue opportunities
January 3, 2011 | Author: Ignition
It’s a popular belief among agency executives that the best opportunity for new business is among current clients. Sometimes that can take the form of new projects and assignments, but sometimes it can just mean doing a better job of capturing the income opportunities you already have.
RedPaper: Trading a cost focus for a value focus
October 22, 2010 | Author: Ignition
Based on recent studies, the professional service firm spends over 10% of its time and energy recording, tracking, capturing, estimating, billing, and adjusting it’s time. In other words, feeding the “time machine.”
RedPaper: The difference between “Magic” services and “Logic” services and how to sell them
October 11, 2010 | Author: Ignition
There was a time when most of the services provided by advertising agencies were difficult for marketers or other organizations to duplicate. Agencies possessed specialized skills centered around the creation, production and distribution of mass media advertising. Even the now-simple task of “typesetting” required unique knowledge and equipment.
RedPaper: How to move to a value-based approach to compensation
April 26, 2010 | Author: Tim Williams
How marketing communications firms can begin to adopt a compensation approach based on value instead of cost.
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