Why Pricing Is the Fifth ‘P’ in Marketing Plans

Not 4. That’s old thinking.

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By August J. Aquila
Price it Right: Valuing Accounting Services

More than 40 years ago, in 1977, the landmark U.S. Supreme Court decision in Bates & O’Steen v. State Bar of Arizona, 433 U.S. 350 (1977) changed the accounting profession forever.

MORE: How to Shift from Production to Marketing Orientation | 4 Ways a Production Orientation Can Harm a Firm | Price to Get the Maximum Fee | 7 Issues in Partner Retirement Planning | Is It Time for a Partner Compensation Checkup? | 13 Points of a Good Compensation Plan | 5 Ways to Keep Your Edge | The Toughest Job in the World: Managing an Accounting Practice | How to Become the Firm of Choice
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That decision prompted accountants to pursue a wide range of marketing activities. And, ever since that eventful day, accountants have been struggling with the meaning of marketing and the impact of marketing on their practices.