By August J. Aquila
Price It Right
If indeed we believe the phrase “perception is reality,” then it is the client’s perception that is the only reality. Ultimately, only a client can determine the value of your service, that is, the fee he or she is willing to pay. If the client perceives that he or she has received a benefit there will be some perceived value attached to the service.
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Consciously or unconsciously, the client’s determination of the correct fee for a service is related to two concepts: utility and value. Let’s look at these two concepts and how they apply to setting prices.