How can surveying firms increase the perceived-value of their services?
Working at Surventrix, I've discussed value-based pricing for surveyors frequently lately, always explaining that pricing is more about value than cost. A big part of our set-up is to ensure we help our clients to present the quotation and close the sale, the presentation and the process of how we do that is excellent.
Sales are the lifeblood of any business, and this article is especially relevant to surveyors starting their own business, or experienced businesses looking to increase pricing yet remain competitive.
There has always been a question of when and how to raise prices without sending clients running to your competitors. The topic is especially relevant at the moment.
Your prices have to rise to protect your livelihood when costs increase across the board for equipment, travel and salaries for example.
Value versus cost: a quick note
For example a client may reluctantly pay £450 for a property survey. Yet a similar client would happily pay £575 for the same service from a different surveyor. Why is this?
The scenario has baffled many surveyors (and business owners) over the years. No matter how much money one has, the answer doesn't matter. Perceived value, not price, determines the difference.
Value-based pricing for Surveyors should take into account the following:
It's your client who determines the value of your firm's services, not you
Prospects and clients may only purchase if they believe that the value exceeds the purchase cost
As a prospect or client earns more value (e.g. the stronger their need), the higher their price will be.
For you to position yourself as the solution, you need to understand your prospect's specific needs or pain points. In order to charge more, you must put together a specific package that addresses or eliminates these issues.
Cost isn't as important as value.
Your surveying firm's marketing, sales, and account management processes play an important role in increasing the value of its services. People do judge a book by the cover when it comes to your website or brochure, first impressions count.
Charge what you're worth by following these simple steps:
Enhancing your surveying services' perceived value
1) Cater your messaging on your website and marketing material to the kind of clients you really want
When conveying your value, you should avoid trying to be all things to all people on your website. You should tailor your messaging to attract the types of clients you are actually looking for. Create a client persona for your ideal client, and create your messaging for them.
Position your firm's services as the solution to prospects' specific pain points, and they will automatically decide, due to confirmation bias, that your firm's surveying services will be highly valuable.
2) Find out what motivates customers to buy your services and highlight them
It is fine to use generic messages like "total peace of mind" and "qualified member of _____ ". Although your Prospect may have rational reasons to buy your firm's services, none of them make an emotional connection with them. A prospect's emotional connection motivates them to buy. It is critical to identify and focus on their motivations. Furthermore, you can use this to market your brand more effectively.
3) Don't sell you and your surveying firm’s services short. Understand your clients' requirements and personal motives
You don't determine what your firm's services are worth, your prospects do. They will be willing to pay more for something if they value it more. Understanding what they really value is therefore crucial. If you can find out more about the services they want to buy, you can charge them more for them. An ideal way to do this is to seek feedback from the outset, and especially after you've delivered the final report.
4) Make sure you really look after your prospects in the sales process
During the sales process, Prospects are judging you and your firm based on how they are treated. Furthermore, during this time, they are also forming opinions about how it would be to be your client based on how they are treated. You'll be able to charge more for your firm's services if you make a Prospect feel like they are really important to you.
5) Openly display real testimonials on all your marketing materials and assets
As a result of a psychological phenomenon known as the 'Bandwagon Effect,' the more social proof you can provide, the more likely your Prospect is to value your firm's services. If you can make this happen with the type of clients you want, you’ve cracked it.
The bandwagon effect can be attributed to psychological, social, and economic factors.
The bandwagon effect originates in politics, where people vote for the candidate who appears to have the most support because they want to be part of the majority.
The bandwagon effect can also impact consumer spending and investing decisions.
Just last week I was reading on a popular Surveying forum that a surveyor had been instructed to not attract reviews for their business by their mentor, due to the implications it could provide on their brand. This couldn’t be any further from the truth. Ever since the earliest bazaars that originated in Persia to the world of surveying in 2023, referrals and great feedback are always welcome by business owners and more importantly, shared by clients seeking real value. Cream rises to the top, it always has.
6) Explain how much the 'little extras' of your firm's services are worth to the client, and how they have supported previous cases
Prospects often don’t realise how much is involved in a survey, so simply by making them clearly aware of the services offered and why people choose you, you can significantly increase the value of the package you offer to them.
When it comes to charging what your firm is worth, value-based pricing for surveying is much more effective. When Prospects or Clients perceive that the value of your services outweighs the costs, they will be more inclined to pay more.
Prospects and clients determine your firm's value based on context, perception, and the strength of their needs. Understanding their needs and emotional drivers is the key to increasing your value to them. With these tips above, you can charge a lot more for your services once your value increases, and more importantly, avoid the race to the bottom.
If you’d like support with your firm’s technology, get in touch with us at Surventrix and schedule a meeting. We’re uniquely positioned with an experienced team that can support your business at each stage from digital transformation, compliance and brand to managing a surveying business.