What Are You Worth? Understanding Pricing for Dispute Resolution Professionals on Make Money Mediating #507

Navigating Your Worth: Setting Prices as a Dispute Resolution Professional In this episode of the Make Money Mediating podcast, host Susan Guthrie provides an in-depth guide on how dispute resolution professionals can set their fees. She emphasizes the importance of constantly reevaluating one's pricing strategy and dives into various factors and considerations that impact fee setting. These factors include one's services list, experience, market demand, geographic location, client base, operational costs, and competition. Susan discusses different pricing models such as hourly rates, flat fees, modified flat fees, retainer models, subscription-based models, and packaged services. She highlights the significance of choosing a pricing model that reflects the true value of a professional's expertise and fosters long-term client relationships built on trust, value, and mutual respect. Susan encourages professionals to be open to adjusting their pricing models as their practices evolve.   In this episode: 00:00 Introduction to Pricing Strategies in Mediation 00:37 Understanding the Importance of Pricing 01:06 Developing a Comprehensive Pricing Strategy 01:38 Expanding Your Service Offerings 03:43 Factors to Consider When Setting Your Fees 06:49 Understanding Your Market and Client Base 09:00 The Impact of Geographic Location on Pricing 13:11 The Importance of Understanding Your Costs 15:15 Considering Your Competition 16:52 Understanding the Value You Provide 19:21 Exploring Different Pricing Models 20:07 The Pros and Cons of Hourly Billing 23:13 The Appeal of Flat Fees and Modified Flat Fees 28:58 The Potential of Subscription-Based Fee Models 32:04 The Benefits of Offering Packages 33:04 Conclusion: The Importance of Reflecting Your True Value   Access the transcript: https://share.descript.com/view/6dqezVmkKjC Here is the list of Fee Setting Considerations Reference in the Episode: Experience and Expertise Market Demand Location Client Base Capabilities Your Costs of Doing Business Competition Pricing Value Provided ***** JOIN SUSAN FOR THE ABA SECTION OF DISPUTE RESOLUTION'S SPRING CONFERENCE on April 10-13, 2024, in San Diego, California! Don't miss out on over 50 educational programs designed to meet your professional development needs. Information and Registration: Conference Information and Registration PRACTICE BUILDING WORKSHOP at the ABA Spring Conference: Dive deep into the practical aspects of growing a successful dispute resolution practice with Susan Guthrie presenting on "Blueprint for Success: Innovative Business Planning for Your Dispute Resolution Practice." WANT MORE CONTENT? Get SUSAN'S FREE BOOK: https://lp.constantcontactpages.com/su/tFTeMJf/SuccesswithSusan Get the FREE LinkedIn Newsletter from Susan, "Practice Building Tip of the Day": Weekly Practice Building Tips Newsletter Reach out to Susan at susan@susaneguthrie.com Book an Hour Coaching Session with Susan: Strategy Session with Susan Guthrie Websites: Susan Guthrie: https://www.susaneguthrie.com Mosten Guthrie Academy: https://mostenguthrie.com Social Media: Susan on Instagram: https://instagram.com/susanguthrieesq Susan on LinkedIn: linkedin.com/in/susaneguthrie Make Money Mediating on Instagram: https://instagram.com/makemoneymediating Meet Our Creator and Host: Susan Guthrie Susan Guthrie, nationally recognized as one of the Top Family Law Attorneys and Mediators in the United States, has transitioned from a successful legal and mediation practice to become one of the foremost trainers and consultants for professionals in the field. As Chair Elect of the American Bar Association’s Section of Dispute Resolution, Susan is dedicated to advancing the practice and profession of dispute resolution worldwide. Through her podcast, "The Divorce & Beyond Podcast with Susan Guthrie," she continues to share her expertise, reaching millions of listeners globally.