How to Define an Effective Product Differentiation Strategy That Gives Your Pricing Leverage with Joe Woodard

Joe Woodard's vision is to "transform small businesses through small business advisors." And in the service of that vision, he and his team educate, coach, provide resources and build communities for small business advisors, with the overarching goal of empowering them to play a powerful, high-impact advisory role with their clients. In this episode, Joe shares how you can create product differentiation that provides maximum pricing leverage where people lean in to the product’s value more than the price.   Why you have to check out today's podcast: Find out the key factors that create pricing leverage Find out how to make your services or products more valuable Learn how to truly get differentiated from among the rest of your competitors   "Well, I'm going to restate something I've already said: Be unlike everybody else. But I'm going to state something I haven't stated before: Make sure you over-manage your brand because you could be unlike everybody else, and nobody knows it." - Joe Woodard   Topics Covered: 01:50 - Talking about classical Greek 02:40 - Coaching business with a pricing attitude 06:40 - Getting rid of clients you don't want to work with and keeping the ones you want 11:18 - How 'relationship work' gets the highest capacity yield off the least valuable clients 12:34 - Leveraging your unique knowledge or skill to add value to your client 18:39 - Product differentiation: flat fee versus hourly pricing 25:59 - Is it impossible to get accountants to coach their clients on price and what are they capable and very good at doing 28:46 - Joe's pricing advice that can create a significant impact on one's business   Key Takeaways: "Just because you're valuable and essential, though, doesn't mean that that creates pricing leverage. You must also be differentiated and unique, and ultimately you must be wealth-generating." - Joe Woodard "To have an empowerment impact on small business, they must be healthy themselves, and health naturally involves healthy pricing." - Joe Woodard “Their problem is they're underpricing because they're penalizing their own efficiency. So, you're benefiting from the fact that they're penalizing themselves. And as long as that exists in the space, and it's going to exist in the space pervasively that people are flattening it out to increase efficiencies and gross profit margin, you are not going to be able to compete on price. So, the only way to get out of that trap for you, as the client and them as the professional is to not offer flat fee services, but instead to offer subscription services.” - Joe Woodard   People/ Resources Mentioned: Ron Baker: https://impactpricing.com/podcast/ep44-ronald-j-baker-trash-the-timesheet-exploring-opportunities-in-subscription-businesses/ Xero: https://www.xero.com/ Sage: https://www.sage.com/en-us/ Intuit: https://www.intuit.com/ H&R Block: https://www.hrblock.com/ Liberty Tax: https://www.libertytax.com/ Tax Slayer: https://www.taxslayer.com/ Turbo Tax: https://turbotax.intuit.com/   Connect with Joe Woodard: Website: https://www.woodard.com/ LinkedIn: https://www.linkedin.com/in/quickbooksadvisor/   Connect with Mark Stiving: Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/