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Wednesday, August 02, 2006

Consulting Rates - What Are My Competitors Charging?

Knowing your competitors’ rates is key to setting your own rates. You need to know whether you are really competitive in the field, and you can focus in on a much narrower number if you work off their numbers first.

Now, you can’t go right out and ask your competitors how much they’re charging, so try to find out more using these stealthy sleuthing methods:

* If you have friends or acquaintances that are niche technology providers, ask them what the going consulting rates are

* Ask business partners, accountants and management consultants what consulting rate their clients pay

* When you go to user group meetings, inquire about the going consulting rate in the area

* Try to access government bid information - the consulting rates will be quoted

* Look through old paperwork supplied by your clients and see if there is any mention of the consulting rate - purchase history, work billed, etc…

Basically, you need to learn what your services are worth and prices and market them effectively based on that knowledge. To learn more about setting your rates, read the entire article (link above).

Posted by Joshua Feinberg