PODCAST EPISODE

Rory Spence - The Power Of Pricing and Profitability

Word on the Street

20-10-2021 • 1 hr 21 mins


On this episode of Word on the Street we talk to Rory Spence. Rory is an Account Manager at The WOW Company and spends his time helping business owners grow, specialising in getting agencies to focus on increasing their profits, streamline their financial processes and be able to take more time to work on the business, rather than in it. But this episode is about a lot more than just number crunching! In this episode the conversation covers pricing strategies, how and when to take on new business, the power of nurturing, the expectation of over-delivering for clients and why you need to believe in your prices.

On this episode we talk about:

  • Focusing on being profitable
  • How to define your pricing strategy
  • Balancing new business with how many clients you can serve
  • Making sure clients are aware of your levels of over delivery
  • Understanding how to increase your prices to retained clients

Links & References
Katie Street: https://www.linkedin.com/in/katiestreet/
Rory Spence: https://www.linkedin.com/in/rory-spence-63023884/

Click here for the video that Rory mentions in this episode on 'how to calculate a meaningful gross profit margin'.

Series 5 of Word on the Street is sponsored by Tanba, The Agency New Business Academy, is a brand-new initiative aimed at equipping agencies of all sizes with the knowledge, content, partnerships and opportunities needed to accelerate agency growth by optimising their new business 'engine'. Tanba is an on-demand and affordable solution for agencies looking to upskill their team via training courses, content and insights delivered by our panel of industry experts, leaders, and partners.

The academy is all about empowering agency teams to get noticed, attract opportunities, increase conversion rates, and reduce the costs associated with the sales process. Visit https://tanba.io/ to find out more and start empowering your agency.

Series 5 of Word on the Street is sponsored by Tanba, The Agency New Business Academy, is a brand-new initiative aimed at equipping agencies of all sizes with the knowledge, content, partnerships and opportunities needed to accelerate agency growth by optimising their new business 'engine'. Tanba is an on-demand and affordable solution for agencies looking to upskill their team via training courses, content and insights delivered by our panel of industry experts, leaders, and partners.

The academy is all about empowering agency teams to get noticed, attract opportunities, increase conversion rates, and reduce the costs associated with the sales process. Visit https://tanba.io/ to find out more and start empowering your agency.

“In terms of pricing, it’s hard to know isn’t it” - Katie Street [14:01]

“If you can focus on the leading indicators, that you know, if you do these things every single week, every single month, you are going to have a healthy pipeline” - Rory Spence [21:09]

“We’re new business people, we know how important it is to make sure you’re doing it week after week, day after day” - Katie Street [23:55]

“See how other agencies price, however you will just get that gut feel” - Rory Spence [41:33]

“If everybody is saying yes to you, that is not a good thing” - Rory Spence [42:25]

“We’ve got a real mixture of agencies and if I’m honest some I think don’t charge enough, some I think probably overcomplicate” - Katie Street [43:39]

“A huge part of your ability to basically deliver a project profitably, is in how you scope it” - Rory Spence [47:34]

“Where we’ve kind of fallen down previously is over delivering…” - Katie Street [53:20]