Tim Bouchard PRO
Owner & CEO at Luminus, a creative digital marketing agency located in downtown Buffalo, NY.
@TimBouchard
slides.com/timbouchard/golden-mean-pricing
2007-2008
2008-2009
2010-Forever
Modern Imagination
Sharpcut Media
LUMINUS
April 2016 - US Bureau of Labor
Intuit 2020 Report
- Creative Service Provider
- Potential Client
Unpredictability of Creative Projects
Familiarity with Project Management Tasks
Perception of the Industry
What we're supposed to deliver
The work involved to accomplish objectives
The team (or individual) tasked with executing
The time spent on executing work
The time spent orchestrating the team and client
Services, Software, Facilities supporting all the prior tasks
Protects the value of time spent working
Maintains accountability
Can be hard to predict project cost
Hard to sell appearing "endless" to the client
Short term projects
Long term projects with fluctuating task lists
Easy for client to understand fixed cost
Sets a goal for time to spend on the project
Can be easy to underestimate a bid
Can result in lower tier work retaining higher tier expectations
Flat rate quotes for medium projects
Tier based options for larger projects
Allows billing flexibility
Allows transparency and client participation
Success mostly limited to large budget / long term relationship agreements
Long term projects with varying milestone timelines
ENTER
“the desirable middle between two extremes, one of excess and the other of deficiency” - Aristotle
What is a
Calculate an accurate estimate range
Include flexibility for tailoring project scope to budget
Easy to understand flat-rate quote
Traditional estimate of how long work will take to complete
Add 15% for contingency
Full comprehensive solution along with supporting services
Will push slightly above client budget
The calculated median between the floor and ceiling
The +/- 25% to +/- 75% relative range within the two extremes
Defines the client's window of comfort encouraging a successful sale
Offers a financial scale to tailor project scope within
Could be an accurate estimate!
Is your hourly rate is too high?
Have you learned enough about the client needs to value price?
Hourly rate too high?
Over estimating time pre-project?
Are you working efficiently?
Defines the minimum value of your work
Provides a mutually agreeable flat-rate quote for the client
Aligns deliverables and objectives within the budget
Puts you in the client's corner
A pricing model that grows with you
Send me your feedback @TimBouchard
slides.com/timbouchard/golden-mean-pricing
luminusmedia.com/golden-mean-pricing
By Tim Bouchard
I will help you to understand the thought process behind Golden Mean Pricing by taking you through the common pricing struggles creative professionals face, how the anatomy of a project affects price, what other models out there have contributed to Golden Mean Pricing, and how to implement Golden Mean Pricing yourself.
Owner & CEO at Luminus, a creative digital marketing agency located in downtown Buffalo, NY.