March 19th, 2008
By: Shama Hyder
Recently there was a brilliant article by Kevin Kelly called 1000 True Fans. In it he argued, that to be successful you don’t need hordes of fans. He was talking about musicians and artists in particular. You don’t have to reach rock-star level to earn a decent living (100k). All you need is 1000 true fans.
True fans go out of their way to attend your concerts, buy your products, and evangelize to their friends.
The same concept of fans applies to consulting, coaching, accounting- really, all service professions. You don’t need a list of 50,000+. You just need a few constant clients who love what you are about.
So,
1) Decide how many is the magic number. 10? 100? 1000? How many adoring fans do you REALLY need to be successful?
2) Figure out how you can attract them by adding value and by being remarkable-to them anyway.
Posted in Business Profitability | 6 Comments »
February 26th, 2008
by Shama Hyder
This is perhaps one of the most commonly asked questions that I hear. What does it take to charge clients a premium amount? What makes it worth it?
How do I price my services?
I am a big fan of value pricing. This concept is the brainchild of Alan Weiss, author of the "Million Dollar Consultant."
In simplest terms, it means charge for the value you provide, rather than for your efforts. It may take you ten hours or ten minutes, but it’s the outcome that matters.
1. Sell the Solution, Not the Methodology
People hire coaches but they aren’t buying the coaching. They are buying what the coaching can provide. The final results. Whether that’s an improved relationship or better health; people care about results.
You are selling the final outcome. If you are a Virtual Assistant, you aren’t selling hours. You are selling peace of mind and giving your client more quality time with their family. Focus on the solutions, rather than the methodology.
2. Add Unbelievable Value
Every industry has it’s standards. Find a way to surpass those and you are almost guaranteed higher fees. Most coaches for example meet periodically with clients over the phone. Very few constantly send them useful books in the mail or regularly introduce them to new tools and practices.
Even fewer spend time educating their clients on how to maximize results from the coaching process.
What can you do to enhance your work?
3. Compare your Fees to the Final Outcome
If you can help a company save one million dollars over 5 years by helping them cut down employee turnover rate, how much are you really worth?
If you help a couple restore and revive their dying relationship, how much are you worth?
When you start looking at how your work impacts the bigger picture, you will easily be able to command higher fees.
4. Trust and Courage
It’s not easy to ask beyond what the current market is going by. But it can be done. You have to have the courage to ask what you feel your services are worth, and you have to trust in yourself. Focus on the value your services provide in the long run.
Clients can sense confidence. If you feel you lack confidence in your abilities, work on that first.
Posted in Business Profitability, Managing Your Business | 4 Comments »
February 7th, 2008
By: Shama Hyder
We all know that giving is fantastic. Give great customer service; give great rates, and always give your best. But, what about getting? What kinds of things should you expect from your clients? Asking is also a great marketing strategy! Here is a list of 25 things you can (and should!) ask for when working with a client.
1. Ask for a down payment - Just like there are flaky freelancers out there, there are flaky clients as well. It’s completely okay to protect yourself and your time. Ask for a down payment, and make it fully refundable if you don’t do your share. Most clients will be happy to oblige.
2. Ask for more time if you need it - Sometimes your creative genius self needs time, and who can blame you? Between Twitter, and Facebook and well… clients, it’s a busy life! So, feel free to ask for more time if you need it. Just don’t go overboard.
3. Ask for clear directions - If a client wants exactly what they have in mind, they have to be able to communicate those thoughts. Help them along. Make sure to ask for clear directions and double check.
4. Ask for consistent expectations – It is okay to ask for consistent expectations on projects. If the client feels your work seems “fantastic” one day, and “not up to par” the next, and given that your quality has stayed the same-bring it up with the client. One caveat: this may require that you have some sort of quality check system in place to ensure the consistency of your work product.
5. Ask for recommendations- You kicked butt on the last project. The client is thrilled. Now, strike while the iron is hot, and ask for the recommendation. (i.e. - “I appreciate your confidence in me, and I will deliver my best to you always. Since I know you are enthusiastic about working with me, do you think you could please recommend me to your friends? I’d really appreciate it tremendously.”).
6. Ask for referrals - It can go something like this- “Who else in your network could use my services? Would it be okay if I contacted them and introduced myself?”
7. Ask for testimonials - So many freelancers forget about this wonderful marketing tool. It’s called “social proof.” People like people who are liked by other people. At the very least, they are usually intrigued. Simply stated - Ask for your clients’ good words on paper.
Read the rest here.
Posted in Business Profitability, Marketing Your Business | 1 Comment »
