The Online Marketing Newsletter
for Independent Professionals
from Action
Plan Marketing
and Robert Middleton
-
Secrets of Value Pricing -
Want
to earn more money? Then you've got to start
"Value Pricing" your services.
Why
is it that some Independent Professionals charge
(and receive) much higher fees than others?
Is
it their expertise and professionalism? Is it
their education and track record? Is it the value
they offer? Or it is a combination of all of these?
And is there a secret to charging more?
Yes,
the secret is called "Value
Pricing."
Next
Monday I'm hosting Alan Weiss, the "Million Dollar
Consultant" for a TeleClass on Value Pricing
(see below for details). I thought I'd give you a
sneak preview with some ideas on how you can start
applying value pricing strategies to your
business.
A
good friend of mine, Patrick Summar, is a
professional coach who works primarily with
entrepreneurs. Most coaches charge about $300 to
$500 per month for coaching. Patrick charges most
of his clients $1500; he just got his first $3000
client.
What
miracles does Patrick deliver that enables him to
charge five to ten times more than the average
coach? Patrick is a good case study; I think
you can apply his value pricing approach to your
situation as well, whether you're a coach,
consultant or other service
professional.
Here
are some of the things Patrick does:
He
sells a solution, not a process.
He realizes people are not buying coaching, they
are buying an outcome; they want to use coaching
to get something they are not able to achieve on
their own. So in his initial conversations with
potential clients, he spends a lot of time
exploring desired outcomes. What outcomes are
important to your clients?
He
sees his fee in relationship to the
outcome.
If a client can increase his or her income by
more than $1500 per month, they've at least
broken even. But he looks at that as only a
starting point. He knows that, through his
coaching, a client will make certain changes in
their life and business that will result in
short and long-term value that dramatically
exceeds his fees. What's the real value of your
services?
He
adds a lot of intangible value.
Patrick always comes to a coaching call
prepared. He gives the client a structure to
extract maximum value from every session. He has
systems and teaching tools that help the client
build new skills. And he'll do things such as
send his clients books or other materials that
support and inspire. What value can you add to
your process?
He
has the guts to ask for more.
Remember that the client will never voluntarily
suggest that you raise your fees! You tend to
get what you ask for. Patrick looked at what he
thought he was worth and decided to ask for it.
As simple as that. He feels he's worth it. He
knows his service pays for itself. And he knows
the long-term value of his coaching will pay off
for years to come. So he asks for more and gets
it. Are you willing to ask for more?
The
first and most important thing for you to realize
is that you can charge higher fees. You can
charge fees based on the value a client receives,
not based on time spent. The second thing to
realize is that there are clients who will
willingly pay what you're worth, if you package
your services accordingly.
It's
not usual, however, that professionals consistently
undervalue their services. In fact they are
often quite unaware of the true value they bring to
the table. Instead, they set their fees based on
what most others in their profession charge (not
enough).
If
you charge this way, you're no better than a
commodity. When you start to think value,
everything changes (as it did with Patrick). Then
clients start to see you as a valuable investment
that will help them achieve their most important
outcomes. That's quite a shift in
perception.
It
can be scary to change the way you charge for your
services. What if nobody will work with you
anymore? What specific things can you do to
increase your value? How can you make this change
as soon as possible without making major mistakes
on the way? And how can you shift your view of
yourself so that you value the contribution you're
making and feel justified in charging for it?
These
and many other questions will be answered in the
Monthly
TeleClass Expert
Series
with Alan Weiss, the author of "Million Dollar
Consulting." The date is Monday, March 27. You
can attend the TeleClass or order the Audio Program
and Transcription. Reserve your space at the link
below today, and there's a good chance you'll be
making more money by next week:
http://www.actionplan.com/expertseries.html
*
The
More Clients Bottom Line:
You
are worth more than you're charging, in many cases
a lot more. You can dramatically increase your
income if you commit to pricing your services based
on value, not time. It takes guts; but it can
change your business and your lifestyle faster than
any other business strategy.
Have
experience in value pricing your services?? Please
share them on the More Clients Blog
at:
http://www.actionplan.blogs.com
*
This
Week's Featured Product:
The
Secrets of Value Pricing - With the "Million Dollar
Consultant," Alan Weiss
If
you're ready to earn more money in your
professional practice, this 90 minutes
TeleClass or Audio Program will give you the
information and tools you need.
Alan
Weiss is the world's foremost expert on value
pricing. Alan runs a solo consulting practice
that generates more than a million dollars a year.
Alan is the author of numerous books and is one of
the most highly regarded consultants and speakers
in the world.
http://www.actionplan.com/expertseries.html
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Until
next week, all the best,
Robert
Middleton
ACTION
PLAN MARKETING
Helping Independent Professionals Attract More
Clients
www.actionplan.com
210
Riverside Drive
Boulder Creek, CA 95006
831-338-7790
Contact
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©
2006 Robert Middleton, All rights reserved. You
are free to use material from the More Clients
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Please also notify me where the material will
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Robert Middleton of Action Plan Marketing. Please
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