“Sometimes it takes someone else to recognise your value to really understand your worth” – Mariella Murray
Small independent professionals are often fully skilled in their craft, passionate about their work or services, but often challenged with understanding the amount of work that goes int delivering a quality a piece of work that meets the clients objectives, or how to feel confident that the price you are quoting is fair and reasonable for the work that you are doing and how to package their services.
This is a common scenario for many of the smaller businesses I work with and in the past two weeks, I was presented with 3 professionals who faced just this.
Client 1 – A product and innovation consultant who creates new product ideas.
Scenario
She was frustrated with herself for undercharging, recognising she was giving advice away for free and has a challenge describing the range of her services. This frustration extended to seeing her clients grow their business, based on her expertise and advice whilst her business was stalling.
Solution
An intense session looked at the limiting beliefs that were preventing her from charging more and working with higher value and higher paying clients. We discussed how to create packages for the different client groups and how to charge in a profitable and congruent way.
She left with a clear set of packages and the confidence that the revenue she would be able to generate was potentially over a 500% increase from her existing and new client base.
She was clear about the clients that she wanted to work with and more importantly which to let go of. She was also more confident in her strategy and approach when an opportunity presents itself and articulate the service that she offers.
Client 2 – Marketing and Events specialist that had been out of the field for a few years
Scenario
She was asked to quote to deliver Social Media and Marketing guidance and support on a retainer. It would be approximately 1 day per week but having not worked on a retainer for some time she had no idea what to charge.
Her clients were on a tight timeframe to launch their new products and services and wanted someone on board straight away, so she needed to present it to them quickly.
Having worked for them in the past, she was fearful of increasing her rate having been out of the business for a while and also fearful that she would not get the work.
Her safe approach was to increase her fees by 10% which was small compared to the revenue they would generate through the value she added and the success of their new product and service launch.
Solution
She came to me with her proposed fee which did not factor in that she had over 20 years’ experience, was available and could hit the floor running. We discussed a suitable approach. She was clearer on her value and came away from the conversation with a clear pricing structure.
We developed a 3-month package at a higher rate – over 200% increase on her usual fee. Her client responded “Spot on. Let’s commit to 3 months at this level of support, after which we review and see where we are.“
Client 3 A fitness trainer who offered a standard set of keep fit programs for people of all ages.
Scenario
He was developing a new website and expanding his service offering. What he was offering was similar to other personal trainers so the competition to win and retain new clients would continue to be challenging.
Solution
During our telephone call and I suggested that he consider changing his offer in relation to the major health conditions that several of his clients have. For instance – perhaps consider looking into conditions that are on the increase such as prostate cancer, diabetes, osteoporosis and many more.
By creating health fitness programs that could potentially help his clients with these specific conditions alongside their medical advice he would be far more targeted and attract new audiences not looking for just general fitness.
We all know the value of regular exercise but targeting different groups in relation to health conditions would be much more effective.
He would not be providing medical advice regarding these conditions, but supporting his client’s health, fitness and wellbeing whereby he could offer preventative health behaviours before and after that could be part of his packaged programme.
Winning new business can be exciting when you get it right – the questions you ask, the proposal you submit and the fees you charge that is profitable for you, and your client feels they are receiving commensurate value.
These are all clients who have used my “Ask Morton” service, where in a powerful conversation there were able to talk through their concerns and find the answer they needed.
If you are interested in finding our more about “Ask Morton” and how having a conversation can help you, contact me info@mortonpatterson.com
