2 Ways to Immediately Increase RevenueFebruary 23, 2011
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1. Raise your Fees, Use Value Pricing
Are you charging by the hour or the day? This practice disconnects you from the ROI you provide your clients and caps your fees unnecessarily. Time-charging incentivizes you to work more (not good), while motivating your clients to use you less (doubly not good). Value pricing is the ethical alternative, providing your client with a clear return on their investment that allows you to minimize the time you spend while encouraging you and your client to focus on the true value you can generate together.
The master of Value-based fees is Alan Weiss. He turned my world around with this concept. Read his book, Value-based Fees: How to Charge – and Get – What You’re Worth. Don’t balk at the $40 price tag. Instead focus on the 100s of $1,000s the insights in this book will provide you, as they did me.
2. Identify More Opportunity for Existing Clients
When you are fully engaged with a client, you are in the best possible position to help them identify more areas where an investment in your services would improve their situation. If you focus relentlessly on helping them to better their position, you will find they welcome your ideas. Keep a laser focus on additional ways your work can upgrade, enhance, or raise their condition.
How much time do you spend thinking about how to help your clients? Are your ideas centered on creating contracts or on radically improving their situation? Do the latter and the former will follow. Get this priority straight. It will rewire your brain, change your behavior, and produce dramatic results for both you and your clients.
Start immediately. Make a short list of your favorite clients, and spend a little time on each. Take the list for a walk – that’s where I do my best thinking – or bring it along for a cup of brew at your favorite tea shop, wherever and however you do your most creative work. Give them some of your best, and watch the returns in the days, weeks, and months ahead.