Friday, 15 January 2021

6 effective strategies to raise prices for your consulting services

 Dear consultant, would you like to be able to raise the prices of your consulting services without having to give more options or spend more time on projects? Simply by focusing on sales psychology and marketing.

If so, what you are about to discover is very powerful. Don't tell your competition. No way! In fact, it will change the way you see your business by improving the pricing strategy of your services.

I'm talking about doubling, tripling or even quadrupling what you currently earn without having to offer more or work with more clients to increase your income stream.

To get started, start asking yourself the question from your current customer's point of view. Let me explain, how can you make your current flow of clients start paying more for your consulting services or training?

What would happen to your income if you could charge double or triple for what you offer? They would shoot up. And without spending more money to increase the flow of incoming customers.

You can only exponentially increase your income with the same rate of customer entry if you can make them pay you more for what you are selling. Or more times, but the latter does not scale. I mean, it makes you have to work more. So the idea is to earn more, working less and better.

Solution: raise prices. It is a simple formula. With this I am not saying that you do not have to be in search of new clients. As time goes by, a part of what you have will fall out and you will have to replace them. Of course, you should bear in mind that getting a new customer is much more expensive than selling to a current customer again.

Therefore, let's say that it is more effective to reserve a small part of your energy for this work and the rest in wringing your head and seeing how to charge more to those you already have.

How can you raise your prices exponentially? Next I am going to show you 6 strategies so that you can increase the price of your services . We begin.

1.- Develop an irresistible unique sales proposition

From my point of view the best way to increase the perceived value of your solution is to have an Irresistible Unique Sales Proposition

What I mean by this? That your solution against the competition is of clear differentiation. That's right: irresistible.

For service, for quality, for tradition, for customer service, for maintenance, for specificity. I just do not recommend that you position yourself for a cheap price. If you do, everything I'm telling you will be worthless. You will need more clients. Wrong formula.

For example, if you are an SEO consultant, the best way to make yourself irresistible and to be able to charge more for your services may be by specializing in one type of business, for example in online women's clothing stores. They will see you as the expert and that will generate many more guarantees so they will be able to pay you more compared to the rest. You are the specialist.

Basing your unique sales or value proposition on a cheap price is dangerous since there will always be another competitor who is willing to lower theirs and you enter a fight, ending the two of you for not selling.

 Read also:  7 KEYS TO CREATING A SUCCESSFUL CONSTRUCTION COMPANY

In all businesses, both on and off the Internet, there is no better way to increase perceived value than to rely on a unique sales proposition well differentiated from your competition.

2.- Provide more perceived value to your customers 

Your client will be attracted to that professional who solves their urgent problems and desires. But not in the same way that others solve that same problem, not at all. Within a problem there are many ways to attack and solve it.

If we know that 80% of your customers are with you for only 20% of your value contribution, that is, because you are the fastest, the best in a certain aspect of the service. Whatever. Your goal in order to ask for more money for your services is to enhance that 20% by providing more value. We would apply the Pareto Law where 20% of the causes cause 80% of the effects.

You don't have to go crazy and give much more. Absolutely. We would go for a wrong formula that would require you more time. You have to give much more of what differentiates you and that 80% of your clients value. As I have mentioned before, it is not 100% of the characteristics and functionalities of your services but a small part. Very small.

Remember that, like everything in life, the key is to optimize the aspects that have an exponential impact on your results. The rest is just residual and doesn't deserve much of your attention. Go for that 20% and raise it to its full potential.

3.- Educate your customers (education marketing)

Another way to increase the prices of your consulting services is by educating your clients and prospects, and making them see that what you offer is what they need and that it is worth its price. Educating in their mental objections and psychological barriers to hiring your services and the price, also reinforcing self-justifications for it.

Imagine that you sell financial consulting services. You will have to establish an education strategy so that when that person asks you your prices they do not seem expensive since they will understand that an hour of your time saves them 2 months of headaches and a certain amount of money thrown away. It should be part of your argument to counter objections to the sale of your consulting services.

When you offer him this service, his level of objection will have decreased substantially and he will be predisposed to hire it. No objection.

Do not forget, there is no better client than one who is already educated. To educate your audience, you can use your blog articles , social networks, webinars, prospect magnets, a book, email marketing campaigns. Any information with a good basis and argumentation that educates them as you add value, position yourself as an expert and build trust.

 Through email marketing campaigns you can gradually educate your audience so that when they reach you they come with a much more receptive mind at any price.

 4.- Show yourself as an expert and an authority in your specialty

 It is clear that an expert or expert company can demand more money for what they offer. Specialization is a fundamental part.

 If your message is that you are the best web designer for fashion e-commerce if I have to hire a web designer and I have a project of this type, of course I will call you. I will look at your prices, you will be more expensive but there is something that stands out about your offer: your specialization and the amount of problems that you are going to save me since you know this type of online stores.

 There are a thousand ways to show yourself as an expert. For example through your blog, a self-published book on Amazon , a YouTube channel, press releases, radio, interviews, conventions. The most important thing is that you show yourself visible to your potential client and create a halo of authority around you. All this elevates you to the level of an expert and of course you can charge more for what you offer.

 5.- Earn their trust, respect and sympathy

 Here the human factor is fundamental. When a potential client approaches you, it is very important that you attend them properly, show them your credentials, be friendly. All of this greatly affects the persuasive process.

 Be a good listener. Customers want to express themselves and be heard. Open your ears and let them tell you everything. Active listening is key.

 Show yourself as someone reliable, serious and respectable. Nobody buys from an idiot unless he is the only one who offers that solution but as soon as another supplier appears on the market to help me with my problem I will go with him.

 Haven't you heard the phrase: "business is done on the golf course"? Not that you have to go to a golf course to do business. What the phrase means is that business is generated in moments of "connection." Approaching your potential client and showing yourself as a person establishing an emotional and friendly relationship.

 Nothing sells more than having a great capacity to listen actively. Not only because you will be able to diagnose their urgent problem and desire much better, but with this you will make your client feel important and a client who feels important to buy at any price. Do not forget.

 6.- Create your own community of «FANS»

 Why does Shakira charge 1,000 times more than another singer? Why does Apple charge 3 or 4 times more for its computers than Windows? Rationally, are they really worth it? It doesn't have to. For emotional purposes, are they really worth it? You are right.

 It is a reality that they have more customers because they have created a movement of evangelizers of their products and services, and fans. Their music gives them reason to live, their computers transform them into "cool" people.

 You must do the same, look for the most primitive reason that motivates your customers to buy from you and make them feel part of a tribe, of a movement. In love with what you offer. From a philosophy of life. This community does not have to be large, just the right one. Remember that an Abdul Rimaaz  consultant does not need many clients but few but the best.

 People pay for what they perceive of you and for the emotional value you impact. You do not have to be a great consultant, also as an independent consultant you must inspire, brighten the life of your audience and have followers who love you. Now with social networks it is very simple.

 Don't forget that one of the most powerful primary desires is community membership. There is no worse punishment than isolating someone. Think soccer, fan groups, etc. Deep down they are there to share with others not for the mere fact of following a team or music star.

 There is one last strategy that I have not mentioned above. It would be 6 strategies + 1. For me this is the best and look, I hardly highlight it: Learn to promote and sell your service. Point. There's no more.

 Most of the professionals I work with on a daily basis in my Abdul Rimaaz  Consultant Program when they come to me do not know how to sell their art, their passion, their knowledge. They just do it as if they were selling potatoes. And services are not sold like that. They are stars in their fields but they don't know how to sell them.

 You need to know how to prospect, have visibility, define who your idea client is, know the emotional benefits of your proposal, what really attracts the client you want. Before being an expert in your field you must be an expert marketing what you know how to do.

 

I'd rather you not be so good in your field and be the best at promoting those services. Don't just make an effort to learn more but to get your message across. Your learning should be marketing and keep learning from your sector. Of course, you need visibility and have your customer attraction system well oiled.

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