2. The Universal Rule of Value states that your customer will always pay your price as long as (s)he is convinced it will bring more value than it costs.
3. Develop your comparables. Know what others doing similar work are charging and why.
4. Manage your customers. Take them "behind the scenes" and educate them about the efforts you make via investment of time, money and people to offer them the best product or service available.
5. Get clients to focus on results, not dollars.
When a potential client asks about your rates tell them, "My fees are based
on the outcome I am going to produce. I need to know more about your
needs before I can give you a price. Can you tell
me more about…"(whatever the client has identified as his major problem or need.)
6. Give away a little to get a lot. Offer free introductory consultation, free sample of product, free advice on how to hire the best person, whether or not it is you.
7. Pay attention to the price/volume tradeoff. If you are working very hard and not making lots of money, you may be charging too little. Raise your fees and let it be OK to lose some customers.
8. Know when to cut your losses. Fire the clients who consume too much of your time, energy or resources.
9. Experiment with variable pricing. You expect to
pay more to see a movie on Saturday night than you do on Wednesday afternoon.
What are the variables in your business for which some people will pay
more? Differential pricing can allow you to
add customers and spread your work load more evenly over the day/week/year.
10. To be paid top rates, be top rate. Continually invest 10% of your gross income in you, the most important asset in your business. Take courses, get training, read to stay ahead.
Susan Wallace is a personal business coach who works with entrepreneurs,
professionals and small business owners.
Contact her at:
Telephone: (203) 532-9098
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