| |
| |
|
Marketing Information |
|
|
|
Marketing Smarter To Earn More
An accountant once told me that he never met anyone who didn't want to make 30% more money. Whether you want a better lifestyle or to take more vacations, buy a fancy car, spend more time with your family, send your children to college or to give it all away, you could always use more money. If you sell services, your primary limitations on earnings are your costs and the number of hours in a week. Most independent professionals are already working well over 40 hours a week and can't work longer hours to increase earnings. Your goal should be to find ways to work less and increase your earnings. How can you market smarter and make more money? DON'T DISCOUNT YOUR SERVICES Have you ever heard of a lawyer or carpenter offering a 20% discount on their hourly or daily rate? Every time you offer a discount or reduce your regular rates, you are sending a message to prospects that your services really aren't worth what you're asking. Once your clients know that your prices are discounted or negotiable, you will always be fighting a battle to be the paid full price for your work. Never offer discounts; your clients will assume that they are expected to pay the asking price for your services. OVERCOME OBJECTIONS TO PRICE Prospects invariably want to know your pricing before they understand the benefits your products and services provide. Quoting prices is meaningless until prospects can put the cost into the context of the results they can expect. When prospects show concern about your pricing, it's a good sign. It indicates their interest in buying your services and a need to understand the value you provide. You could list all the benefits of your services but if you really want to make the sale, it's far more effective to let prospects sell themselves. A client's perception of value isn't based on how much they pay, but on whether their expectations will be met and the benefit they will receive. Don't get stuck on the dollars you charge per hour. Instead help prospects define the dollar benefit of your services. When prospects query you on price, respond by asking questions to help them identify for themselves the problem they want solved, the cost of the problem, the solution they need, and how you can help them. Prospects buy when they think their expectations will be met. Let them define their expectations and they'll be far more likely to sell themselves when you finally explain your pricing at the end of the conversation. POSITION YOURSELF AS AN EXPERT Differentiate yourself from your competition by using your articles to regularly provide insight and ideas to your prospects and clients so they come to view you as an expert in your field. Use expert positioning and consider raising your prices. When Arnold Schwarzenegger first arrived in the U.S. he had trouble getting work as a stonemason with his funny accent, despite charging less than his competitors. A friend suggested he set his prices above the competition and bill himself and his partner as exclusive European masons. His business took off and look where he is now! AVOID HOURLY FEES Unless you sell hour-long massages, charging by the hour is the best way to limit your earning potential. When you charge by the hour you lose money if you work efficiently or if you get a great idea right away. Prospects can always negotiate with you on the number of hours they want, undermining your ability to put in the time needed to meet their expectations. Prospects want results. Help them clarify the results they want and then set a project fee for accomplishing those results. Make sure your contract or letter of agreement allows you to adjust your price if the project changes mid-stream. USE VALUE BASED PRICING You can pay $30 or over $5,000 a night for a motel or hotel room. Both provide a roof over your head, a bed and your own bathroom, so why do some people pay over 150 times more for one than the other? People buy based on their perception of the value provided. If they understand the value that your service or product provides, they may be willing to pay much, much more than you are currently charging. Look at the results you provide for clients and reassess your pricing. LEVERAGE YOUR TIME AND MONEY Like most service professionals you have limited time and money to spend on marketing. Much of your time is spent delivering services. Is your marketing helping you earn more? Do prospects understand the unique value you provide? If not, take a look at the way you are positioning your firm and adjust it to clarify your value to clients. Are you making what you could be? If you apply even one or two of the above strategies, you'll be making more money than you are now without working any harder. You'll probably still wish you had 30% more. 2003 © In Mind Communications, LLC. All rights reserved. About The Author The author, Marketing Coach, Charlie Cook, helps independent professionals and small business owners attract more clients and increase their earnings with the 5 Principles of Highly Effective Marketing. Sign up for the Free Marketing Guide and the 'More Business' newsletter, full of practical marketing tips at www.charliecook.net.
MORE RESOURCES:
Google News |
|
|
|
RELATED ARTICLES
Focus...a Marketing Strategy The secret to increasing sales doesn't lie in choosing just the right marketing tactic for each of your businesses. The real problem that's experienced by many entrepreneurs--a damaging lack of focus. Easy Marketing Methods with Letters, Post Cards, Referrals and Testimonials Easy Direct Marketing Methods for Insurance AgenciesThis Month: Strategies for Letters, Post Cards, Newsletters, Testimonials, Referrals.Selling insurance is tough: too many agents selling too few clients, and ouch - trying to show value when all you are selling is a piece of paper that no one really thinks he needs? until it's too late. 25 Ways To Get More Business Special Requirements for Reprint: we ask only that you include Pauls name and resource box, and keep all hyperlinks as live links. Complete Article with Resource Box at end: Need more business? Who doesnt? Thankfully, new business is pretty easy to get, but you do have to do something to get it. Practice Marketing: How to Answer What Do You Do? to Increase Prospects, Publicity and Profits "What do you do?""I'm a CPA. What do you do?""I'm a stockbroker. Metaphysical Marketing The foundation of success is in your mind. You do not need to struggle, seek and strive to build your business. Promotional Mugs: Become a Part of the Legendary Coffee Experience When you want someone to like you, associate yourself with something that they love. Take coffee for instance. The Money Making Secret of The Toll Booth Position I'm a marketing consultant and at one of my client-companies, acompany that, in less than 10 years, has gone from a $10 millionto a $100 million dollar business one of the people I work withfrequently has jokingly given herself the title, 'Vice President,Back-End.' Although that clearly opens her up to be the butt of many jokes,it does very accurately describe her very, very important area ofresponsibility, in direct marketing parlance. How to Convey Trustworthiness in Direct Mail Marketing Sales Letter A person or business that might buy from you is called a prospect. But they might just as accurately be called a skeptic. Mailing Lists - Keeping it Simple The right direct mailing list targets people who want your product or service.The direct mail mailing list is a key factor in a successful direct mail marketing campaign and a major point to consider in small business marketing strategies where marketing ROI (Return On Investment) is a key concern. What to be Successful? Marketing Makes the Difference When you hear the word "marketing" what comes to mind? More business or wasted money? If your experience with marketing or advertising has been less than positive your cynicism may be well founded. Yet, have you ever noticed a competitor with a mediocre product and a healthy business? The difference is often marketing. Renting Your Mailing Lists to Others RESOLVING THE "PROPRIETARY" DILEMMA.. Growing Your Brand Assets Okay. Raise your hand if you think brand management is just for BIG companies (like Target, McDonalds or Ford. Do You Really Know Your Prospect? I'd like to introduce you to someone. I don't actually know his name, but I'm hoping you do. Good Vibes/ Bad Vibes Have you ever walked into a store or business and felt uncomfortable there for no apparent reason? Have you ever walked into a store all happy and left quite frustrated? Have you ever wished your house could feel happier? The process called energetic clearing can make a significant improvement to any location.There are many kinds of energy all around us. My Product is Obviously Better - Why isn't it Selling? The movie, "Field of Dreams" opens with a farmer standing in a cornfield. He hears a disembodied voice saying, "If you build it, he will come"?by the end of the movie the mantra has changed to "If you build it, they will come". Is A Marketing Plan The Same Thing As A Communications Plan? How does a marketing plan relate to an organization's communications plan? What are the differences? Is the marketing plan just one aspect of the communications plan? Should one consider combining them into a single document?A communications plan is a PART of your marketing plan. A communications plan is a focused strategy you use to get the word out about your business, product or service. Where Are Your Leads Coming From? Most B2B marketers spend a great deal of time analyzing the performance of their programs and initiatives. The reason is obvious: With the growing pressure on marketing to produce measurable results, it's critical that every marketing dollar is invested wisely. Increase Your Profits Through Customer Loyalty The job of convincing your existing customers to spend higher and more often can be an extremely tough task. There are many ways of achieving customer loyalty. Marketing Strategies: What Choices Do You Have? Most business people want to see improvements in sales and profits. But how do you get there? What choices do you have?To build your business there are four strategic options that must be considered:1) Sell existing products to existing customers. John Kerry, Amazing Direct-Marketer! If you want to uncover a little secret about how John Kerry and the Democratic party is "building their e-mail list", with literally thousands of qualified leads..
|
| home | site map |
| © 2006 |
