Make More Money:
Ideas for Getting Higher-Paying Clients
IN THIS ISSUE
1. Ideas for Getting Higher-Paying Clients
2 . Publicizing a New Company
3. Quote of the Week
4 . A Little Fun
5. Smell the Coffee
This ezine is for anyone who wants
to attract more customers, close more sales, earn more
revenue, boost their bottom line, and drive their competitors
crazy.
Don't
forget to tell all your friends and business associates
about this informative newsletter!
You don't want to be the only smart one in your group,
do you?
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1. Ideas for Getting Higher Paying Clients
As you may recall from last week's issue, one of my new
ezine subscribers, Dale W. Hutchings, APR, of Dale
Hutchings, APR, PR, Marketing & Advertising in St.
Petersburg, FL, who says his biggest business challenge is
"getting clients," asked for help with this:
"What I am looking for are ways to get larger, higher-paying
clients.
I get work, but it tends to be all small budget projects."
From Meredith Hamilton at Expert Communications
(one of my new
moderators for the Women Success Forum!) has this excellent
advice for Dale:
"My first piece of advice to Dale is one I frequently give
my own clients -- Raise your rates! If you’ve never been
turned down because of your rates, they aren’t high enough.
People often see rates as equating value; make sure you seem valuable. (If your rates are too low, you may give the appearance of not being experienced enough to do the work.)
"In addition, if you haven’t already done this, pick one
industry or sector to focus on and learn everything about PR
and advertising within that niche. Join professional associations for that industry, write articles in their professional publications and establish yourself as the PR
expert within their group. You could also find out who
currently has the big accounts and see if you could partner
with them on some tasks while you become more familiar with the players."
Joan Stewart, The Publicity Hound, offers this advice:
"If you’re billing by the hour, by the month or by retainer,
stop. Instead, bill by the project. One reason for this is
you don't want to get caught having to account for your
time. Anybody who wants to make big money in a service
business should never, ever feel obligated to spell out to
the client how much time it takes to do a project, or how
many revisions were needed, or whatever. The fee is based on
one thing only: value. Read Alan Weiss’s books
"Million-Dollar Consultant" and "How to Write a Proposal
That Gets Accepted Every Time."
And here are a few ideas that I can contribute...
I agree with Meredith and Joan. Raise your rates until your
prospects say, "Ouch!" Perhaps you charge a certain fee to
do a PR plan. Learn to look them steadily in the
eye and say confidently, "I charge $X to do a PR plan." If
you exude confidence, you will be more likely to get the fee
you want.
However, it's best to NEVER quote a price for a PR plan or
for anything else until you first sit down to talk to the
client and ask a whole list of questions designed to get the
client to explain to you how much the results are worth to them. This helps establish value and how much the project is
worth in their eyes. Charge more for companies that get
greater value.
When you present your written proposal (which, of course,
becomes a contract/agreement when it is signed by both
parties), detail what is involved in the project before you
present the price, "This is a very involved logo with
multiple elements. For this caliber of work, I charge $X.
Adding on the corporate identity materials -- letterhead,
business card, envelope and label -- it will be $X. If you
need additional forms and pieces, I can do that, as well,
and we can determine what that cost will be once you let me
know how many forms you need."
Small businesses like to work on a project basis. It allows
them to do a good job of budgeting their marketing and PR
dollars. They get a flat fee for the project and it
eliminates the concern, "How much will this really cost?"
that comes with an hourly fee.
However, if you choose a project fee, be sure to make it
clear exactly what the project covers. "This project rate
covers our initial meeting to determine your likes and
dislikes relating to logos, what you've been using
previously, and a general direction for creating the logo;
then developing three sample logos for you to choose from; a
meeting to review these ideas and give me feedback so I can
finalize one of them for the completed logo; changes to
create the final logo; creation of all the computer files
you need to use the logo; and a specifications book on how
to use it. As soon as you approve the final logo, I'll begin
creating your letterhead, envelope(s) and business card. At
that time, I'll need the names and titles of everyone in
your company who needs a business card, the address, phones,
website, tagline, and anything else you need to include on
your business cards or letterhead. You'll then review my
designs, offer any comments or corrections, and I will
finalize them for printing. Any changes or meetings in
addition to those outlined here will be billed at $X per
hour."
Or consider including 2 changes in each project, with
anything else billed at $X per hour. Micro businesses and
new business owners can chew up a LOT of time simply because
they don't understand the process. Don't let that happen to
you. Spell out the details in your agreement.
I do disagree with Joan on the use of retainers however. If
you are an organized, self-starter, a retainer can work
well. It can keep the costs for your client fixed and lower
than with other methods, and you get a steady cash flow.
That's worth a little discount in my opinion. As a small
business owner, I like to know that on the first of the
month (or whatever), I'll have a certain amount of cash each
and every month. But what this takes is sitting down with
the client every month (or on a set schedule) and outlining
how much and what work is expected to be completed during
the coming month, along with a client that is steady as a
rock in paying his bills on time. Otherwise, it's not worth
the hassle.
Small businesses are generally not willing to pay you an
hourly fee that compensates you for your expertise. When
they hear $200 an hour, they panic. But if you're good, you
can probably complete the same project in an hour or two
that a less-experienced competitor with a lower hourly rate
takes four to six hours to do. That's why a project fee
works so well. So your project fee can be $400 -- a lower
overall price than the less-experienced competitor who
charges $100 an hour, or $600 for the project. You get paid
for experience and speed. They get paid for hours.
My other suggestion is to find bigger clients. Stop trolling
for clients at the Chamber of Commerce events. Focus your
networking on potential customers in a smaller niche.
Instead of attending the Business After Hours event by the
Chamber, go to the local association for CPAs or attorneys,
for example. As a PR or marketing person, you'll really
stand out from the crowd. Better yet, make sure the
membership chair of that organization is there and expecting
you. Get him or her to introduce you to people they know in
the group. You're sure to walk away with business cards from
several people who you can then set an appointment with.
For more advice like this, pick up a copy of my ebook,
"Public Relations 101 for Service Professionals,
Solopreneurs, Coaches & Speakers" at HALF PRICE, but only
from now through Friday, Jan. 14. You can read all about it,
buy it and be reading it in minutes.
Or join my new Marketing Success Mentor Program! It has lots
of benefits, like free membership in the Success Secrets
Forum, attendance at all my teleseminars free, 2 hours of
one-on-one consulting with me, and more. Read all about it
and subscribe!
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JOIN WOMEN'S FORUM NOW
Don't forget! You can still get the
introductory membership rate when you join my new Success
Secrets of Women Entrepreneurs Private Online Forum. In the
forum you'll find women (and possibly a few men) business
owners who would love to be part of your community and help
you through your business challenges. It's like having your
own Mastermind Group. Plus, when you subscribe, you'll have
immediate access to several ebooks FREE, including my ebook, "Marketing Plan Essentials:
Online & Off," as one of the free gifts when you become a
paid subscriber. So there are 8 ebooks waiting for you!
You can subscribe to the forum for a LIFETIME rate of just
$12.95 per month (or sign up for 3-month, 6-month, or 12-
month membership and save even more) if you do it before
February 15.
Don't miss this chance... Here's the link to join.
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I often get questions from readers about publicizing a new
company. And this week was no exception. One of my new
subscribers, who is starting a new design company, asked how
to get publicity for her company. She's confused and doesn't
know where to start?
I have lots of ideas, but I'd like to see what my Brainy
readers suggest first. How about it readers? If you are
starting a new company, what ways do you suggest for
publicizing your new services? Send your comments to me here and I'll publish them next week.
This isn't really a marketing joke, but someone went to lots
of trouble to create a fun little "Flash Dance." It was sent
to me by Carrie Reagh at Uber Designs.
