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.
 Google News Updated : Fri, 05 Sep 2008 02:05:17 GMT GOP Convention Spin, Part II - Newsweek
Newsweek - Palin trips up on her facts, and Giuliani and Huckabee have their own stumbles on Night 3 of the Republican confab. By Viveca Novak | factcheck. Video: Former New York Mayor Rudy Giuliani Full Speech at the RNC Palin packs a punch Publ.Date : Fri, 05 Sep 2008 00:41:06 GMT Bush advised to back modest troop cuts in Iraq - Reuters
Reuters - By Andrew Gray WASHINGTON (Reuters) - Top US defense officials have recommended that President George W. Bush withdraw one combat brigade from Iraq but not until early next year, Pentagon sources said on Thursday. Military officials: No troop cuts this year Sources: Bush advised to delay troop cuts in Iraq Publ.Date : Fri, 05 Sep 2008 00:06:35 GMT Cheney seeks to bolster Ukraine - BBC News
BBC News - US Vice-President Dick Cheney is in Ukraine on the last stop on his tour of the region aimed at showing support for US allies in the former Soviet Union. Video: Cheney Slams Russia for War Against Georgia Conflict in Georgia May Raise Pressure on Russia’s Oligarchs Publ.Date : Thu, 04 Sep 2008 18:52:03 GMT Rescuers can't get aid to starving Haitian city - The Associated Press
The Associated Press - GONAIVES, Haiti (AP) - The convoy rumbled out of the UN base toward a flooded, starving and seething city Thursday, carrying some of the first food aid since Tropical Storm Hanna drowned Gonaives in muddy water three days ago. Sorrow and hunger overwhelm Haitian storm shelter At least 90 killed as tropical storm Hanna passes by Haiti Publ.Date : Fri, 05 Sep 2008 01:01:18 GMT Work by Hopkins team lights way to cancer 'milestone' - Baltimore Sun
Baltimore Sun - By Frank D. Roylance | frank.roylance@baltsun.com Researchers cataloging the genetic codes of deadly human brain and pancreatic cancers say they have found several dozen defective genes that appear to work in concert to set off the tumor growth that ... Gene trawl shows curing cancer harder than thought Genetic Mutations Linked to Deadly Cancers Publ.Date : Fri, 05 Sep 2008 00:10:52 GMT Gustav’s Rains Delay Cup Playoffs - New York Times
New York Times - By LARRY DORMAN ST. LOUIS - Torrential rain from the remnants of Hurricane Gustav drenched the Bellerive Country Club on Thursday and washed out the first round of the BMW Championship, the third of four events in the PGA Tour’s FedEx Cup playoffs. Hit the virtual green with new 'Tiger' golf game 'Tiger Woods' tops this season's golf games Publ.Date : Thu, 04 Sep 2008 23:09:34 GMT Roger Federer advances at US Open - Los Angeles Times
Los Angeles Times - Elise Amendola / AP Roger Federer of Switzerland defeated Gilles Muller of Luxembourg, 7-6 (5), 6-4, 7-6 (5), to reach the semifinals of the US Open. Federer Rolls Past Muller Federer's year of living defensively - Tennis Publ.Date : Thu, 04 Sep 2008 22:39:50 GMT Work At Home |
PARLOT::Ebooks, Scripts,
Websites, and more... Easy Direct Marketing Methods for Insurance AgenciesThis Month: Strategies for... Read More Earlier in my career, I worked for a training and... Read More The best way for someone to hang on to a... Read More It's almost a given that when I speak to a... Read More Online Communities are all over the Internet and attract lots... Read More "What do you do?""I'm a CPA. What do you do?""I'm... Read More You've probably heard the slogan, "You never get a second... Read More 1. Make copies of your web site in many different... Read More What is the single biggest fear of teenagers, business owners... Read More Good marketing, whatever form it takes, always meets certain criteria.... Read More Do you offer superior service, consistently close loans on time... Read More The following tips have come from a wide variety of... Read More If ever there was a lazy way to easy profits... Read More A brochure can be a wonderful promotional tool for a... Read More Offering free and exclusive content to ezine publishers and webmasters... Read More Before you create your postcard, do a little planning. Ask... Read More Even if you never place a cold call, you still... Read More For years now we have been inundated with offers of... Read More The small time promoter has to work hard and on... Read More Available to all small businesses are business lists, which come... Read More ©2004 Jeffrey DobkinThere are two types of lists, determined by... Read More Your business success depends on your ability to promote your... Read More I could tell you that the average temperature in the... Read More Can I share a secret with you?I love working out.... Read More Looking for a great way to drive traffic to your... Read More
Adsense
websites
Easy Marketing Methods with Letters, Post Cards, Referrals and Testimonials
Four Keys For Successful Foundation and Corporate Fundraising
The Greatest Business Tips are FREE
8 Instant Ways to Create Consistently Successful Marketing Campaigns
Online Communities - A Marketers Wildest Dream and Worst Nightmare!
Practice Marketing: How to Answer What Do You Do? to Increase Prospects, Publicity and Profits
Terrific Titles, Happenin Headlines
10 Proven Ways To Accelerate Your Profits
Make Out Marketing
Does Your Marketing Pass This 10-Point Test?
Mortgage Marketing and Advertising ? The Magical Ingredient
Marketing Tips 101 - Where Can I Get Clients From?
The Illusion of Print Mail Services
A Look at Brochure Printing Services
Explode Your Sales With Free & Exclusive Content
Planning Your Postcard Marketing Campaign
Breaking The Voice Mail Barrier
Has the Free Report Had Its Day?
Encouraging Contact
Off The Shelf Software for Making Business Lists
Twelve Places to Buy a Mailing List
Self Promotion Brings Business Success
Direct Mail Response Rates Mislead if You are Careless
7 Marketing Lessons I Learned From the Muscleheads at Golds Gym
Fertilizer For Your Grassroots Marketing
Affordable and Reliable Web Hosting Starting at $4.49/Month
Too Much To Do: Four Keys to Effective Delegating
Never tell people how to do things. Tell them what... Read More
Marketing Success Defined
How do you personally define success? High income? Substantial net... Read More
Boost Your Direct Mail Response Rates with Mapping Technology
On Superbowl Sunday, Domino's Pizza delivered more than 900,000 pizzas-and... Read More
How to Give Your Biz a Boost with a Summer Marketing Makeover
Are you on track for hitting all your business goals... Read More
Future of Marketing Part 2
In Part 1, I discussed how traditional marketing is no... Read More
Motivate Your Market Force
IntroWant me to tell you something on how you can... Read More
Network Marketing Is Definitely A Relationship Business
Heavily branded websites like amazon.com are household names and carry... Read More
Eliminate Your Competitors With 2 Simple Steps
In business, having competitors goes with the territory. There's almost... Read More
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... Read More
Business Marketing Strategies
For many small business managers, finding the time and commitment... Read More
The Marketing Secret Every Child Knows
Little Kids Ask Until They Get What They Want.Mom, Mom,... Read More
Utilizing Your Best Hidden Asset To Increase Sales
You probably already have in your possession one of the... Read More
An Example of Understanding Consumer Thinking
A church in my community provided me with one of... Read More
Receiving a Brochure Printing Quote
Brochures are a great way to get your message across.... Read More
Consumer Thinking And Search Marketing
12/20/04According to a recent article by ComScore Networks, about three-quarters... Read More
Does The Market Really Want It?
At the very heart of any successful marketing strategy is... Read More
Website Marketing: 10 Uncommon Bonuses That Will Help Make Your Product Hotly In Demand
Giving away free bonuses is an important website marketing secret... Read More
Produce More Sales from your Email Promotions Five Ways - Part 1
Do sales come from your ezine regularly? How many well-written... Read More
Stop Your Marketing Leaks
Thirty percent of all the drinkable water that runs between... Read More
10 Proven Ways To Accelerate Your Profits
1. Make copies of your web site in many different... Read More
Sponsorship: A Key to Powerful Marketing
Sponsorship is the fastest growing form of marketing in the... Read More
Writing Marketing Copy That Sells
When your prospects see your marketing materials, your brochure, your... Read More
Meaning and Marketing - The Eye of the Storm
It's 1954. Yes, Mrs. Patricia Smith has been a good... Read More
Raise Your Income!
How often do you sit around and wonder how to... Read More
Full Color Postcard Marketing: 7 Reasons Why They?ve Become the New Direct Mail
The most crucial aspect of having a high response rate... Read More
Marketing |