How to significantly increase your consulting Value
I find it ironic that Marketers constantly find themselves in a predicament, experiencing these issues:
- Uncontrollable cash flow chaos
- Not getting paid what they are worth
- Working long hours for little return
- They can’t seem to catch a break no matter what they try, and what’s worse…
- They constantly work with clients who don’t respect or value what they do for them.
Does any of this sound familiar?
The good news is, you’re not alone. During recent research with other Marketing Consultants we discovered these are all very common problems. The better news is… there are 2 things you can do fairly quickly to turn this around.
- Clearly defined the perfect target market for you, and
- Work out what you’re worth to them.
Before you decide that’s too basic for you and stop reading, bear with me… This is the No.1 issue we see with marketing Consultants (and other industries by the way). The target market is too vague or broad, or just simply undefined at all. Stop for a moment and consider who your target market really is.
Yes, the usual demographic and psychographic aspects are important when considering and profiling the perfect target market. But there is so much more to it. I believe that’s why this is the No. 1 reason Marketing Consultants struggle to charge what they are worth and get stuck in the time for money conundrum of consulting.
Over the past 20 years, I’ve identified 7 little known key distinctions that help you really investigate and identify the best possible target market for you to focus on. What I want to share with you today is the biggest distinction that most people miss that could transform how you think about who you should be working with and how much you are worth to them:
1. What is your unique mix of experience?
Over the years I’ve trained many team members who have become ‘competitors’. I’m not concerned. We are all different and not one of them can offer the same experience as I (and vice versa). I understand my value and uniqueness. The real challenge is communicating it to clients in a way that they value it enough to engage our services over another’s. This is the same challenge we all face.
When asked what specialist skills you have – most consultants will focus on their immediate professional skill set. In my opinion we have so much more to offer, and focusing solely on your professional skills is undermining your true worth.
For example, when I started my first Marketing Consulting business, I was also dairy farming and had come directly from a corporate job in the retail division of a dairy conglomerate. So I focused on suppliers of products and services to the dairy market because I could confidently establish credibility. I knew how their customers worked, and I was an end user so I could instantly relate to both of their customer types first hand. This gave me a powerful point of difference from other marketing service providers.
Also consider areas of education (formal or informal) that may not be directly related to your main area of credibility but add a unique value for your clients. For example, I am a trained and experienced NLP (Neuro Linguistics Programming) practitioner, which allows me to add a higher level of value to training Marketing Consultants to run their business better, by helping them to identify and remove performance blocks and mentor them at a high performance level. I’m also a Mum, so I can relate to and assist consultants who are juggling children and career demands. And I have started and built many businesses, which has exposed me to a huge range of business dilemmas and solutions. All of these things contribute to my unique set of skills that add extra value to my clients.
Don’t underestimate all the learning and study you have done throughout your career and life. Consider what courses, seminars, books, and workshops you have consumed. Even significant life experiences may give you a special insight into your clients challenges. All of these contribute to your knowledge bank and value you bring to clients and separate you from your competitors.
2. What high value problem can you solve?
As we’ve established, everyone has unique skills and experience. It’s whether you can use those skills to solve high value problems for your clients that determines what your services will be worth.
The second question to ask yourself in order to be able to charge what you are worth is less about you and more about your clients. What problems do they have, that if you solve them, they will be more than willing to pay good money for. That is, what problems are worth solving for your customers, that adds real value to them and their business?
The distinction here is that if you want to charge more, you need to be of more value to your clients. How do you give your clients more value? You solve their high value problems.
For example, the future of marketing services is dramatically changing as technology becomes easier to use, more accessible and more affordable. If your market is the SME market and they have limited budgets, you are better to position yourself as their high level adviser than to offer to do Facebook posting for them. Or you may be better placed to write a simple marketing programme and teach them how to implement it.
If on the other hand your clients are larger companies, identify where the gaps are that are potentially costing them money, sales or reputation value and develop high value tailored (or semi-tailored) solutions.
The key is to think at a higher value level. The higher the cost of not fixing the problem to the client, the higher value they will attribute to your solutions.
This is just the tip of the iceberg. There are 6 more little known distinctions that can help you change the way you provide value and price your services. To find out more, check out our latest Quick Course:
Course includes a Business Focus Session with Robyn Simpson. Implement these ideas and you could multiple your ROI by 500% or more.