Charge More For Your Services by Adding Value To Your Business
First Things First - Review Your Existing Services
As an freelancer or service based entrepreneur, when you start to explore charging for your services, it’s not just about money. It’s not even just about what the market will bear: It’s all about how much value your customers/clients will be receiving from you.
Take a look at your current services. If all you're doing is simply providing cut & dry services or coaching clients, one-on-one, you’re leaving money on the table. You’re not making the most of your business, and you’re killing yourself because you're trading hours for dollars.
On top of that you're also not providing extra value – and one of the easiest ways to charge more for your services or raise your rates while making people happy about it is to provide them with more value.
For example, you can offer your clients/customers packages, if you’re not already doing so. This is a great option for you if you need to make more money immediately so that you can afford to take the next step – elevating your business by taking actions like outsourcing, investing in higher-end SaaS platforms or start implementing paid advertising to grow your business.
The key is in how you position your New Packages:
- Position them, first and foremost, as a favor and a convenience for your client. (Which they are!)
- Make your packages optional, so they still feel they have full control
- Offer a discount for those who make a longer-term commitment by investing in your packages
- Let your clients know that they can continue to get your services A La Carte, but they will not get the reduction that paying for one of your packages offers.
You can also use other strategies such as rewarding early-adopters with an extra perk, or a deeper discount – but don’t get too carried away with this strategy. Leave it for your existing clients and propose this in an email to your existing-client list.
Let’s look at easy ways to add real value to your business:
- Offer a Library of resources they can access through a private portal
You can easily provide your clients with resources that will help them reach their business or life goals faster and more easily – and these are resources it shouldn’t kill you to create.
You can offer exclusive client-only access to:
- Short instructional videos
- Inspirational content
- Swipe files they can use
- Product discount lists/sites (depending on your service)
(Many of these can be recycled things you already have) You can go the simple route with this and create dedicated Google Drive account just to store this information for your customers/clients to access.
- Add a private forum or Facebook Group
Decide in advance how much time you can allot to being present in the forum or group. For example, if it’s a Facebook Group, you can easily check in once or twice a day and spend ten-to-twenty minutes acknowledging comments and answering questions. With a forum, you can structure it so that you are there at a set time every week – but the trust and loyalty that a small amount of extra interaction can build is phenomenal.
- Focus on the results, not the price
If you’ve made the common mistake of focusing only on the price of your services, all you’re selling is the price. You’re attracting people who are looking for what they can afford; not what they need.
And you are selling yourself short by not focusing on what you can actually help them do.
Show potential clients and subscribers that you understand their biggest and most urgent source of pain – the thing that’s hurting them in their lives right now -- and that you can provide the right solution, and all of a sudden, price becomes value.
- Value yourself
Cut out practices that tell people you don’t consider yourself important, or that teach them you’re there on-demand, day and night. Stop:Allowing calls or client service visits to run overtime
This impacts your other clients and cutting into your personal or business-generation time, leading to stress, resentment and burn-out.
If you do a free service for everyone that wants to try out your services or happens to check out your website, you’ll be spending all your billable time providing free services for a really small rate of return.
Qualify your clients by adding “Who should work with me” and “Who should not work with me” paragraphs to your contact page, as well as “What to expect”.
For example if you're a business coach: “What to expect”—You will get a 30-minute discovery call where I will help you brainstorm your USP. If you are happy with our progress at the end of the thirty minutes, you’ll be directed to my Programs page, where you can select the coaching option that best suits your needs”.
Specific language and conditions do tend to disqualify and deter tire-kickers and those out for freebies.
- Cutting rates for clients that can’t afford you
The real problem with this is that freelancers & entrepreneurs who are now starting out often do this piecemeal, on a case-by-case basis, instead of following a specific policy, or building in alternatives for clients who can’t afford full services.
What ends up happening is – again – a loss of income to you. And those who have put a stop to this habit in their own practices will tell you that the cut-rate clients are often the ones that cancel appointments at the last minute, give you the most headaches when they do work with you or end up just using your services once, whereas those willing to pay the full price are committed and proactive.
- Make yourself more valuable!
Do all of the above, and you will have achieved this already.
Remember, value is in the eye of the beholder. If you present your time as disposable, if you’re reactive instead of proactive, if you don’t set clear boundaries and make the most of the services and resources you offer, no one else will value you either.
But there’s another way to make yourself more valuable…
- Associate with high-end experts
The easy way to do this: Get even one guest-speaking spot or guest appearance at a prominent event or an event in your community, or on their web show or podcast, and you’ve instantly increased your value – as well as your demand! You get the opportunity to show your skills and knowledge to the world.
The beauty of guest-speaking or guest appearances is: They are always in demand!
If guest-speaking is not your thing, be assured you can get over that. Many entrepreneurs/freelancers who are natural introverts have done so.
Guest-speaking is like any other skill: If you’ve never had any practice, you will not feel confident, but learn what to do, practice a little and just do it, and you’ll discover there are benefits galore.
Here’s how you get comfortable with it:
- Take a course (online or local)
- Join a local Toastmasters Club chapter in your town, and practice live
- Do Facebook Live videos within one of your groups!
That latter is a free, easy way to get over any phobias about appearing live. And you can check out your own recordings and identify for yourself any part of live speaking that you need to work on.
Our last way of adding value is…
- Write a book
This option is not for everybody, but if you already write blog posts, or Facebook posts, or content for your clients, you’ve got a pile of raw material you can quickly put together – or pay a copywriter to put together – into a book with a strong theme and title.
The beauty of having your own book out – either for sale on your website or on Amazon.com or Barnes and Noble – is that it gives you something to talk about as an interview guest or speaker.
No, you don’t go up on stage or online and spend twenty minutes talking about your book: You talk with the host on the theme or topic your book is built around, and in exchange, the host plugs your book or allows you to plug your book two or three times during the interview.
All of these strategies add value to you and your services – either directly or indirectly.
I'd love to hear your thoughts below!
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