Want To Increase Your Income? Create Packages To Serve Your Most Prosperous Clients
Perhaps you have been engaged on a huge number of different types of projects for a whole range of different clients.
And whilst you like the variety, you wonder if you should “niche” or specialise.
Perhaps you’ve also noticed that you don’t go as deep as you’d like. You’ve built up an extraordinary depth of competency from a past life, and yet you only ever get to scratch the surface. Sometimes it makes you feel that you have talents that aren’t being exploited properly.
And you know that the deeper projects would be the ones that make all of the difference to both your income AND your sense of contribution.
When You Create Packages For Your Ideal Client, There Are Huge Benefits
- Your marketing will be more focused. With a tighter view on your ideal client, you’ll be clearer about what their key needs are, and also on how to reach them more effectively
- You’ll step up as a leader and expert, and be less of a note-taker. You’ve probably noticed that when a client is engaging you for a small piece of work, they are often inclined to dictate what you do and how you do it. When you are the expert, you can help scope the problem and recommend how to solve it.
- Your work will be more efficient. If you have a repeatable process, you won’t have to spend so much time up front designing the project, the outcomes and how you communicate it.
- You’ll be able to charge more. Not only will the projects (generally) have a larger scope, they will have a stronger focus on outcome. This increased focus on results means that you’ll be able to talk about your fees as an investment rather than as an expense.
- It makes it easier to create scale. At some stage, you might decide that you’d like to grow your business beyond what you can personally deliver. You can decide to engage other people to deliver this work. If you have packages, then it becomes much easier to train your contractors or staff to deliver this work than if every piece of work is entirely bespoke.
Given all of the upside, how do you get started?
- Choose your ideal client. You’ll want to choose an ideal client who has a problem that you are able to solve, and has a history of trying to solve this problem. It doesn’t matter if they’ve used your approach to solving the problem in the past, it just matters that they have a track record in investing resources into overcoming this problem.
- You can look at your current client list and choose a client group from there.
- Or you can start with a blank slate and choose a new ideal client based on financial opportunity, your cultural fit with them and whether you want to help them solve their problem!
- Uncover their key pain points. With business or other organisations, pain points are often related to external factors that have impacts on revenue efforts, or to internal factors that are driving up costs, impacting revenues or generally making it hard for people to communicate with each other. These are the tangible pain points. You also have to uncover the impact of these on their emotional lives. Don’t forget that employees or business owners still make most of their decisions based on emotional factors, and then support these decisions with rational factors.
- Create a Point-Of-Market-Entry package. This isn’t necessarily a beginner’s package. Generally, a Point Of Market Entry is a package that allows you to solve your client’s most immediate and pressing problem right now. And as they have deeper or more challenging problems later, you will then have a trusted advisor relationship to draw upon.
- Create a Second Offering. Consider what most of your ideal clients will need once they have finished with your point of marketing entry package. Generally, it will be a larger body of work, either in duration, impact or scope. This second offering will be the big opportunity for you to create significant value, and also be significantly rewarded.
- Assign Value-Based Fees For These Packages. Given that these packages are outcome and results focused, it doesn’t make sense to price it by the hour. Your client absolutely will not care how long it takes you. In fact, it might be more valuable if it takes less time.
- Get Ready to Make Some Offers. Now that you’ve done the upfront work, it’s time to be rewarded. You need to be able to identify your prospective client’s key needs, and after building trust and credibility through sharing some compelling case studies, communicate the value that you contribute.
Whilst this is extraordinarily powerful for business or organisational clients, it is equally valuable for businesses who sell to consumers.
All my best,
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