Home > Uncategorized > Guaranteed Ways to Get Clients to Pay You More Money by Carrie Smith

Guaranteed Ways to Get Clients to Pay You More Money by Carrie Smith

May 25, 2014

Its relatively easy to increase your revenue if you double your work output, but the real skill comes in while youre trying to create a solid work-life balance that meets your income goals.

In order to do this you have to focus on leveraging your time and maximizing it to the fullest. Raising your prices is the simplest method to accomplish this.

By following these strategies you can guarantee to be paid more money from your clients and get paid what you deserve.

1. Prove Your Value With Results

Increasing your rates is basically one of the BEST ways to leverage your time because you can instantly make more money without working more hours all you have to do is get your clients to agree to a price raise.

Im sure youve heard the phrase charge what youre worth which is based on the Value-Based Pricing model. If you havent read Breaking the Time Barrier I HIGHLY recommend it. The book is free and you can read it in about an hour.

Value-Based pricing is when you can prove the value you provide against the amount of revenue you generate for your client. Its based on hard stats and results.

For instance, if youre a web designer for ecommerce shops, there are certain things you can do to increase their sales just from changing the colors or layout of the website. If you can increase sales by $10,000 its fair to say you can charge up to $50,000 for your work (giving your client a 20% return on their investment which is rare these days).

How? Document everything that can be considered an accomplishment for the client. List out in detail the small (or big) wins youve helped facilitate during the past weeks or months.

  • X amount of increase of traffic to the website
  • Special social media mentions or shares
  • Encouraging comments from users
  • Links/mentions on other websites
  • Increase in followers or fans
  • Media attention or interviews
  • X increase in sales

The list goes on and on, but you get the idea! The hard-and-fast wins mixed with anecdotal achievements will show your client that their audience is responding to your work and what youre doing is a success.

Additionally, you can prove your value is by listing out ALL the tasks you do on a daily/weekly basis. Sometimes clients dont remember all the work thats involved or they just dont know so you need to remind them.

Lay it all out in plain English and add in any additional tasks youve taken on since the relationship began. This, along with any special wins, will be more than enough for the client to consider paying you more!

2. Dont Forget About the Market

Once youve listed out the results your service provides, dont forget to keep the current market in mind. Keep in mind that your client can likely find another contractor to do the work quicker and cheaper.

You are priceless, but your work is not.

Its nearly impossible to quantify what youre worth because you cant measure the value of your life you are priceless!

However, things like skills, products and services are much easier to measure since theres a going rate. So you have to set yourself apart in other ways. Through your customer service, quick turnaround, unique ideas and anything else you can add. Without a doubt you bring certain things to the table that are irreplaceable, but you have to separate those from the skills that many other business owners posses too.

Make your rates what people will pay.

In the housing market, its easy to price a house youre selling at whatever number you want. However, if you want to actually make a sale, you need to come to an agreement with the other person.

Youre only worth as much as your clients/customers are willing to pay. How much is a house worth if no one will buy it? What you offer has no value until someone is going to pay money for it. Make the price you want to charge match what your customers want to pay!

A good way to do this is by offering something no one else does. How? Step 3 explains how to make clients see the true value of what you offer.

3. Live By the Art of the Last 15%

That extra 15% can add value to what youre worth and enable you to up your prices by thousands of dollars.

fifteen percent

Most of us only do the work our clients hires us to do, so its rare to find someone who goes the extra mile. We only do about 85% of the work, but dont spend too much time going above and beyond.

That last 15% takes extra effort, and a bit more knowledge about your client or customers. But in the end, youll be able to exceed their expectations and theyll have no problems paying you more for your work.

The art of the last 15% is:

  • Sending a gift to a client who referred you
  • Sending a document to your client that includes a summary or chart, instead of just a link
  • Finishing the sales proposal within 2 days, rather than letting it linger for a week
  • Its all about under-promising and over-delivering

Raise Your Prices the Right Way

Always strive to provide excellent service and go the extra mile for your client. What can you offer them that no else can? Why would they choose to work with you instead of the next guy?

Each of these strategies you will ensure a long-term business relationship and establish a positive reputation for being an entrepreneur that offers excellent value for an amazing service. Youll have new clients breaking down your door every day wanting to work with you.

Bonus tip: As if you needed more ideas to raise your prices, one of the best times to increase your rates is when you hit a work anniversary, like the 6-month or 1-year mark. Another time is when youve just completed a really big win or hit a sales goal!

Any type of anniversary or goal that you hit, is the perfect conversation starter to increase your rate with that particular client.

Image 1 by skinniyah

Image 2 by ortonesque

About Carrie Smith

Carrie Smith is a solopreneur on a mission to help go-getters create their own financial freedom. Shes also a freelance writer for The Write Life, a site for writers to create, connect and earn. In May 2013 she quit her full-time accounting job to pursue entrepreneurship and blogging. You can read more of her work at carefulcents.com or find her on Twitter (@carefulcents).

EDITOR’S NOTE: Click the link below to download The Blueprint by Ernest O’Dell


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