How-To Rework Your Wheel of Fortune

By: Liz Pabon
Submitted: 2007-01-17 15:36:39
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During the last several years working with solo professionals, I have found that about 95% of my clients are not charging enough.

While there are a host of internal reasons for not believing you can command more money (mindset being the #1 culprit), I want to focus on more practical brand building strategies to move you from making just enough to making more than enough!

The strategy I want to outline for you involves working “on” your business. You may have heard this term before (I certainly didn’t make it up). If you haven’t it means making the time to better understand what’s happening in your market, making the time to better understand the needs of your ideal clients and customers, making the time to analyze the inner workings of your business.

We all need to work “in” our business or the bills wouldn’t get paid! However, failing to also invest consistent time making sure the internal wheels of your business are well greased can cost you big time.

Here are some steps to take as you rework your pricing wheel to get you paid what you’re worth:

  • Know your competitive landscape: Do you know what your competition is charging for the same service as you? If you “think” you know but can’t say exactly then you need to do some research. Identify your top 3-5 competitors (Please don’t be fooled into thinking you don’t have a competitor. Today anyone that’s vying for the dollar of your target market is a prospective competitor).

  • What claims are they making? In other words, what are they promising their target audience? Are you promising the same? If so, ask yourself what needs your target market have that your competition is not promising to deliver on. Therein lies a tremendous positioning opportunity for YOU.

  • What’s your market being offered? Are your competitors offering any unique bundles or packages? Are you? If so, have you designed your offerings to appeal to the needs of your ideal client in a way that your competition has not? You’ve heard of the business term “supply and demand.” Well, if you aren’t clear what the demand is in your market, how can you possibly supply it. A word of caution: Your competitors might be undercharging too so beware of following the wrong leader.

  • Position yourself as an expert. The “Jill of all trades” is a thing of the past. Honing in on what you do best – unlike anyone else - is the most effective way to begin commanding higher rates because people feel more comfortable and are likely to pay higher fees to work with an expert.

Here’s a brand truth. She who positions herself as the expert in her field, offering exactly what her market needs at the right time, can ask for and get the prettiest penny.

© 2006 - Liz Pabon. All rights reserved.

About the author: Liz Pabon, “The Branding Maven,” is inspiring, motivating and empowering - but most importantly, she’s effective. A speaker and author on the topic of personal branding, Liz delivers insights and principles that are proven to achieve WILD SUCCESS. Liz publishes the weekly Keys 2 Wild Success! ezine. If you're ready to ATTRACT amazing clients, set yourself APART from the pack, make a lot more MONEY, and have a lot more FUN in your small business, get Liz’s FREE WEEKLY TIPS by going NOW to http://www.thebrandingmaven.com!

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