decoy effect,<\/a> as an example of cleverly manipulating your price structure. It works like this:<\/p>\nYou have three tiers to your price plan. Your lower tier price option offers a basic package at a low cost.<\/p>\n
At the opposite end, your premium tier offers the full package – every marketing service under the sun – at a high cost.<\/p>\n
Ideally, you\u2019d like all your clients to choose the higher tier option. The reality is that most businesses won\u2019t feel they need (or can afford) it, so will plump for the basic option, delivering only a modest return.<\/p>\n
If you squeeze in a middle option that offers more value to the client than the basic tier, yet at a much more affordable rate than the higher tier, they are more likely to want to opt for it. In fact, they\u2019re also more likely to be swayed to the premium tier as an affordable option.<\/p>\n
Choosing your rates also takes a bit of trial and error. When I first started out, I found it hard to work out what my time was worth, or what the going rate was. I found two ways around this.<\/p>\n
First, as I had no significant overheads – I was operating on my own from home – I could easily calculate what I needed to charge clients in order to make a living. As I grew, I began to take into account employee salaries, office hire and other costs.<\/p>\n
Second, I learned to keep a close eye on my competitors: what services they offered, how they structured their prices, what they charged.<\/p>\n
Not understanding your client\u2019s needs<\/h2>\n
If you\u2019ve done your research well, then you\u2019re already in a good place to begin understanding your client\u2019s needs. That said, it can be tempting to make assumptions about what a business needs without actually having a conversation about it.<\/p>\n
The most valuable lesson I learned as I grew my business was the importance of listening carefully to prospects. If you either assume what their digital marketing gaps are, or fail to explore issues with the client, chances are you won\u2019t provide value or waste time chasing the wrong prospects.<\/p>\n
When you first begin talking to a potential client, help them explore their digital needs. If possible, do this in person or at least over the phone. Help them define their short and long term goals so that you can tease out the gaps that are holding them back.<\/p>\n
Overpromising results<\/h2>\n
I\u2019ve always worked closely with my clients to deliver results, get them the growth they need and offer value. Fundamental to this has meant being honest with my clients about my limits so I can deliver on my promises.<\/p>\n
Agencies who over-promise results risk disappointing their clients, who will go elsewhere next time they need digital help. The upshot: a string of one-off clients, no customer loyalty, high turnover and compromised revenue.<\/p>\n
When exploring your clients\u2019 needs, be upfront about the areas you can help them within their budget. More importantly, discuss the items on their wishlist you cannot achieve, whether that be due to gaps in your expertise, budgetary limitations, or any other issue out of your control.<\/p>\n
If you can, offer work-arounds like partnering with other experts to offer a fuller service, increasing the budget to cover extra costs, or hiring freelancers to bridge HR gaps.<\/p>\n
Not standing out against the competition<\/h2>\n
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I learned two things when I set up my digital agency. The first thing was just how competitive the industry was. The second was that clients appreciated my authenticity almost above all else.<\/p>\n
The thing is, there are a ton of digital marketing agencies out there, all vying for business, all offering similar, if not identical, services. To attract attention, you need to work hard to highlight your uniqueness.<\/p>\n
What can you offer that no-one else can?<\/p>\n
Is it your quick results?<\/p>\n
Is it the high ROI you deliver clients?<\/p>\n
Is it your reputation for working closely with clients?<\/p>\n
Is it your creative spark?<\/p>\n
Whatever makes you you, <\/em>make this clear to your clients across your website and digital media, and when you speak to them in person. Tell your story, reinforce your strengths, and you\u2019re more likely to experience uptake from clients.<\/p>\nNot demonstrating your authority<\/h2>\n
Aside from my day-to-day digital marketing work, I\u2019ve always seen my career as one long learning curve. I\u2019ve avoided sticking to one niche and have tried to expand my knowledge to cover as many digital marketing bases as possible, from SEO, PPC, CRO through to brand and reputation management and \u201cdigital nomadism.\u201d<\/p>\n
By investing in my own self-development, I\u2019ve been able to offer a broad range of services, and charge more in return.<\/p>\n
It\u2019s this focus on self-development that\u2019s seen me grow into a thought leader. Today, I regularly contribute to the Content Marketing Institute, HubSpot, Entrepreneur, Search Engine Journal and Business.com, and feature on various podcasts where I talk about my career journey.<\/p>\n
It\u2019s this work that gives me authority in my field, and it\u2019s that authority that continues to bring in new clients.<\/p>\n
You can do the same. Invest in your own growth and expertise. Do some hustling, reach out to thought leaders, write for them. Display all your big-name partnerships on your website, link to your guest articles from your blog, use your social media to grow your network.<\/p>\n
In short, get your name out there. It takes time, but eventually you will see your reputation go before you. The better your reputation, the more you can charge for your time.<\/p>\n
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How you price your services is more important than you might think. Not only does it provide clarity to your potential clients, but it can also give you a better return.<\/p>\n![\"\"](\"http:\/\/i1.wp.com\/kmbrian.com\/blog\/wp-content\/uploads\/2020\/06\/Talking-about-the-why.jpeg?resize=300%2C219&ssl=1\")
One thing clients come to you for is clarity. They want to know how they\u2019re going to achieve their goals. Rather than offering your clients vague promises of \u201csuccess\u201d it\u2019s your prerogative to tell them what success looks like and how<\/em> you\u2019re going to achieve it.<\/p>\n