What is the real value for your clients when they hire you?
I recently spent some good time with a consulting client who was struggling to sell high-value engagements to his clients. As happens to many service providers, the firm ended up selling time over value.
This is a very common and frustrating situation because very few business owners and executives have really cracked the “value” code. Here’s a question. What impact will your business have if you don’t find a way to help your clients to realize how much value you bring to them?
Just to name a few scenarios, you won’t be able to stand out from the competition, your brand won’t be remembered and, most importantly, you won’t scale your business.
Time is a commodity, so this is how your clients may see your business. I am sure this is not what you want.
Discovering Value
If you price your services and still struggle to understand what benefits you will bring to your clients, I have bad news for you. This is too late.
You should identify value in your first discussion with the client. This is the best time for you to understand what is not working in your client’s organization and why, what are the costs to your client personally, what becomes possible if you solve the situation for him and the organization.
You should really “dance” in that moment, moving from frustrations to wants, from fears to aspirations. This will not only help to define value. This will help you to build immediate trust with your client.
10:1
Once you have a better idea of what the client sees as a valuable outcome, your fees should reflect a minimum of 10 times the investment.
When I work with clients on a value proposition, I’m often asked how to quantify intangible benefits such as bring back confidence, free-up time, build influence, etc. etc.
Here’s the thing. It’s really up to your ability to do three things: 1) ask powerful questions without moving to the next question if you don’t get high level of clarity, 2) drive the conversation to make sure you end up to value-based questions without stopping at situation analysis questions 3) summarize your client’s answer to ensure you agree on each outcome.
By following these simple ideas, you won’t be only able to sell higher-value engagements. You will massively increase intimacy with your clients as well as barriers to entry.
Author: Andrea Petrone
I have been growing and scaling small and medium businesses internationally for 20 years. Worked in seven countries holding executive roles. Industries: Oil and Gas, Management Consulting, Engineering and Construction. I live in London, and I work as a strategic and leadership advisor, executive and business coach, facilitator, and speaker. I earned the Executive Master in Management at IE Business School in Madrid, and I am a Certified Executive Coach at Centre of Executive Coaching in Florida, US. My passion and expertise are on helping small-medium business owners and executives to go to the next level, by helping them to get more CLARITY on their personal and business VISION, aspirations, current roadblocks, and define the ultimate goals, build the right STRATEGY to avoid stagnation, get MORE CLIENTS and rebuild MOMENTUM, hire, build and develop THEIR TEAM to make sure they can step up their game and become the new leaders in their organization, expand INTERNATIONALLY by evaluating options, strategies, and partnerships. I also support individuals to raise as leaders, build their own influence within and outside the organization to get a fast-track career and be ready for their next thing. My clients have one thing in common. They have chosen...
