5-Days to Greater Consulting Success: Day 3

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Double your fees

My copywriter, John Fancher, makes about 30 times as much money as a consultant than he did 10 years ago when he first started working with me doing a few emails here and there.

Not a bad income trajectory.

How did he increase his income so dramatically?

Well, about every two years, I’d send him an email or a text with 3 simple words…

“Double your fees.”

And here’s the key: He did it.

What happens when you double your fees every two years for 10 years?

Yup, that’s more than a 30X increase.

Marco lives in a small town in Australia you’ve never heard of. The nearest big town is Brisbane and it’s more than 150 miles away. I Googled every conceivable spelling of Marco’s hometown and got…nothing. That’s how small this place is.

And running a one-man consulting show from your “cave” out in the middle of nowhere can be tough…

I’ve been a consultant for about two years now and I’ve been struggling getting traction. I didn’t have problems getting clients but they were all small. They didn’t have a lot of money. And for the most part they weren’t paying any attention to what I was suggesting they do and therefore they weren’t getting the results they were expecting.”

"What should I do next to grow my business this year?" Take my 2-minute quiz and I'll show you where you'll get the most bang for your buck.

When you don’t charge enough, clients rarely do exactly what you say.

And they don’t get the results you promised them.

And they stop writing you checks.

That’s a vicious cycle of consulting futility that you must avoid. And the easiest way to do that is to raise your fees…

How Marco Turned it Around

Marco did a lot of things, but one of the things he did was raise his prices. And…

I had two big wins. It gave me the confidence to approach one of my customers and ask for a big deal. And the client liked the idea and we’re going ahead with that.

The second customer was the biggest deal I’ve ever had.

Charging higher fees is virtuous cycle. The more you make, the more money you have to spend on finding more great clients…who will pay you even more!

‘But, Perry, I can’t just double my prices!’

Yes, you can! But only if you’re qualifying prospects like I taught you in my last blog post! You are doing that, right?

Your homework for today: Double your fees.

Carpe diem,

Perry Marshall

5-Days to Greater Consulting Success: Day 1Day 2

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2 Comments on “5-Days to Greater Consulting Success: Day 3”

  1. I prefer to grow with customers. I cannot charge them 15% for PPC management and 2 years later 30%, 4 years later 60%. Instead I make them spend more for the campaigns and for me.

    There are just few problems. First, its easy to be laser focused on one keyword, one ad and one landing page. But the more traffic I want to get, the less focused it will be, lower CTR, conversions, etc. and it´s not easy to explain them why there are diminishing returns.

    Second, I can expand their campaigns to display and Facebook, newspapers, direct mail, but it takes some experiments to make it work and customers dont understand why they should pay 2000 or 3000 for experiments, if only 20% of them will work. They just think: if you are the expert, you should know what works.

    Third problem is, if they get enough monthly revenue, they think they don´t need me anymore and they want to do it themselves. Maybe I should do all the campaigns for myself and just license it to them for monthly fee.

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