ENTERPRISE PERFORMANCE MANAGEMENT SYSTEMS
LESSONS
Over the next 8 days you'll be getting one consulting lesson a day. I'm going to offer you strategies and tips to help you grow your consulting business. At the end of each lesson you'll find an action item for you to consider and act on.
I'm excited to be on this journey together with you. You'll find your first lesson below...enjoy!
Lesson 1: How to become a sought-after expert…
Maybe you’ve heard of consultants who never need to think about marketing, yet they’re fully booked.
In many cases, the stories are more hype than reality. But becoming a sought-after expert IS possible.
It doesn’t mean you can charge outrageous fees and always have a yearlong queue of clients.
You can, however, charge more than most consultants in your field and get new clients consistently with relatively little effort.
Of course it won’t happen overnight, and there are several ways you can sabotage your progress.
It all boils down to a few key aspects of building your business:
1. Pick the right focus for your business.
2. Use effective ways to reach your prospects.
3. Get referrals from your clients.
The first of these is a surprisingly common problem for consultants.
It’s very easy to pick such a wide “focus” that prospects won’t trust you.
If you claim to be good at everything, they just won’t believe you.
Instead, the buyer picks someone who comes across as more of an expert than you.
There are a lot of things that go into picking the right focus for your business (your speciality), but most importantly, you need to do it.
You can’t just be a general “marketing consultant” or “management consultant.” Those are just too unfocused and rarely work for those new to consulting. Especially in this day and age.
Reaching your prospects in an effective way is much easier when you’ve figured out your specialty. You’ll also get more referrals because you’ll be easier to refer.
But it all starts with the right focus.
Action Item: Spend a few minutes today thinking specifically about what your focus will be? What do you want to be known as an expert for?
I'm excited to be on this journey together with you. You'll find your first lesson below...enjoy!
Lesson 1: How to become a sought-after expert…
Maybe you’ve heard of consultants who never need to think about marketing, yet they’re fully booked.
In many cases, the stories are more hype than reality. But becoming a sought-after expert IS possible.
It doesn’t mean you can charge outrageous fees and always have a yearlong queue of clients.
You can, however, charge more than most consultants in your field and get new clients consistently with relatively little effort.
Of course it won’t happen overnight, and there are several ways you can sabotage your progress.
It all boils down to a few key aspects of building your business:
1. Pick the right focus for your business.
2. Use effective ways to reach your prospects.
3. Get referrals from your clients.
The first of these is a surprisingly common problem for consultants.
It’s very easy to pick such a wide “focus” that prospects won’t trust you.
If you claim to be good at everything, they just won’t believe you.
Instead, the buyer picks someone who comes across as more of an expert than you.
There are a lot of things that go into picking the right focus for your business (your speciality), but most importantly, you need to do it.
You can’t just be a general “marketing consultant” or “management consultant.” Those are just too unfocused and rarely work for those new to consulting. Especially in this day and age.
Reaching your prospects in an effective way is much easier when you’ve figured out your specialty. You’ll also get more referrals because you’ll be easier to refer.
But it all starts with the right focus.
Action Item: Spend a few minutes today thinking specifically about what your focus will be? What do you want to be known as an expert for?
Lesson 2: 5 ways to increase your consulting fees
Okay, let's dive right into lesson two...
Increasing your consulting fees is one of the quickest and easiest ways to earn more. But it needs to be done right.
Many consultants experience paralysis around this topic. The idea of losing customers as a result of increasing prices leaves them in a deep chill and unable to move forward and take action.
To help you increase your own consulting fees, here are 5 questions to ask yourself:
1. Is the Time Right?
Every client and industry has cycles. Periods where they are likely to be more busy and stressed. Consider what is going on in your client’s business before you come out asking for an increase in your fees. This shouldn’t stop you from moving forward however…it’s just an important consideration. Entrepreneur writes that you should “choose a time when you’ll encounter the least resistance.”
2. Are You Focusing on Value?
The most critical part of raising your prices is that your clients perceive an increase in value. The more ‘new’ value you provide to your clients with the price increase, the less objections you’ll face.
For example, you can offer a new service or product that your clients will value…and it doesn’t necessarily need to take you much (if any) more time to provide it. It could be some kind of additional reporting, maintenance, or monitoring to name a few.
I read a great study on Social Triggers by economist Richard Thaler. In the study, people were asked how much money they would give a friend to buy a beer for them if they were vacationing and sitting on the beach. In the first situation, it was explained that the place the friend was going to buy the beer from was an old run-down grocery store.
In the second situation, people were asked how much money they would give their friend if the friend was going to a luxury resort to buy that same beer.
The study found that on average people would give their friend 71% more money when the beer was to be bought at the luxury resort.
Now consider that this was the exact same beer. It would taste the same. The only difference was the perception of value associated with each of the places.
Again, the more perceived value you provide the more you can raise your prices.
3. What is Your Fee Increase Based On?
You need to clearly figure out why you’re increasing your price so that you can communicate the reason with your clients.
For example, are your own costs going up?
Is inflation increasing? Or maybe your insurance costs have jumped.
These are all logical reasons for you to increase your price and when you communicate them properly your clients are much more likely to understand the increase. In fact, they’ve probably done the same thing in their business.
Pricing Solutions tracked two of their clients and found that the firms hadn’t increased their rates to cover the increase in the Consumer Price Index (CPI). Think about that, if the CPI is increasing and you haven’t taken that into account with the fees you charge, it means that with every passing year, you’ll actually make less per client than you did the year before.
4. Will the Increase Be Consistent or One-Time?
Some consultants work annual price increases into their fee structure. Each year they may increase their fees 5-15%. To make this work you need to explain this to your client early on so they know the increases will happen and understand why they do.
This kind of increase is common in everyday life. The cost of food, gas and other items consistently increase (usually over time). In most of North America, landlords are also allowed to increase your annual rent by a few percentage points.
Other consultants believe this is a bad move. Tom Searcy calls this approach ‘Death by a Thousand Cuts‘. In an article Tom wrote in Inc Magazine, he suggests that instead of raising your prices a few percentage points on a regular basis, raise them to a level you’ll be comfortable with for a while. His argument is that each time you increase prices, clients feel uncomfortable and uneasy.
Tom makes a good point. The reality is that if you’ve setup your consulting fees the right way your price should be based on value. And that shouldn’t require a 5% increase each year…you should be making a great income per project already.
5. Are you Contacting Your Clients Directly?
Do not attempt to increase your consulting rate by email or by sneaking the information in an invoice. Just the other day I got a bill from my communications company. My monthly payment went up a few dollars. Not a big deal…yet I have a sharp eye on money and spending. That’s my style.
So I called them up to see what the increase was for. They said, “Oh Mr. Zipursky…the price did increase from last month and you were notified about this in your last invoice.”
There goes my trust towards this company. They could have sent me a letter, given me a call, or even an email (in this case because they have hundreds of thousands of customers).
Instead they likely hoped people wouldn’t notice the increase which was noted in small type on the previous invoice. Most people probably do notice at some point and feel like they’ve been burned. Even for a small amount.
The key lesson here is that you need to reach out to your clients, especially your best clients, and tell them about the increase. Justify it, connect it to value, and base it on facts. Don’t simply try to sneak it in there.
Action Item: How can you put these tips to work in your business to increase your fees? Go through each one again and compare it to your current situation and consider what you can do different?
Okay, let's dive right into lesson two...
Increasing your consulting fees is one of the quickest and easiest ways to earn more. But it needs to be done right.
Many consultants experience paralysis around this topic. The idea of losing customers as a result of increasing prices leaves them in a deep chill and unable to move forward and take action.
To help you increase your own consulting fees, here are 5 questions to ask yourself:
1. Is the Time Right?
Every client and industry has cycles. Periods where they are likely to be more busy and stressed. Consider what is going on in your client’s business before you come out asking for an increase in your fees. This shouldn’t stop you from moving forward however…it’s just an important consideration. Entrepreneur writes that you should “choose a time when you’ll encounter the least resistance.”
2. Are You Focusing on Value?
The most critical part of raising your prices is that your clients perceive an increase in value. The more ‘new’ value you provide to your clients with the price increase, the less objections you’ll face.
For example, you can offer a new service or product that your clients will value…and it doesn’t necessarily need to take you much (if any) more time to provide it. It could be some kind of additional reporting, maintenance, or monitoring to name a few.
I read a great study on Social Triggers by economist Richard Thaler. In the study, people were asked how much money they would give a friend to buy a beer for them if they were vacationing and sitting on the beach. In the first situation, it was explained that the place the friend was going to buy the beer from was an old run-down grocery store.
In the second situation, people were asked how much money they would give their friend if the friend was going to a luxury resort to buy that same beer.
The study found that on average people would give their friend 71% more money when the beer was to be bought at the luxury resort.
Now consider that this was the exact same beer. It would taste the same. The only difference was the perception of value associated with each of the places.
Again, the more perceived value you provide the more you can raise your prices.
3. What is Your Fee Increase Based On?
You need to clearly figure out why you’re increasing your price so that you can communicate the reason with your clients.
For example, are your own costs going up?
Is inflation increasing? Or maybe your insurance costs have jumped.
These are all logical reasons for you to increase your price and when you communicate them properly your clients are much more likely to understand the increase. In fact, they’ve probably done the same thing in their business.
Pricing Solutions tracked two of their clients and found that the firms hadn’t increased their rates to cover the increase in the Consumer Price Index (CPI). Think about that, if the CPI is increasing and you haven’t taken that into account with the fees you charge, it means that with every passing year, you’ll actually make less per client than you did the year before.
4. Will the Increase Be Consistent or One-Time?
Some consultants work annual price increases into their fee structure. Each year they may increase their fees 5-15%. To make this work you need to explain this to your client early on so they know the increases will happen and understand why they do.
This kind of increase is common in everyday life. The cost of food, gas and other items consistently increase (usually over time). In most of North America, landlords are also allowed to increase your annual rent by a few percentage points.
Other consultants believe this is a bad move. Tom Searcy calls this approach ‘Death by a Thousand Cuts‘. In an article Tom wrote in Inc Magazine, he suggests that instead of raising your prices a few percentage points on a regular basis, raise them to a level you’ll be comfortable with for a while. His argument is that each time you increase prices, clients feel uncomfortable and uneasy.
Tom makes a good point. The reality is that if you’ve setup your consulting fees the right way your price should be based on value. And that shouldn’t require a 5% increase each year…you should be making a great income per project already.
5. Are you Contacting Your Clients Directly?
Do not attempt to increase your consulting rate by email or by sneaking the information in an invoice. Just the other day I got a bill from my communications company. My monthly payment went up a few dollars. Not a big deal…yet I have a sharp eye on money and spending. That’s my style.
So I called them up to see what the increase was for. They said, “Oh Mr. Zipursky…the price did increase from last month and you were notified about this in your last invoice.”
There goes my trust towards this company. They could have sent me a letter, given me a call, or even an email (in this case because they have hundreds of thousands of customers).
Instead they likely hoped people wouldn’t notice the increase which was noted in small type on the previous invoice. Most people probably do notice at some point and feel like they’ve been burned. Even for a small amount.
The key lesson here is that you need to reach out to your clients, especially your best clients, and tell them about the increase. Justify it, connect it to value, and base it on facts. Don’t simply try to sneak it in there.
Action Item: How can you put these tips to work in your business to increase your fees? Go through each one again and compare it to your current situation and consider what you can do different?
Lesson 3: Leverage Your Growth Points
Most consultants—even marketing consultants—say that creating a consistent flow of new clients is the most difficult thing about building their business.
Ever notice how quickly you can spot problems in other people's businesses?
But when it comes to yours it's a real challenge.
Today I'm going to share with you an easy to follow approach to help you uncover leverage points to grow your consulting business.
And if you follow this simple system, you can definitely do it.
Start by identifying the weak spots in your marketing.
Are you getting too few leads? Or is closing deals the problem? And do clients stick to you and refer new leads to you?
When you find the issue, break it down into smaller pieces.
For example, if you need more qualified leads, consider if the problem is the type of marketing you're using not not using? Is it weak marketing messaging, or something else?
Then break the issue into even smaller bites.
Another example, if the problem is that you’re not getting well-qualified leads, maybe you’re targeting the wrong people, using the wrong method for reaching them, or you’re not pre-qualifying them as well as you could?
If you use this “breakdown” system you'll be able to identify the areas in your business to fix.
Once you know what to fix, then you can either work on doing that yourself or get help from someone you trust.
Action Item: For today I want to offer you the idea of spending a few minutes thinking about what the biggest problems are right now in your business? What areas could be fixed to open up greater opportunities for growth?
Once you've identified them, create your plan of action to tackle them.
Most consultants—even marketing consultants—say that creating a consistent flow of new clients is the most difficult thing about building their business.
Ever notice how quickly you can spot problems in other people's businesses?
But when it comes to yours it's a real challenge.
Today I'm going to share with you an easy to follow approach to help you uncover leverage points to grow your consulting business.
And if you follow this simple system, you can definitely do it.
Start by identifying the weak spots in your marketing.
Are you getting too few leads? Or is closing deals the problem? And do clients stick to you and refer new leads to you?
When you find the issue, break it down into smaller pieces.
For example, if you need more qualified leads, consider if the problem is the type of marketing you're using not not using? Is it weak marketing messaging, or something else?
Then break the issue into even smaller bites.
Another example, if the problem is that you’re not getting well-qualified leads, maybe you’re targeting the wrong people, using the wrong method for reaching them, or you’re not pre-qualifying them as well as you could?
If you use this “breakdown” system you'll be able to identify the areas in your business to fix.
Once you know what to fix, then you can either work on doing that yourself or get help from someone you trust.
Action Item: For today I want to offer you the idea of spending a few minutes thinking about what the biggest problems are right now in your business? What areas could be fixed to open up greater opportunities for growth?
Once you've identified them, create your plan of action to tackle them.
Lesson 4: Your Personal Consulting Brand
Independent consultants need branding just as much as multinational corporations.
But what it means might be unclear.
Branding yourself and/or your consulting business means being clear about what you do, whom you serve, and why people should hire you.
Everything from the name you choose to how you design your website are a part of your branding. It might get a bit confusing, sure, but it’s really not too complicated when you know what to focus on.
The two invaluable rules are:
1. Don’t spend time (and money) on things you don’t need.
2. Keep your marketing materials simple and focused on the essentials.
For example, fancy professionally printed brochures are almost never necessary. I’ve won projects valued over $150,000 without a fancy brochure.
A beautifully designed brochure goes into the recycling bin unless it has persuasive copy. So, instead of paying for a design masterpiece, keep things simple and focused on the right things.
In the case of a brochure, that means being very clear about what you do, how you help your clients, and why prospects can trust you.
I print mine with my (black and white) office printer. That allows me to customize the brochure for each client (when necessary).
Similarly, many consultants’ business cards and websites have more design than marketing value.
Good design won’t hurt you (and it certainly can be beneficial). But it’s far more important to have the right message in your marketing materials.
Action Item: What are you spending time on that isn't helping you to ACTIVELY grow your business? Put that task on hold and replace it with an activity that will help you make more sales today!
To your success,
Michael
PS. If you enjoyed this lesson you'll love the Consulting Success System. It's our best-selling consulting course that goes into much greater detail giving you step-by-step strategies on how to increase your fees, land more clients, create a strong personal brand and become a successful consultant. Full details here
Independent consultants need branding just as much as multinational corporations.
But what it means might be unclear.
Branding yourself and/or your consulting business means being clear about what you do, whom you serve, and why people should hire you.
Everything from the name you choose to how you design your website are a part of your branding. It might get a bit confusing, sure, but it’s really not too complicated when you know what to focus on.
The two invaluable rules are:
1. Don’t spend time (and money) on things you don’t need.
2. Keep your marketing materials simple and focused on the essentials.
For example, fancy professionally printed brochures are almost never necessary. I’ve won projects valued over $150,000 without a fancy brochure.
A beautifully designed brochure goes into the recycling bin unless it has persuasive copy. So, instead of paying for a design masterpiece, keep things simple and focused on the right things.
In the case of a brochure, that means being very clear about what you do, how you help your clients, and why prospects can trust you.
I print mine with my (black and white) office printer. That allows me to customize the brochure for each client (when necessary).
Similarly, many consultants’ business cards and websites have more design than marketing value.
Good design won’t hurt you (and it certainly can be beneficial). But it’s far more important to have the right message in your marketing materials.
Action Item: What are you spending time on that isn't helping you to ACTIVELY grow your business? Put that task on hold and replace it with an activity that will help you make more sales today!
To your success,
Michael
PS. If you enjoyed this lesson you'll love the Consulting Success System. It's our best-selling consulting course that goes into much greater detail giving you step-by-step strategies on how to increase your fees, land more clients, create a strong personal brand and become a successful consultant. Full details here
Lesson 5: Attract more clients with your Value Proposition
Every month I spend several hours coaching consultants.
One of the first things I look at when working with a consultant is their value proposition – or lack of one.
A value proposition (aka. USP, Unique Selling Proposition) is typically a short sentence or two that communicates your competitive advantage and why a client should do business with you.
Before we go any further, let me ask you a question: Have you heard of a value proposition or USP before? I’m guessing most of you reading this article have.
But let me ask you another question: Do you have a well defined value proposition that you use consistently?
To the second question, the vast majority of people will answer “No”.
Ever heard the story of the shoe maker’s children? You know, the ones without shoes!
As a consultant, you may very well advise your clients on developing a competitive advantage and possibly even the need for them to have a value proposition…while you lack one of your own.
This is a common issue and is the reason I always start by digging into this in my coaching sessions.
Why You Need A Value Proposition
You see, a value proposition is the fastest way for you to cut through the clutter, stand out, and get the attention of your ideal client.
When you’ve created an effective value proposition, the moment you communicate it to a prospect, you’ll have their attention, their eyes will light up and they’ll want to know more…and jump starting a conversation with an ideal client is half the battle in this game. Once you have that going it becomes much easier to build the conversation and relationship…and ultimately land the client.
What Do You Actually Do?
I have a challenge for you. Before I get to it, let me says this…I know you have a lot to do today. You have all kinds of choices of other blogs and websites to be reading. So before you run off somewhere let me say that taking this challenge will be well worth your time.
Get out a piece of paper, or open a notepad on your computer. Now here’s the challenge:
Write exactly (word for word) what you tell people that you do? You know, when someone asks you what you do…write down what your response is. Don’t cheat and try to make it sound all good now. I want you to be honest here and write what you currently tell people.
Have you done that?
Still reading? Did you write it down?
Okay, great. Now take a look at what you’ve written down and put yourself in your ideal client’s position. Would they honestly find what you’ve just said compelling enough to want to learn more and do business with you.
75% of the time, if not more often, I find these statements to be pretty dismal when I review them.
Don’t worry if yours falls into that category. You’ll improve it on just a minute.
The reason so many of these statements are weak…is because most people just talk about what they do and how they think they can help the marketplace.
They don’t get specific enough.
They don’t address the pain points your ideal client faces.
And they don’t offer real benefits.
When you create a strong value proposition it solves this problem.
Examples Of Strong Value Propositions
TOMS Shoes – “With every pair you purchase, TOMS will give a pair of new shoes to a child in need. One for One.”
Zappos – The company offers a 365 return policy and free shipping both ways. They dedicate a whole page on their website to reducing the risk and increasing trust so people will buy from them.
FedEx – This company is famous for “Federal Express: When it absolutely, positively has to be there overnight.” This literally launched their business success.
Are you starting to get the idea?
Do you see how a strong value proposition speaks directly to the ideal client. It’s clear and easy to understand. And it communicates the core benefits the client wants.
Now it’s time for you to create your own value proposition.
Action Item: Reading through the key points I shared with you in today's lesson, go ahead and start working on your own value proposition. It should answer who you help, how you help them and why they should choose you. That's the formula I like to use. We don't have time for me to go into greater detail about this today, so do your best for now on this and I'll share additional resources to help you with this even more soon.
Every month I spend several hours coaching consultants.
One of the first things I look at when working with a consultant is their value proposition – or lack of one.
A value proposition (aka. USP, Unique Selling Proposition) is typically a short sentence or two that communicates your competitive advantage and why a client should do business with you.
Before we go any further, let me ask you a question: Have you heard of a value proposition or USP before? I’m guessing most of you reading this article have.
But let me ask you another question: Do you have a well defined value proposition that you use consistently?
To the second question, the vast majority of people will answer “No”.
Ever heard the story of the shoe maker’s children? You know, the ones without shoes!
As a consultant, you may very well advise your clients on developing a competitive advantage and possibly even the need for them to have a value proposition…while you lack one of your own.
This is a common issue and is the reason I always start by digging into this in my coaching sessions.
Why You Need A Value Proposition
You see, a value proposition is the fastest way for you to cut through the clutter, stand out, and get the attention of your ideal client.
When you’ve created an effective value proposition, the moment you communicate it to a prospect, you’ll have their attention, their eyes will light up and they’ll want to know more…and jump starting a conversation with an ideal client is half the battle in this game. Once you have that going it becomes much easier to build the conversation and relationship…and ultimately land the client.
What Do You Actually Do?
I have a challenge for you. Before I get to it, let me says this…I know you have a lot to do today. You have all kinds of choices of other blogs and websites to be reading. So before you run off somewhere let me say that taking this challenge will be well worth your time.
Get out a piece of paper, or open a notepad on your computer. Now here’s the challenge:
Write exactly (word for word) what you tell people that you do? You know, when someone asks you what you do…write down what your response is. Don’t cheat and try to make it sound all good now. I want you to be honest here and write what you currently tell people.
Have you done that?
Still reading? Did you write it down?
Okay, great. Now take a look at what you’ve written down and put yourself in your ideal client’s position. Would they honestly find what you’ve just said compelling enough to want to learn more and do business with you.
75% of the time, if not more often, I find these statements to be pretty dismal when I review them.
Don’t worry if yours falls into that category. You’ll improve it on just a minute.
The reason so many of these statements are weak…is because most people just talk about what they do and how they think they can help the marketplace.
They don’t get specific enough.
They don’t address the pain points your ideal client faces.
And they don’t offer real benefits.
When you create a strong value proposition it solves this problem.
Examples Of Strong Value Propositions
TOMS Shoes – “With every pair you purchase, TOMS will give a pair of new shoes to a child in need. One for One.”
Zappos – The company offers a 365 return policy and free shipping both ways. They dedicate a whole page on their website to reducing the risk and increasing trust so people will buy from them.
FedEx – This company is famous for “Federal Express: When it absolutely, positively has to be there overnight.” This literally launched their business success.
Are you starting to get the idea?
Do you see how a strong value proposition speaks directly to the ideal client. It’s clear and easy to understand. And it communicates the core benefits the client wants.
Now it’s time for you to create your own value proposition.
Action Item: Reading through the key points I shared with you in today's lesson, go ahead and start working on your own value proposition. It should answer who you help, how you help them and why they should choose you. That's the formula I like to use. We don't have time for me to go into greater detail about this today, so do your best for now on this and I'll share additional resources to help you with this even more soon.
Lesson 6: Does Your Age Matter?
One of the great things about becoming a consultant is that you can take the step at any age.
I’ve heard all the complaints, concerns and excuses…
“I’m too young. No one will listen to me…” and “I’m too old, everyone is younger than me…”
Here’s the thing, we can all come up with reasons for why we won’t succeed. What we’re really doing is trying to mask our fear.
Some of the most successful brands and companies were started by people that some might consider “too old” to ‘start a business’.
I've consulted for Billion dollar companies when I was in my early twenties.
You can consult at any age because real clients, serious buyers, don’t care about your age.
They don’t care about your race, culture or gender.
They only care about one thing…
…and that one thing levels the playing field for all.
It’s VALUE.
That’s right. True buyers only care about whether or not you can provide the value and results they are looking for.
If a company is looking to inspire its sales force to increase productivity and close more sales, the CEO doesn’t care if you’re male, female, 25 or 85…as long as they get the result and value they are after.
So if you’re feeling too old or young to become a consultant push that fear to the side.
Your age should never hold you back from making it in this business.
The question you really need to be asking yourself is am I confident that I can provide value and results to the marketplace?
If you can, get going and make it happen.
If you can’t, learn what you need to know so that you can.
Either way, success as a consultant is yours for the taking.
You can do it!
Action Item: A different kind of homework for you today. I want to encourage you to think about what's really holding you back from reaching success as a consultant? What limiting beliefs are getting in your way? It's time to remove them.
One of the great things about becoming a consultant is that you can take the step at any age.
I’ve heard all the complaints, concerns and excuses…
“I’m too young. No one will listen to me…” and “I’m too old, everyone is younger than me…”
Here’s the thing, we can all come up with reasons for why we won’t succeed. What we’re really doing is trying to mask our fear.
Some of the most successful brands and companies were started by people that some might consider “too old” to ‘start a business’.
I've consulted for Billion dollar companies when I was in my early twenties.
You can consult at any age because real clients, serious buyers, don’t care about your age.
They don’t care about your race, culture or gender.
They only care about one thing…
…and that one thing levels the playing field for all.
It’s VALUE.
That’s right. True buyers only care about whether or not you can provide the value and results they are looking for.
If a company is looking to inspire its sales force to increase productivity and close more sales, the CEO doesn’t care if you’re male, female, 25 or 85…as long as they get the result and value they are after.
So if you’re feeling too old or young to become a consultant push that fear to the side.
Your age should never hold you back from making it in this business.
The question you really need to be asking yourself is am I confident that I can provide value and results to the marketplace?
If you can, get going and make it happen.
If you can’t, learn what you need to know so that you can.
Either way, success as a consultant is yours for the taking.
You can do it!
Action Item: A different kind of homework for you today. I want to encourage you to think about what's really holding you back from reaching success as a consultant? What limiting beliefs are getting in your way? It's time to remove them.
Lesson 7: Best questions to ask consulting clients
One of the most important skills a consultant can possess is the ability to ask clients the right questions at the right time.
This ability will help you uncover a client or prospect’s most urgent needs, the underlying issues, and what’s most important to them.
Before You Ask
Now before you start asking all kinds of questions at your next meeting, you need to do one thing well first.
And that…is listen.
Listening intently to what clients are saying is the starting point for making any consulting project a success.
If you don’t listen carefully to what your clients are telling you about their business and current situation, you’ll have no way to understand what solution will best give them the result they want to achieve.
I know that sounds simple, but don’t fault me for it. Sometimes the simplest things can be the most powerful and profound.
Starting to Ask
The next step, asking the right questions, is what will allow you to truly deliver your clients with the highest level of value and done right, establish your authority status and aid in building your credibility.
There are a multitude of questions that you can ask your clients in different situations.
To start, here are three common questions consultant ask, yet often make a mistake in doing so…
The Wrong Questions
1. Inexperienced consultants will often start by asking prospective clients something like: “So tell me a little about your business?”
This screams amateur. Why? Because if you’re a professional you’ve already taken the time to research and understand your prospects marketplace.
Better question: Start by pointing out a few facts about the prospects marketplace. Show that you already understand their industry and have done some homework – even at a basic level. Then you can ask them a question like: “Many companies in this market are currently facing the issue of X, are you also finding that a challenge, or is there a bigger more pressing issue on your mind?”
2. “Who is your target market?” That question by itself isn’t a problem. The issue is when you allow the client to answer it in little detail. One of the most important factors in making any marketing effort a success is understanding who the ideal client is. You want to keep digging here so you uncover everything you can about the client.
Better question: “Can you tell me what your ideal client looks like? How old are they? Where do they live? What magazines or newspapers (or websites) do they read? What is their income level? What is their most pressing problem or desired result?”
The answers to these questions will provide you with much more information to act on and use than just the general response you’ll get with the initial question.
3. “What is your budget for this project?” This is a horrible question because it assumes that the prospect or client has a budget. Worse yet, it positions your service as a commodity with a big fat price sticker on it.
Better question: “What is the value of a new client to you?”. If a new client is worth $20,000 to your client then you can start the discussion around your fee by associating it to the value your client will receive. If you can help them get 3 new clients each month, and each one is worth $20k to them that’s $60,000 a month in new revenue and value created. If the client even had a budget in mind, it may have only been $3000. But now, as they see that you’ll help them create a strategy and process that will generate over $700,000 a year, your fee of $30,000 doesn’t look unreasonable. That’s a 10X increase.
The Right Questions
Here is a list of great questions that will help you to be seen as a trusted advisor by clients and prospects alike.
“What is your number one priority for this business unit during this fiscal year?” By asking them specifically for their number one priority you can help them clarify whether that really should be their #1 priority. Then you can look at how to help them achieve. Plus, you can document that and refer back to it to help keep your client on course and focused.
“What do you believe needs to be strengthened in order to support achieving this?” This question will help you uncover areas of weakness in your clients business. Sometimes there could be one employee that is causing a whole deal of trouble. Yet the President has chosen to ignore dealing with the employee and instead masks the problem by convincing themselves they can solve it by focusing on a separate initiative. Knowing that the employee really is the problem you can talk more with the President and look at alternatives in dealing with the core issue rather than spending time and money on something completely irrelevant.
“What options have you looked at to achieve this…?” There is no need to reinvent the wheel here. Understanding what your client has done to this point, or what they are thinking about, can uncover something that you may not have thought about yourself (that is worth trying) or may allow you to make recommendations in doing the same thing again, but in a different way when the client has done it improperly before.
“Is there anything that you or your employees are doing that may be getting in the way of achieving this result?” Often you can find clients taking actions that are actually harmful to their business or are getting in the way of the progress they want to make. By getting the client to speak openly with you about this you can figure out how to best help them deal with the issue, remove the roadblock and overcome the challenge in the way.
“What is unique about your business compared to your competitors?” You can ask this question in many ways. For example, “Why should customers/clients choose your company over the competition?” Many clients have trouble answering this question. They respond with things like: “We’ve been in business for 30 years” and “We have the best service” or “Our quality is just the best”. You know what? Who cares! That may make the client feel all warm and fuzzy, but none of those are reasons for the marketplace to choose your client over the competition. Help your client by getting them to clarify what exactly is their value proposition, their competitive advantage, the reason the market should choose them over anyone else.
“What was the main reason that you wanted to meet with me?” This question is most effective when you find your client isn’t engaged in the conversation in the way you’d like them to be. It forces them to take notice and actually tell you why they wanted to meet. You can then come back to those reasons throughout the conversation and remind them why they wanted to meet and the value that you can provide. You don’t do this in a pushy or self-centered way, but rather if the client has told you that they wanted to meet you because they need a consultant that can help them reduce their employee turnover rate, you can focus the discussion on the keyword ‘employee turnover rate’ and ‘lower the employee turnover rate’.
“Who will be making the final decisions on this project and who will be in charge of implementation?” This is another critical question that amateur consultants forget to ask. This should be asked early in the conversation as you want to ensure you’re dealing with the person in charge that will be writing you the check. At one time or another, early in their careers, consultants find themselves working hard to ‘sell their services’ only to find out they’ve been talking with the wrong people. This wastes time and can really drain your energy and knock your confidence level.
When you’re asking these questions, don’t be shy to challenge your client on their responses. The more you dig the more you can help your client find the core issues…and the greater the value you will be able to help them discover and enjoy.
Action Item: What questions are you asking your clients and prospective clients? Which questions aren't you asking that you should be? Give some thought to this and start working it into your process.
One of the most important skills a consultant can possess is the ability to ask clients the right questions at the right time.
This ability will help you uncover a client or prospect’s most urgent needs, the underlying issues, and what’s most important to them.
Before You Ask
Now before you start asking all kinds of questions at your next meeting, you need to do one thing well first.
And that…is listen.
Listening intently to what clients are saying is the starting point for making any consulting project a success.
If you don’t listen carefully to what your clients are telling you about their business and current situation, you’ll have no way to understand what solution will best give them the result they want to achieve.
I know that sounds simple, but don’t fault me for it. Sometimes the simplest things can be the most powerful and profound.
Starting to Ask
The next step, asking the right questions, is what will allow you to truly deliver your clients with the highest level of value and done right, establish your authority status and aid in building your credibility.
There are a multitude of questions that you can ask your clients in different situations.
To start, here are three common questions consultant ask, yet often make a mistake in doing so…
The Wrong Questions
1. Inexperienced consultants will often start by asking prospective clients something like: “So tell me a little about your business?”
This screams amateur. Why? Because if you’re a professional you’ve already taken the time to research and understand your prospects marketplace.
Better question: Start by pointing out a few facts about the prospects marketplace. Show that you already understand their industry and have done some homework – even at a basic level. Then you can ask them a question like: “Many companies in this market are currently facing the issue of X, are you also finding that a challenge, or is there a bigger more pressing issue on your mind?”
2. “Who is your target market?” That question by itself isn’t a problem. The issue is when you allow the client to answer it in little detail. One of the most important factors in making any marketing effort a success is understanding who the ideal client is. You want to keep digging here so you uncover everything you can about the client.
Better question: “Can you tell me what your ideal client looks like? How old are they? Where do they live? What magazines or newspapers (or websites) do they read? What is their income level? What is their most pressing problem or desired result?”
The answers to these questions will provide you with much more information to act on and use than just the general response you’ll get with the initial question.
3. “What is your budget for this project?” This is a horrible question because it assumes that the prospect or client has a budget. Worse yet, it positions your service as a commodity with a big fat price sticker on it.
Better question: “What is the value of a new client to you?”. If a new client is worth $20,000 to your client then you can start the discussion around your fee by associating it to the value your client will receive. If you can help them get 3 new clients each month, and each one is worth $20k to them that’s $60,000 a month in new revenue and value created. If the client even had a budget in mind, it may have only been $3000. But now, as they see that you’ll help them create a strategy and process that will generate over $700,000 a year, your fee of $30,000 doesn’t look unreasonable. That’s a 10X increase.
The Right Questions
Here is a list of great questions that will help you to be seen as a trusted advisor by clients and prospects alike.
“What is your number one priority for this business unit during this fiscal year?” By asking them specifically for their number one priority you can help them clarify whether that really should be their #1 priority. Then you can look at how to help them achieve. Plus, you can document that and refer back to it to help keep your client on course and focused.
“What do you believe needs to be strengthened in order to support achieving this?” This question will help you uncover areas of weakness in your clients business. Sometimes there could be one employee that is causing a whole deal of trouble. Yet the President has chosen to ignore dealing with the employee and instead masks the problem by convincing themselves they can solve it by focusing on a separate initiative. Knowing that the employee really is the problem you can talk more with the President and look at alternatives in dealing with the core issue rather than spending time and money on something completely irrelevant.
“What options have you looked at to achieve this…?” There is no need to reinvent the wheel here. Understanding what your client has done to this point, or what they are thinking about, can uncover something that you may not have thought about yourself (that is worth trying) or may allow you to make recommendations in doing the same thing again, but in a different way when the client has done it improperly before.
“Is there anything that you or your employees are doing that may be getting in the way of achieving this result?” Often you can find clients taking actions that are actually harmful to their business or are getting in the way of the progress they want to make. By getting the client to speak openly with you about this you can figure out how to best help them deal with the issue, remove the roadblock and overcome the challenge in the way.
“What is unique about your business compared to your competitors?” You can ask this question in many ways. For example, “Why should customers/clients choose your company over the competition?” Many clients have trouble answering this question. They respond with things like: “We’ve been in business for 30 years” and “We have the best service” or “Our quality is just the best”. You know what? Who cares! That may make the client feel all warm and fuzzy, but none of those are reasons for the marketplace to choose your client over the competition. Help your client by getting them to clarify what exactly is their value proposition, their competitive advantage, the reason the market should choose them over anyone else.
“What was the main reason that you wanted to meet with me?” This question is most effective when you find your client isn’t engaged in the conversation in the way you’d like them to be. It forces them to take notice and actually tell you why they wanted to meet. You can then come back to those reasons throughout the conversation and remind them why they wanted to meet and the value that you can provide. You don’t do this in a pushy or self-centered way, but rather if the client has told you that they wanted to meet you because they need a consultant that can help them reduce their employee turnover rate, you can focus the discussion on the keyword ‘employee turnover rate’ and ‘lower the employee turnover rate’.
“Who will be making the final decisions on this project and who will be in charge of implementation?” This is another critical question that amateur consultants forget to ask. This should be asked early in the conversation as you want to ensure you’re dealing with the person in charge that will be writing you the check. At one time or another, early in their careers, consultants find themselves working hard to ‘sell their services’ only to find out they’ve been talking with the wrong people. This wastes time and can really drain your energy and knock your confidence level.
When you’re asking these questions, don’t be shy to challenge your client on their responses. The more you dig the more you can help your client find the core issues…and the greater the value you will be able to help them discover and enjoy.
Action Item: What questions are you asking your clients and prospective clients? Which questions aren't you asking that you should be? Give some thought to this and start working it into your process.
Lesson 8: How to Grow a Successful Consulting Business
Over the last week we've covered a lot of ground.
I've received emails and feedback from so many people -- I'm so happy this information has been helpful for so many.
Growing a consulting business can be a lonely and tough spot to be in...
...My hope is that these lessons have helped opened your eyes to greater possibilities and given you strategies and tips to help you achieve greater results.
I know exactly what it's like.
I didn't have 15+ years building successful consulting companies and working with clients and consultants around the world.
I faced the same challenges and questions you are facing today.
Everything changed for me when a mentor opened my eyes to what I was doing wrong. He shared with me the strategies he used to reach success.
As soon as I incorporated them into my business I saw greater results. I was able to attract better clients and my income increased significantly.
Over the years I've refined the process and helped thousands of consultants around the world to implement it with great success.
I've taken all of the best strategies, the step-by-step actions and created a system like no other.
Introducing: The Consulting Success System 2.0
If you've found the information I've shared with you over the last 7 days to be valuable, you'll love the Consulting Success System 2.0
You'll detailed lessons on every aspect of starting, running and growing a successful consulting business.
From the fee structures the most successful consultants use...to proven proposal templates, marketing strategies and so much more.
I've even included interviews with extremely successful consultants and ready-to-use templates and worksheets for you.
Here's what's included:
- 14 detailed lessons covering marketing, pricing, branding, proposals, billing, productivity and more for consultants
- Full Audios of the Consulting Success System™ in MP3 format so you can listen to it wherever and whenever it is convenient for you.
- Printed and digital materials the course book so you can enjoy it right away and have a printed version in your hands
- 9 interviews with some of the world's most successful consultants - learn exactly what they did and what you can do to grow your consulting business, attract more clients and make more money
- Consulting Fee Calculator. Simply enter your desired income, costs and expenses of all kinds into this spreadsheet and it will automatically calculate what you need to charge on a daily and hourly basis.
- Plus you’ll also get 10 templates, worksheets and samples to help you streamline your consulting business at record speed.
Over the last week we've covered a lot of ground.
I've received emails and feedback from so many people -- I'm so happy this information has been helpful for so many.
Growing a consulting business can be a lonely and tough spot to be in...
...My hope is that these lessons have helped opened your eyes to greater possibilities and given you strategies and tips to help you achieve greater results.
I know exactly what it's like.
I didn't have 15+ years building successful consulting companies and working with clients and consultants around the world.
I faced the same challenges and questions you are facing today.
Everything changed for me when a mentor opened my eyes to what I was doing wrong. He shared with me the strategies he used to reach success.
As soon as I incorporated them into my business I saw greater results. I was able to attract better clients and my income increased significantly.
Over the years I've refined the process and helped thousands of consultants around the world to implement it with great success.
I've taken all of the best strategies, the step-by-step actions and created a system like no other.
Introducing: The Consulting Success System 2.0
If you've found the information I've shared with you over the last 7 days to be valuable, you'll love the Consulting Success System 2.0
You'll detailed lessons on every aspect of starting, running and growing a successful consulting business.
From the fee structures the most successful consultants use...to proven proposal templates, marketing strategies and so much more.
I've even included interviews with extremely successful consultants and ready-to-use templates and worksheets for you.
Here's what's included:
- 14 detailed lessons covering marketing, pricing, branding, proposals, billing, productivity and more for consultants
- Full Audios of the Consulting Success System™ in MP3 format so you can listen to it wherever and whenever it is convenient for you.
- Printed and digital materials the course book so you can enjoy it right away and have a printed version in your hands
- 9 interviews with some of the world's most successful consultants - learn exactly what they did and what you can do to grow your consulting business, attract more clients and make more money
- Consulting Fee Calculator. Simply enter your desired income, costs and expenses of all kinds into this spreadsheet and it will automatically calculate what you need to charge on a daily and hourly basis.
- Plus you’ll also get 10 templates, worksheets and samples to help you streamline your consulting business at record speed.
Get More Clients and Increase Your Fees Now
Are you still interested in getting more clients and growing your consulting business?
Would you like to eliminate the trial and error. Stop spinning your wheels? Be confident that you're taking the right actions?
Follow my proven process that has helped thousands of consultants all around the world in different industries to become successful.
>> Consulting Success System
This is the benchmark course for the “ins and outs” of not just becoming a consultant…but becoming a successful consultant. Priceless advice and a ton of helpful bonuses like sample templates and reports. Highly recommended!”
- Paul Larsen, Owner
Ascend Global Consulting
“Landed a new client and now charging 25% more than before! I’d recommend this course for anyone that wants to be a successful consultant.”
- Ron Jennings, President
Jennings Business Group
Are you still interested in getting more clients and growing your consulting business?
Would you like to eliminate the trial and error. Stop spinning your wheels? Be confident that you're taking the right actions?
Follow my proven process that has helped thousands of consultants all around the world in different industries to become successful.
>> Consulting Success System
This is the benchmark course for the “ins and outs” of not just becoming a consultant…but becoming a successful consultant. Priceless advice and a ton of helpful bonuses like sample templates and reports. Highly recommended!”
- Paul Larsen, Owner
Ascend Global Consulting
“Landed a new client and now charging 25% more than before! I’d recommend this course for anyone that wants to be a successful consultant.”
- Ron Jennings, President
Jennings Business Group
$4.65M in New Client Revenue in the Last 12 Months
In the last 12 months I've helped my coaching clients add an EXTRA $4.65M in new client revenues.
Quick question: How effective is your marketing system in attracting clients?
You may be a great consultant. You know how to provide your clients with value and help them reach their goals.
However, if you’re like most of the consultants I've worked with over the last 15 years your challenge is getting more clients. And most importantly, how can you attract clients on a predictable and consistent basis.
Many consultants find that referrals help them to get their first few clients. But referrals from your network don’t always last.
In fact, the most successful consultants don’t rely on referrals. They don’t ‘rely’ on anything. They take action.
They master their marketing and sales. They build a system that predictably drives new leads and ideal clients.
This isn't a one-off campaign. It’s a system that once planned and built (the RIGHT way) becomes one of their highest points of leverage in their business.
It’s what drives the growth of their business and makes it so profitable and sustainable.
I help my private clients and high-end coaching students create these systems and they consistently get results.
That’s why I've decided to open up my coaching program to teach a small group of dedicated consultants how to build this marketing system and attract clients on a predictable basis.
My coaching program isn't for everyone. It may be a great fit for you, or it may not. Without learning more about you, your business and your goals I can't say.
And that's what my Free "Get More Consulting Clients Road Map" call is for. I'm only able to offer a few of these Free calls each month. So if you're interested be sure to complete the form below right away to schedule yours. There is usually a waiting list, but you'll get added to the priority list as you submit the below form.
I'll get on a call with you (1-on-1) and together we'll talk about your business and what you can do to start getting more consulting clients.
If you're serious about growing your business and want to attract your ideal clients on a more consistent and predictable basis request your Free call now using the link below:
http://www.consultingsuccess.com/talk
In the last 12 months I've helped my coaching clients add an EXTRA $4.65M in new client revenues.
Quick question: How effective is your marketing system in attracting clients?
You may be a great consultant. You know how to provide your clients with value and help them reach their goals.
However, if you’re like most of the consultants I've worked with over the last 15 years your challenge is getting more clients. And most importantly, how can you attract clients on a predictable and consistent basis.
Many consultants find that referrals help them to get their first few clients. But referrals from your network don’t always last.
In fact, the most successful consultants don’t rely on referrals. They don’t ‘rely’ on anything. They take action.
They master their marketing and sales. They build a system that predictably drives new leads and ideal clients.
This isn't a one-off campaign. It’s a system that once planned and built (the RIGHT way) becomes one of their highest points of leverage in their business.
It’s what drives the growth of their business and makes it so profitable and sustainable.
I help my private clients and high-end coaching students create these systems and they consistently get results.
That’s why I've decided to open up my coaching program to teach a small group of dedicated consultants how to build this marketing system and attract clients on a predictable basis.
My coaching program isn't for everyone. It may be a great fit for you, or it may not. Without learning more about you, your business and your goals I can't say.
And that's what my Free "Get More Consulting Clients Road Map" call is for. I'm only able to offer a few of these Free calls each month. So if you're interested be sure to complete the form below right away to schedule yours. There is usually a waiting list, but you'll get added to the priority list as you submit the below form.
I'll get on a call with you (1-on-1) and together we'll talk about your business and what you can do to start getting more consulting clients.
If you're serious about growing your business and want to attract your ideal clients on a more consistent and predictable basis request your Free call now using the link below:
http://www.consultingsuccess.com/talk
I'm launching something new - interested?
I just wanted to let you know that we're launching something special.
Until recently it was only available to consultants in my coaching program. I'd like to extend that invitation to you.
It's Websites for Consultants! Custom websites developed specifically for consultants that focus on attracting more clients, generating leads and giving you the professional branding and look so you're viewed as an authority.
These are websites that work beautifully on mobile and tablet.
They are search engine friendly.
You know the first thing a prospective client does is do a search for your name to see what comes up.
That's when they find your website (or don't).
For a long time I've been asked about creating the right type of websites for consultants.
The type that clients can find. And that they sense right away that you're a professional and someone that they can trust.
Until now however we haven't taken on those projects. But the demand and questions have increased...
So I recently sat down with my web team. My designer, Sam, and programmer Vincent and Jonathan.
And we decided that we're going to start offering this service to consultants in our community.
If you're interested in getting help to create your professional website - and to work with someone you can trust - let me know.
Just get in touch and we'll provide you with more information here: Professional Consultant Websites
Please note: We can only take on 2-3 projects at a time.
I just wanted to let you know that we're launching something special.
Until recently it was only available to consultants in my coaching program. I'd like to extend that invitation to you.
It's Websites for Consultants! Custom websites developed specifically for consultants that focus on attracting more clients, generating leads and giving you the professional branding and look so you're viewed as an authority.
These are websites that work beautifully on mobile and tablet.
They are search engine friendly.
You know the first thing a prospective client does is do a search for your name to see what comes up.
That's when they find your website (or don't).
For a long time I've been asked about creating the right type of websites for consultants.
The type that clients can find. And that they sense right away that you're a professional and someone that they can trust.
Until now however we haven't taken on those projects. But the demand and questions have increased...
So I recently sat down with my web team. My designer, Sam, and programmer Vincent and Jonathan.
And we decided that we're going to start offering this service to consultants in our community.
If you're interested in getting help to create your professional website - and to work with someone you can trust - let me know.
Just get in touch and we'll provide you with more information here: Professional Consultant Websites
Please note: We can only take on 2-3 projects at a time.