Technology

tips to make money

Money Making Tips: Easy Money Making Strategies Based on Working and Spending Smart

When I work with speakers and consultants to develop their marketing game plan, one of our key goals is to find ways they can make more money. Some of the typical ways we find to increase revenue include:

Charge more for the services we offer.

Provide new services or adjust existing ones to be more aligned with the results our clients are looking for (converting more prospects into clients).

Adjust the budget so that we spend the right amount of money on the right active marketing strategies to attract more prospects. With more prospects, you’ll have more opportunities to book business.

Identify areas where excess money is being spent on non-revenue-generating activities (i.e. spending most of your budget on product development instead of active marketing strategies…a very common mistake! )

Even with these strategies in place, it seems that no matter how successful my clients are, managing the financial side of their business—knowing how much to charge and how much to budget for office support, marketing, and sales—is still a challenge. . These are the tips I offer my clients on how to market yourself, price your services, and how to make a realistic budget that will help you increase your income.

What is the right Marketing Mix for your business?

A critical component of the Marketing Mix (product, price, promotion, and distribution/delivery) is, of course, your pricing strategy. Price too low and people doubt your credibility. Price too high and they don’t hire you because you are overvalued. There are a couple of formulas or “rules of thumb” that can help you determine the best way to structure your offers and spend your money wisely to grow your business.

Your business is about your customers, not you! Attract more prospects by positioning your offers based on the needs of your customers and how you solve them, rather than positioning based on their experience. Your customers often don’t know what expertise it takes to solve their problems, nor do they really care about your expertise. They care about their bread and get better results!

How can your business benefit your customers?

It is very important that you understand this: your business is worthless to the client if you are not solving their problems. Forget his credentials and what he knows… position yourself based on what the client wants and the results you can help them achieve: Where is his pain? What frustrates them? How do you want your problem solved? What is this ongoing problem costing you? You’ll increase your closing rate, get more money for your deals, and strengthen your position in the marketplace.

Price yourself based on your ability to get results. You help your clients achieve results based on years of study and experience. How long would it take your clients to figure out those strategies for themselves, assuming they had the aptitude?

Show your customers the difference your services can make

For some freelancers, asking for a higher hourly rate brings a lump to their throats. However, if what you are offering truly serves people and makes a difference in their lives, if it takes their pain away and helps them achieve results beyond their current capabilities, then you are worth every penny! To avoid the hourly rate issue, offer a package tied to a result.

Focus on the solutions you offer

For example, “Our 5-day customer retention training program will teach your managers how to retain more customers and turn them into raving fans! Priced at $10,000.” You can also include three bullet points that further detail the specific outcomes you will be addressing. Keep in mind that you’re not ranking for the strategies you use or your credentials… you’re ranking for the solutions your prospects are looking for, music to their ears!

Determine your price based on the result your business creates. you are a business Don’t value yourself as an employee who works x number of hours on a project. If you list yourself as an employee (projecting yourself in the $50-$100/hr price range), you’d probably be better off finding a job that guarantees you 40 hours per week! (See the math below.) Instead, think of yourself as a company that provides a valuable and specialized service. And as a business, consider that a strong balance sheet allows you to take home 50% of what your business generates (including wages, taxes, benefits, and write-offs like car expenses). The other 50% is divided between marketing (35%) and administrative costs (15%).

Be realistic about your costs and goals

So if you want to make $100 an hour, you’ll need to price yourself $200 an hour to serve your needs and grow the business. To get $200/hr, your offer needs to connect with the results your market is looking for (i.e. your rankings are attractive) so they sign up and write you a check.

Consistently budget for administrative and marketing costs. A solid marketing strategy, consistently implemented, will ensure that new business flows through your pipeline. A steady stream of deals will improve your cash flow, and a good pricing strategy will earn you more money per transaction. Spending money on your active marketing strategies is not something you do once a year. You should implement these marketing strategies every month. You probably do something every day to promote your business.

Invest in active marketing strategies

It’s important to note that printing a large amount of promotional materials, such as speaker kits or brochures, or redoing your website on a quarterly basis, does not qualify as spending money on active marketing strategies. Tool building has its place and is important, but build your tools annually and use them throughout the year to support your active strategies, with minor adjustments as needed. Your monthly spend should be on active strategies, such as attending networking events, listing your services in public relations/industry directories, running ads, and/or implementing a strong search engine and online marketing strategy.

Mark LeBlanc recommends that you perform three High Value Activities (HVAs), measurable action items focused on finding new customers, every day. HVAs could be writing an article, sending a note to your VIP list, putting together a 5-step autoresponder for your website, attending a networking event, or signing up for a marketing teleseminar. These activities can be measured by time or money, and the key is consistency.

Leave a Reply

Your email address will not be published. Required fields are marked *