June 26

Steps to Successfully Raise Your Rates without Losing Clients – in Just 7 Minutes with Loren Fogelman

Podcast

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What You’ll Learn From This Episode:

  • Earn more money without sacrificing your lifestyle
  • Raise your rates without losing clients
  • Separating your fee from time into the pricing strategy


More...

Related Links and Resources:

The resource is called 'Get Paid What You're Worth' and you can find this at www.businesssuccesssolution.com/worth.

Summary:

Loren Fogelman is a keynote speaker and one of America’s top ranked business coaches. From 2018 to 2020, Loren has been steadily recognized by HubSpot in its annual list of the world’s top 22 business coaches.

As a keynote speaker, Loren has delivered talks and workshops across the United States at major conferences such as Inbound, one of the world’s most esteemed content marketing events for entrepreneurs, as well as many niche conferences for accounting professionals.

Loren is an expert in pricing strategy and sales for small business owners. Her passion is empowering entrepreneurs to double revenues by working half the time through strategic pricing and effective sales techniques.

Loren coaches service-based entrepreneurs to shift away from the trap of the “dollars-per-hour” business model to a value-based model that has, in some cases, allowed her clients to reduce workload by as much as 50% while doubling revenues.

Here are the highlights of this episode:

2:07 Loren’s ideal Client: My ideal clients are service-based entrepreneurs and business owners who charge by the hour, the session or the project. They wanted to be able to earn more money, however, they don't want to make the sacrifice of their lifestyle in order to be able to have more revenue coming in.

2:36 Problem Loren helps solve: The primary problem is how to earn more without having to sacrifice other parts of their life in order to be able to bring more revenue. Basically, what they don't know how to do is to separate their fees from time. And when their income is connected to their time, they are having to give up other important parts of their life if they want to earn more money. That's a big problem.

3:19 Typical symptoms that clients do before reaching out to Loren: The thing that comes up to them a lot of times is that they want to raise their rates however they are afraid of losing clients. Nobody else maybe charges more than that. They feel that their geography can only handle a certain amount for that rate, and they won't tolerate more. As a result of that, they are trading their doubts for hours. And what I believe is that when they are doing that, not only is it unfair to them, but it is unfair to their clients as well because it puts them on opposing sides. Where your clients want you to work as quickly as possible (they are watching the clock) and you want to take as long as possible. Therefore, it actually doesn't encourage or incentivize you to become more efficient, and really gain more expertise in what you do.

4:26 What are some of the common mistakes that folks make before finding Loren and her solution: What happens is, when they are talking with someone or in any type of networking or marketing, they are focusing on the features, the products, the steps as opposed to the benefits and outcome. That is because the products, the system, the steps, is important to you as the business owner. You invested a lot of time, money, and effort in gaining that level of expertise or that process. However, that's not what your clients is really investing in. Your clients actually invest in your expertise in what you know and not what you do. What you have to show them is that what they have to gain from investing in you is going to be greater than the fees that they actually pay for your service. I just want to say that one more time for emphasize: clients need to believe that the investment that they are going to make in working with you is less than what they have to gain. They couldn't make more money or free up more time by having you than what they are going to be paying you for your service.

6:02 Loren’s Valuable Free Action (VFA): The word is 'bundles'. You want to look at bundling your services together into packages as oppose to selling things a la carte or one off. When you sell things one off then your clients are making decision as to whether to work with you or move on to somebody else. When you bundle your services together and you give them options, let's say a silver, gold, or diamond options. Then the decision is how to work with you not if to work with you. The silver is for your most price-sensitive clients, the gold is the most popular or most of your clients will choose that option, and the diamond is for your clients that have more complexity or wants some exemptions. And this is the way to accommodate them. So, give them 3 options; silver for bear minimums, gold where most people need opt-in, and the diamond is for the ones who want constant use services.

7:27 Loren’s Valuable Free Resource (VFR): The resource is called 'Get Paid What You're Worth'. In this resource. I really go deeply into how to begin separating your fee from time into the pricing strategy. I also talk about what I call the X Factor. You'll have to opt in to figure out what the X Factor is that really allows you to move forward or holds you back. The resource covers what is your system which separates you from everybody else focusing on your expertise, how to be able to separate your fees from time, looking at where you might be thinking that you can't do this or you’re holding yourself back. Also focusing on who do you want to surround yourself with and knowing exactly who your ideal client is. Those are the things you need to be able to actually put this into play on your own and be able to get started. Or we can talk about it further. If you wanted to have that conversation, you can find this at businesssuccesssolution.com/worth

8:48 What are the steps to separate your fees from time in order to earn more and double your income while working half the time? The answer is, know exactly who your ideal client is. Isn't everybody who breathes or has skin be very, very specific about your ideal client? Then you want to understand your system for getting a result. What is your process that positions you as an expert? Looking at how to be able to bundle or package services together, how to be able to start to price up the value instead of charging for your time.

Where do you find your ideal client? Where do you want to spend your energy and find them where they hang out instead of having them find you? And then the last part is how do you have a value conversation to enroll new clients instead of doing a sales pitch? Because most of my clients, they don't like the sales part.

"You'll have to opt in to figure out what the X Factor is that really allows you to move forward or holds you back" – Loren Fogelman        

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