5 Keys to Increase Consulting Fees

Keys-To-Increase-Consulting-Fees

“I don’t have the money to hire another employee” said the caller on the other line.

I was speaking with a consulting firm owner from Jamaica.

Would you prefer to work with more clients making less per project? Or fewer clients paying you more? If you’re like most consultants you opted for the second option.

She told me how she’d been feeling stuck. Wanting to grow her business yet not having the resources available to feed that growth.

“Your issue isn’t just resources” I told her. “It’s that you’re not making enough per project.”

If she increased her consulting fees she’d be able to earn more with every project she takes on.

1. I’ll lose clients

This is the first concern she raised. And it’s a very common one. This belief however is unfounded. Charging more doesn’t mean you’ll lose clients. In fact, most consultants that take a strategic approach to increasing their fees don’t lose any clients.

Increasing your fees pushes away clients that aren’t ideal and attracts the right type of clients. I’ll share more about that in just a minute.

Would you prefer to work with more clients making less per project? Or fewer clients paying you more? If you’re like most consultants you opted for the second option.

2. Competition charges less

Another concern I hear all the time from consultants is that “my competition doesn’t charge that much.” And that’s the exact reason that you should.

Price is only one factor in the buying decision your ideal clients will go through. If you provide the exact same services and have the same approach as your competitors charging more will be tough. When you take a strategic approach that changes. Clients will ‘see’ a clear reason to choose you – even when you charge more.

Why? That leads us to the next point…

3. Focus on value

This is one of the greatest areas of opportunity for consultants. Most don’t focus enough on value. They don’t communicate the value they bring to a project. They talk more about services and deliverables.

By increasing your project fees you’ll be able to really hone in on who your ideal client is.

Buyers don’t care for presentations, charts, and long talks on methodology and process. Instead they care about value. What is the value they will get from working with you. If you can demonstrate and communicate that to them clearly…when they see that you’ll provide significantly more value to them than the ‘cost’ of hiring you the chances of that buyer hiring you increase exponentially.

4. Show results

A great way to support the value conversation is to show results. Do this by sharing case studies, testimonials, media, etc that is proof that you deliver.

Once a buyer becomes interested in your offer the BIG question they’ll ask themselves is “can this person really do what they say they can?” Answer their question by proactively showing them all the proof they need to know that  you are an expert and that you deliver results.

5. It’s not all about money

Making more money is great. It gives you more options to live the life you want. But it’s not all about making more money. Raising your consulting fees also allows you to attract more of the types of projects you want.

By increasing your project fees you’ll be able to really hone in on who your ideal client is. Your positioning and strategic offer can be aligned for exactly the type of client you want to attract.

This comes down to your marketing messaging and value proposition and how you approach your pricing and communicate value.

What consultants find when they go through this process is that they are able to land more projects with the types of clients they LOVE working with, they require fewer clients and less staff, AND they are able to earn significantly more than before.

Here’s a couple of examples from consultants in my coaching program who I’ve helped go through this process:

“In less than 4 weeks Michael’s coaching helped me land a £38,000 ($60,000USD) project. This is 300% more than I would likely have generated from the same project without Michael’s help.”

Adrian Peck
PeckUK Limited

“Within a few weeks of working with Michael I went from making $24,000 from one project to $64,000. I feel so much more focused and my team tells me they’ve noticed a big difference too.”

Leonor Urena
Agile Coach and Trainer
Founder of Scrum Mastering llc

If you’d like to get expert help going through this process to attract more ideal clients and significantly increase your fees get in touch today.

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