From $10,000 Project to $60,000 Project with Fewer Hours Worked
By clarifying his value proposition and restructuring his fees using the strategies he learned at Consulting Success®, Damien Wilpitz was able to raise his rate from $10,000 per project to as much as $60,000.
The Confidence and Clarity to Communicate Value
Through his business, Experimental Design Consulting, Damien Wilpitz is a consultant for biomedical research scientists, helping them with the business side of their research so they can stay focused on the science. As such, he creates business management strategies that are adaptable, teachable, and, perhaps most importantly, don’t require an experienced lab manager.
Prior to working with Consulting Success®, Damien says, “I was trying to figure out how to effectively sell my solutions then jump into engagements.” He struggled to navigate the sales process, particularly in regard to his value proposition. He understood the value of the solution that he offered to clients, but he wanted a more effective way to communicate it so that clients truly understood the long-term benefits of his business management strategies.
At the same time, he knew that his hourly rates were too low, but he lacked the confidence to charge what his expertise was really worth. “I needed to allow myself to believe that I was actually providing great value rather than just worrying about my hourly rate,” he said.
ReverseReverse Engineering his Fees by Selling His Value
Through the Consulting Success® program, he learned how to frame his value proposition in such a way that he was clearly communicating the long-term value of his consulting solutions to target clients. This, in turn, enabled him to “reverse engineer” his financial proposals so he had a better understanding of what he should be charging—and what his ideal client would gladly pay for the value he was providing. He switched his fee structure from simply charging an hourly to rate to selling the value of his services, and Consulting Success® helped him settle on concrete numbers. As he put it, “I became very clear on how to sell the value of my services.”
The right numbers, however, won’t do much good if you don’t have the confidence to ask for more, so Damien also learned how to develop a mindset of confidence. As a result, he was able to raise his overall rate for projects from about $10,000 to between $35,000 and $60,000, while at the same time reducing the number of hours worked per project.
Putting Your Head and Heart in the Right Place
Damien still remembers his time with Consulting Success® fondly. As he put it, “Michael is very straightforward and passionate. He doesn’t give you a bunch of fluff, and he doesn’t waste your time. Some coaches are too harsh and critical, others are too touch-feely, but Michael strikes just the right balance. He is encouraging, focused, and offers practical steps for growing your business, including those important mindset strategies that put your head and heart in the right place. I’m very happy with the growth I’ve achieved as a result.”
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