7 Ways to Increase Your Value and Charge More for Your Services
Hands down, one of the fastest ways to make more money is to charge more for your services. And while that sounds good in theory, many of us struggle to figure out how to position ourselves in a way that potential clients are willing to pay more.
There are a lot of factors that go into pricing, but there’s no disputing how important the psychological element of pricing is. Many times, this isn’t even conscious in the minds of our clients, but it factors into their decision of whether or not they work with us.
Most of those objections rolling around in their heads come back to the question of value. They want to know that by investing money in your services they’re going to get what they need for their business and that it will be “worth” it. For you to overcome this objection and raise your prices, you need to consistently demonstrate the value you bring to your clients and position yourself as a credible expert.
Here are 7 ways to increase your value and charge more for your services:
#1. Create a Signature Service or Method
If you’ve been in business for a while and already have packages, it may be time for you to create a signature service. Hands down, creating a productized, repeatable service that you can become known for will help you make more money from your services.
Plus, having a process or method helps to increase your value as you’re asserting your expertise and experience to your potential clients.
Not sure where to start? Consider what process or approach that you use as part of your client work that you can systematize and include as your “secret sauce” in your packages.
#2. Ask for Referrals
Here at Scoop, the majority of our retainer and project clients come to us via referrals, and this is the truth for most services businesses. That’s why you want to enlist your army of happy clients to do your marketing for you.
And yes, that saves a lot of time for your new business development, but more importantly, when someone refers you, they’re endorsing your services which increases your perceived value.
The key to being successful with referrals is ASKING for them. Don’t leave getting referrals to chance. Creating a referral process in your business will enable you to focus on where you’re most likely to get clients.
#3. Showcase Your Client Successes
There’s nothing more powerful than social proof when it comes to communicating the value you deliver to your clients. Social proof — in the form of testimonials or case studies — is more compelling to a potential client than a discount.
Why? We want to know that the money we’re investing is money well-spent and that we’ll get the promised results. Instead of telling your potential clients the results you can deliver, show them by sharing testimonials and case studies.
These can be added to your website, sales pages, and even into your proposals as a way to reinforce that you’re worth every single penny they’ll invest in working with you.
#4. Get Visible
Fact: No one can do business with you if they don’t know you exist. I know, you may have just rolled your eyes, but I personally know this one all too well. When you work with clients, it’s easy to hide behind your laptop.
Getting visible can be done in many different ways, and you can choose what best suits your business and personal needs. If you’re committed to growing your business, you need to push yourself out of your comfort zone to make visibility a priority. Start by looking for opportunities to network, get active in communities, and consistently be seen.
#5. Get a Certification
To help increase your value, you may want to consider getting some type of professional designation. Depending on your industry, there may be a number of options for potential certifications or specialized training.
Use your certification as a marketing point, and be sure to research how valid or respected the certification really is so it can deliver real ROI, and you’re not just getting a gold star.
Personally, I’ve secured several certifications over the years, and some of them have been more valuable than others. The key is understanding what your target customers will see as credible and what will help you charge a premium for your services. In my case, having the Master Level Content Marketer Certification from Copyblogger has helped to attract clients and shows I’m an expert in my field.
#6. Be an Expert
When someone is looking for a service provider, they are looking for an expert, so for them to hire you, you need to position yourself as that go-to person. (Because when was the last time you hired an amateur?)
There are a lot of ways to do this — from niching in a specific area to having a unique approach to how you deliver your services. Even if you have a diverse skillset, you want to be known for something and not just as a jack-of-all-trades. Stepping up into the role of subject matter expert goes a long way in helping increase the value you deliver to clients, and ultimately, charging more.
#7. Have a Reputation for Excellence
There’s a lot of work that goes into running a services business, and it requires some serious juggling. So while you’re working on finding and booking clients, ensure you’ve got time to do amazing work for the clients you already have.
Being great at attracting clients — and then dropping the ball once you’re working together — has a lasting, negative impact. Not only is that client unhappy (or has lost confidence in you), but it has a ripple effect as they tell other people and aren’t willing to recommend you.
Potential clients will pay a premium for a superior client experience, so make it a priority to think about how you can deliver results to your clients and have a reputation within your industry for excellence.
Implementing even one of these seven strategies can make a tangible difference in how potential clients perceive you and can help you charge more for your services.