Posts Tagged ‘niche’

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It's your responsibility to establish the value of the service you provide.

Today I’ve got some suggestions for you on how to set prices for your training.

I’ve recently been receiving regular reflexology treatment. At my last session the reflexologist told me she’d been invited to submit a proposal to provide training at a dance school. “I have no idea how to structure the proposal, or even what to charge”   she told me. “They’ve asked me to run 12 two hour sessions”

“How many people will be receiving the training?” I asked. “10″     she replied. “And overall they’ll be getting 24 hours of training. What would it cost if they individually went and bought 24 hours of reflexology training on the open market?” “At least 600 euro per person”, she replied.

“Great. Well 10 times 600 euro is 6,000. So immediately we’ve established the value of this training at 6,000 euro”.

Her eyes widened, “That’s 3 times what I was thinking of charging.”

“Well I’m not saying you should charge that, but I would definitely include that piece of information somewhere in your proposal. You see, perception of value is a very subjective thing. If the decision makers have an idea that your time is worth 40 euro an hour, and they see you providing 24 hours of training, then the figure they may have in THEIR heads is 960.

On that basis, it will be difficult to persuade them to part with 2,000. You’re going to encounter price resistance and have a lot of objections to overcome. Even if you can convince them to pay 2,000, they’re going to have a feeling that they were overcharged. Even though their expectations were unrealistic and didn’t take into account your preparation time. It will be an uphill struggle.

In contrast, if you take the time to establish that this training would cost them 6,000 if they were to source it elsewhere, you could charge 3,000 and they will still feel like they’re getting value.

It’s your responsibility to establish the value of the service you provide. Before this conversation, my reflexologist was going to set her prices by calculating how many hours were involved, and then multiplying that by her hourly rate.

Yet her hourly rate as a reflexology practitioner is IRRELEVANT to the proposal she had been asked to submit. She is providing training to 10 people NOT a reflexology treatment to one. It’s a completely different service, with a completely different end value and should be priced accordingly. Same applies if you are a coach, consultant or providing any form of one-to-one service.

If a customer has a certain figure in their head, even if that figure is unrealistic, it’s YOUR job to educate them.

You don’t want clients agreeing to your fees, but feeling that they were overcharged. And they will if there is a big gap between their expectation and your fee.

So well before you reveal your fee, make sure you have reset their expectations and demonstrated convincingly what your solution would cost were they to source it elsewhere. Please note, you need to do this BEFORE you reveal your fee. If you wait until afterwards you will simply come across as defensive and trying to justify your fees. It’s not a pretty picture.

Making the effort to establish value and educate your clients up front can pay off in many ways.

You can eliminate price objections before they come up, and notice that in this case the reflexologist could submit a proposal that was 50% higher than she had planned AND it was able to present her price in such a way that the client knew they were getting good value. That’s a real win-win. Had she NOT taken the time to establish the value up front; she could have had a real struggle convincing the client to part with her original figure of 2,000.

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Although starting a blog isn't really a complex undertaking, it's still a good idea to do some research so that you know you're presenting the best site possible. You want to drive as much traffic as you can to your blog in order to keep your internet rankings climbing.

It's also important to keep in mind that blogging involves more than just writing the posts. You have to consider such factors as user experience, site design, and the software you'll need to get your blog running.

Here are a few resources you can check out that offer great information for starting a blog.

www.IncomeDiary.com. This is the site where Michael Dunlop, blogging entrepreneur, offers a free e-course that details his process.

www.WordPress.com. WordPress offers the software you'll need to get started. One of its strongest selling points is the ability to customize features to suit your own needs. There are also many free features you can use to get started in a matter of minutes. It also allows you to track statistics and block spam.

www.UXBooth.com. You want visitors to your site to have a good experience; this is what will bring them back again and again. This site offers tips for creating the best experience for your readers.

www.SmashingMagazine.com. This design site presents the latest in web design and development. While you won't need to study design in order to launch a blog, this site can be a useful resource for getting ideas about how your site should look.

www.CopyBlogger.com. This is a good resource for learning how to write blogs that will drive traffic to your site as you build your list and market products.   It offers courses on copywriting, SEO, headline writing and keywords, among other topics.

www.ProBlogger.net. Visit this site to learn about the more technical side of having a successful blog. You'll find information about blog design, advertising, tools and services, and much more.

www.WarriorForum.com. A forum where Internet marketers talk about their trade, this site can provide useful information about sales techniques. You might even find tips for marketing methods that apply directly to your niche.

www.TaskUS.com. Although this is technically a virtual assistant site, you can use the service to create custom ranking lists and other useful information that you can post in your blog.

Once you're comfortable with the technical and writing aspects of blogging, you can start drawing visitors to your site.

Remember that if you want to become a great copywriter, you should first be a great copyreader. You can learn so much from reading other people's copy and applying what you learn to your own niche.

These resources are sure to give you tips and tricks that will help make your blog successful.

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

It’s a lot easier to turn a ship that’s moving in the wrong direction than it is to turn a ship that’s not moving at all.

If you’ve been getting "analysis paralysis", scratching your head and trying to figure out what your direction is, just pick a purpose and start heading toward it. If you’re off course, the market will correct you. news190210b-1

If you’re not heading in the right direction, the market will quickly give you feedback that will help you adjust. Just don’t get overly concerned that what you decide today is going to be cast in stone.

Don’t worry about picking the wrong area or niche at first. Don’t worry if you find that you’re being called an expert on something that you don’t want to be known as the expert on.

Areas of expertise can change. But you can only change your direction if you have already set out in one to begin with.

Bob Burg is the author of a book called "Endless Referrals." He is now positioned as a referral expert and an expert on helping people to generate referrals for business.

When he first started out, his niche was memory experts. He noticed that people who took his memory courses wanted to improve their memory to remember the names of people they’d met at networking meetings and events. They wanted to improve their memory to achieve better business results.

As he spotted that connection, he started to focus more on being the referral expert. No one accused him of being a fraud because he was now a referral expert instead of a memory expert. The market let him know in which direction to steer his business.

When you set course in your chosen direction, look for niches and markets where it’s going to be easier for you to establish personal relationships and position yourself as an expert.

If the niche you do choose turns out to be an enormous amount of effort, you have to weigh whether or not it’s worth your while to continue down that road or take a different road to get business.

When Dan Kennedy, the marketing expert, was invited to submit a proposal to give a speech in Switzerland, he opted out. While plenty of other people would jump at the opportunity, and spend a day putting together a proposal to bid, that is not the way he wants to go after business. Perhaps it didn’t seem worthwhile to spend the time writing the proposal. The point is that you have to make the determination of how you want to do business.

Your niche will evolve with your business. It’s an actual evolution that happens in most any business. Look at my own situation. I started out as specializing, by trial and error, as a cold calling expert. But I didn’t stop at that. Today, I’m teaching people how to find new business and triple their income! The way in which I’m helping people and the types of people I’m helping is completely different from what I started out with.

But it’s turned out for the best for everyone!

Bernadette Doyle specializes in helping entrepreneurs attract a steady stream of ideal clients. If you want to get clients calling you instead of you calling them, sign up for her free weekly e-zine at http://www.clientmagnets.com

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