One thing I love about expertise-based services is that you often can’t help but get better at it just by doing your job.
If you don’t believe me, try to picture in your head the expert you were five years ago.
For me, five years ago means over 450 newsletters and 200 clients ago. In the meantime, I worked with clients from 32 more countries in dozens of industries. I’m not saying I was bad then, but it’s hard to describe just how much more value I can bring now.
All that growth happened in the background. I just did my best to get by, tried, failed, wrote about it, tried again, succeeded, rinse, repeat…
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However, as the value increase is gradual and private, and price changes are public, we tend to let the prices lag and leave more and more money on the table.
Well, I recently prescribed a trick I heard to a talented client whose main concerns are
1. Too many people promise projects that take too long to start or cancel
2. Not enough time to plan and execute price changes year after year, resulting in ending up underpaid
_It’s a simple policy: **The next client pays 5% more than the last.
He announces it publicly, and now, clients have an incentive to stop procrastinating.
Note: It’s not a threat or a gimmick. It isn’t even a price hike. It’s a price correction.
That’s one way to solve the continuous value growth conundrum.
I’d be happy to hear how you deal with it.