Written by: Vickie Sullivan | April 13, 2017
Grow Your Fees
I talk to many folks who have what I call a “2×4 experience.” They tried to grow, and it didn’t work out.
The story goes something like this:
I’ve been a respected resource for years and never had trouble with raising my fees—until now. Prospects say they love me and I have great relationships with my clients, but no one wants to pay the higher fee. Some of my clients have reluctantly walked away and found someone else. When I raised my fees before, I never got this kind of resistance.
What really happened: Your fees grew beyond your brand. You could be a big fish in a small market that no longer serves you, making the fee increase difficult and not really profitable. The old “just show your value” sales solutions won’t work here. Your community understands your value. They won’t pay because they only see the risk. This is a market strategy issue.
Listen: Questions that help you decide how to move forward
I call this “topping out,” and there are only three options:
- Adjust your service offerings that make the lower fees more profitable.
- Leverage your relationships to find buyers who can pay you more.
- Evolve your platform and brand toward market segments that will pay the higher fee.
These options will require more time, energy and money to marketing. If you are not prepared to get out of your comfort zone, get ready for a rude awakening.
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