According to business experts, it costs 5 times more resources to acquire a new client than it does to retain an existing client. That cost may be greater for those who specialize in providing services, where relationships and reputation exert a huge influence on the ability to attract clients and generate billable hours. Providers of services tangible and intangible are wise to do the following:
- Expertly communicate a strong value proposition.
- Consistently meet client expectations (no matter that the client may be unable to articulate those expectations).
How To Communicate Value To Get People To Buy Your Product
Providers of services, whether business-to-business or business-to-consumer, must learn how to make the customer feel as though he/she has won by doing business with said provider. To successfully compete as a service provider involves confidence, reputation, personality and selling skills.
Have the confidence to believe in your value as a highly qualified expert in your field. Develop the selling skills to communicate your value with self-assurance (but never arrogance), in a way that is easily understood to address the needs of prospective clients. Make clients and prospects feel as if doing business with you is a smart decision.
Accept that you are not mass market, that your services are not a fit for every potential client. It’s been estimated that one-third of customers are focused primarily on price. Do not waste your time with such individuals because they are not for you. Many are negative and difficult to work with, because they know the price of everything and the value of nothing.
Sell your unique value by building a portfolio of success stories to trot out and demonstrate the excellent results that you reliably deliver. Use those stories to inspire confidence in your abilities. Turn your client list into your sales force by obtaining word-of-mouth endorsements whenever possible. Build trust in your professional capabilities.
Continue to demonstrate your value by fine tuning your listening skills, so that you will hear and understand both what your client wants and also what he/she really needs (and those may not be the same thing) and how you can best apply your talents to the project in a way that the client will come out feeling like a winner, believing that hiring you was a wise choice. Express your answers by using the client’s own words and phrases when possible, using language that the client will relate to and appreciate.
Emphasize the customer service that you are known to provide, the prompt response to client questions and needs and also your sensitivity to costs (despite your premium pricing). Let clients know that it’s actually less costly to travel first class.
Thanks for reading,
Kim L. Clark is a strategy and marketing consultant who works with for-profit and not-for-profit organization leaders who must achieve business goals. Kim is the founder and principal of the consulting firm Polished Professionals Boston and she teaches business plan writing to aspiring entrepreneurs. Learn how Kim’s expertise can benefit your organization when you visit polishedprofessionalsboston.com.