Do you solve a SPECIFIC problem for your clients?
That’s why you don’t have a proven process and machine to capture leads and move them to a sales conversation.
If you had that, you wouldn’t rely on referrals or word of mouth like you do right now.
And because of that, you likely don’t charge what you’re worth cuz you’re almost desperate for the next client.
You’ll just take what you can get….
I’ve been there.
But you don’t want to stay there.
And if you do, I can’t help you.
But, if you want to escape that hamster wheel….
Today’s video shows how you can charge more if you solve a specific problem.
And I’m talking specific…
You want to be solving problems that are of high value to your potential clients.
You want them to pay you a premium because you’re solving a problem that’s costing them money.
Transcript / MP3
In this episode, I want to talk about how you can charge more for your agency services if you are solving a specific problem.
Let’s get it going.
For three years, my agency built funnels and automation systems for the biggest names in marketing today since then have transformed that agency into a hyper profitable training and consulting business. While everyone is out there talking about scale, like it’s some sort of destination, we’ll be asking the real question. How do you transform your business into a more scalable model using the knowledge, skills, and expertise that you already have? This podcast is here to give you the answer. Join me and follow along as I learn, apply and share the strategies I’m using to build my multimillion-dollar business. My name is Greg Hickman and welcome to Scalable.
All right guys, so to demonstrate the value of solving a specific problem and how this ties to your agency. So what I want you to do is I want you to, the next time you go to the grocery store or Walgreens or CVS, I want you to go to the aisle where they sell Tylenol, Advil, et cetera. And I want you to look specifically for Excedrin extra strength and Excedrin migraines. Now, uh, you just did this with my wife not too long ago, and I pointed this out. She’s a doctor. So I always find these little things fascinating. And when like marketing needs, you know, medical type stuff. And I show her and I say, Hey, look, what do you notice about these two, these two products, et Cetera, in Migraine, et Cetera, and extra strength. And what she called out quickly was, well, et cetera. And migraine is like 30% more expensive. I forget exactly what the price point was, but it ended up being like 30 to 40% more expensive at the Walgreens that we were at.
And I said, all right, that’s pretty interesting. And so we looked at the ingredients, guess what? The ingredients are exactly the same, literally exactly the same for both Excedrin extra strength and et Cetera in Migraine. Exact same ingredients, but Excedrin migraine is 30% more. That is because people who are looking to get their migraine relieved, right? My sister grew up with migraines and she went to tons of different doctors to get solutions to this, right? She spent thousands of dollars on different specialists because even till this day, she deals with chronic migraines, right? It’s a serious problem. And so if you have that problem, you’ve probably paid a lot of money both on medication and possibly even other types of treatment to help kind of reduce the number of migraines you have, right? So if you have migraines, that is a problem you want to solve. And if it’s that painful, you’re willing to pay a higher price, right?
So the folks over at et Cetera know this, right? And so just by having a label that says etcetera in, they’re able to charge 30 and 40% more knowing very well. Most people won’t look at the ingredients, but they’re essentially the same. And so think about how this applies to your own services, right? I see oftentimes, you know, like say the fitness world, you know, we help people lose weight, right? Well, a lot of fitness and nutritionists help people lose weight. But imagine you were the fitness professional or the nutrition nutritionist that worked with postpartum women that wanted to kind of quickly lose the extra weight that they put on during pregnancy, right? You really start to get specific and someone who is in that wheelhouse, that demographic, you know, a woman who just had a baby and really wants to get that baby weight off as fast as possible cause she wants to, you know, look and feel better again for whatever reasons like that person can charge more for their services because the problem is so specific, right?
So just like Excedrin Migraine, right? That is a very specific problem that people want to eliminate. What is that problem for you and your clients? Right? You have an ideal client out there and someone that you would love to work with that you can actually help, but they don’t necessarily know it right now because your messaging is super generic and most agencies that are full service and done for you fall into this trap of having conversations with any and everybody. And then for those that they can help, they’ll put together a proposal and then the client begins to pick and choose the services off the proposal, right? Right out of the gates, that person’s out of control and you are hunting, right? You as the agent, agency owner put all of the control in your new clients hands. Like they have the all of the power in this relationship now and they’re telling you what to do.
So instantaneously you are out of control. So by you going to the market and saying, Hey, I can help you solve this specific problem, you position yourself as more of the expert, right? And if someone has that problem, they’re going to be willing to pay for it as long as it’s a valuable problem. Right? So this comes back into are you solving problems that people are willing to pay for and or um, you know, call it the $100,000 problem, right? People spend a lot of money to get rid of migraines if they have chronic migraines, what does your ideal client dread doing? What is the problem that they really have? That if you could solve it, they would pay you 10,000, 20,000, 50,000 and then some just to solve that problem, right? In some, in many cases, you might just be solving a problems that aren’t that costly to them.
Thus they don’t want to pay you a premium, right? It’s not a premium problem. So they’re not going to pay premium rates for a solution and or two, you’re not specific enough to the point where people even know what you can actually do, right? So next time you go to the grocery store, go look for yourself, look at the ingredients of Excedrin extra strength and Excedrin Migraine and noticed that one costs more than the other, but they’re the exact same. And your agency services are likely the exact same as well. You go to the market with a bunch of services that don’t solve any specific problem. And so people aren’t really necessarily sure what they do and they are very unlikely to pay you a premium for it. But if you go identify that you can solve a specific problem with your service offering, you can start to charge premium rates.
So give that exercise a world and really think about what it is you can be doing in your own business to narrow down on the problem you actually solve and put that into your messaging so you can clearly communicate to your prospects what it is you actually do and what it is you can actually eliminate for them and make how you can make their life easier. So give this exercise a whirl and really think about how you could be narrowing down your messaging in your specific agency to solve a specific problem. One that your clients are going to view as a valuable problem to solve so that you can charge a premium. And if you’re doing this exercise and you want to participate in the comment section below, if you’re watching this on youtube, go ahead and leave a comment and say, here’s what my messaging was and here’s how I’m going to get more specific so we can all have some examples and we can have a dialogue and a conversation to help improve wherever you might be in your specificity.