Consulting Best Practices

Move beyond the Commodity Mindset to Earn More

Consultant fees from one consultant to another work on an almost logarithmic scale; some make incredibly more than others. Why? It has to do with the perception of value and treating work as a commodity. In a post for Consulting Success, Michael Zipursky discusses what you can do to revise your perceptions and charge higher fees confidently.

You’re Worth Exactly as Much as You Think

Zipursky discusses a recent trip to an island known for its oranges. While there, he found a store that sold premium orange juice for $25 per bottle, even though there were stores nearby that sold regular $5 orange juice. The premium orange juice sells because of the appearance of providing a new, higher level of quality. People are willing to pay more for more quality.

In that light, you must not think of your services as just another commodity, shoehorned into a certain price point according to other players in the market. Instead, you should craft premium experiences and outcomes that warrant premium pricing. Zipursky explores a few ways to do this.

For starters, specialize. Specializing poses you as an authority, and you can build a brand around this. Likewise, have attractive, high-quality images and photos on your website that stress your authority. Here is another recommendation:

Focus on the value clients will get, not only on the deliverable itself. And connect that value to the return on income and benefits that are meaningful to your clients. People with a commodity mindset focus too much on what they will deliver and do for their clients, and not enough on the outcome, result, and ROI.

Lastly, try to present clients with a few different pricing options, some of which are premium-priced. Clients like choice. And the premium option will have a strong allure to it.

For further thoughts, you can view the original post here:

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