A key step on the road to higher compensation is to present yourself as an “expert.”
And why not? One of the dictionary definitions of that word is “skilled person.” You already are an expert. In the words of talk show host Larry King, “Everyone is an expert on something.”
Write articles, present speeches, promote yourself as a consultant, establish relationships with editors and reporters for trade publications, take a lead role in your industry trade group– those are just some of the ways you can establish your expertise.
Create a dynamic commercial and promote yourself as an expert and you’ll attach a value to yourself and convey the message that you’re worth your price.
What that price is depends on how big you think.
I say go out and increase by 50 per cent the fee you charge or the salary you request. If you do, one of two things will happen. Either you’ll get what you ask for, or decision makers will tell you: “No. You’re too expensive.”
All “too expensive” means is that they feel that you’re not a priority right now. Your mission, as a personal salesperson, is to educate them as to why they should consider you a priority.
Get them to speak in specifics. Ask what they mean by “too expensive.” Too expensive compared to what? Too expensive compared to whom?
When discussing compensation, avoid words like fee, cost, wage, or price. Substitute the phrase: “the investment in my services.”
Other ways to overcome price objections and turn bellyachers into believers:
1/ Discuss your differences. Point out that you’re the only design professional with 25 years experience, the only one licensed to carry certain products, the only one who is regularly featured in industry trade publications, etc.
2/ Mention the “me” magic. Explain that “you don’t just get life insurance here, you get me – and I’m special because….”
3/ Find out what really hurts. Ask about the other person’s priorities and issues other than just the cost of your services.
4/ Play doctor. Offer to – and explain how — you will fix what hurts.
5/ Compare apples to apples. When someone tells you a competitor’s bid is less than yours, make sure there’s a fair comparison of all the services that the two of you offer.
6/ Drop names. Provide references and/or a list of past customers.
7/ Break it down. Account for the all the services included in your fee.
8/ Philosophize about the future. Paint word pictures of how your prospect will benefit from your product or service.
9/ Share the Rule of Three. Try this approach created by sales trainer Tom Hopkins: “In this field, everyone is looking for the best quality of products, the best service and the lowest price. No one can guarantee all three. If you had to sacrifice one of the three — the best products, the best service or the lowest price — what would it be?” In most cases, the answer will be “price.”
10/ Feel…Felt…Found. Say: “I understand how you feel; this is a major investment. Others I worked with felt that, too. But they found that they ended up saving money and time in the long run.”
Overcoming objections to your higher fee or salary demands may be easier than you expect, thanks to a key self promotion prosperity principal: It’s not what you say about your fees that really matters. It’s what you say about yourself.
Here’s where the courage of your convictions – and your self esteem – come into play.
There may be only one person holding you back from earning much greater fees, or a much higher salary. That one person isn’t a tough competitor, or a difficult customer. That one person is you. Perhaps you haven’t given yourself permission to receive the compensation that you want and deserve.
Now’s the time to do so.
As good as you are at what you do, you deserve to receive lots of money to do it.
But, remember, it doesn’t matter how good you are if you’re the only one who knows. You must sell yourself – all day, everyday.
Make that sale – that PERSONAL sale – and you’ll go from being a “wannabe” to a winner, from being a “striver” to an arriver , and from just being “busy” to earning more money than you ever dreamed possible.
Interested in polishing your personal promotion skills? Check out the book Sell Yourself! 501 Ways to Get Them to Buy from YOU.http://fredberns.com/Products_SellYourself.html
