In this interview, Jim explains why you need a niche to stand out, how pricing higher from the beginning can lead to greater success, and why all clients should be called “customers”.
Find your niche
If your only way of competing with other professionals and businesses in your industry is by highlighting similar value propositions, it’s a race to the bottom because there will always be someone who says they can do the same, but cheaper.
Rather than focusing on value propositions similar to those of your competition, Jim suggests honing in on what makes you unique; find your niche. Not only will this help you stand out, but it will also help you grow, and set you up for success down the road should you want to sell the business or bring on investors.
Don’t shy away from the high ticket offer
When you first set up a sales model, pricing low to begin with and raising prices over time can be fairly common. However, Jim says it’s more lucrative to start at the highest price point you can while maintaining potential clients, then go from there.
Bringing in high ticket clients early on will increase your ROI faster and identify other types of services you might want to offer based on their needs, challenges, and how they are using your product/service. Gaining more high ticket clients and getting their feedback can also provide insight to your sales and marketing team by highlighting objections your customers have and content they are interested in seeing.
Stop calling them “clients”
If you want to make it easier to sell your service, Jim says you need to shift your mindset and call your target audience “customers”, not “clients” – customers buy products; clients buy services.
Adjusting your mindset allows you to see your services as a tangible item that brings value to “customers” the same way a product would. Productizing your services and viewing your clients as customers of that productized service will help define your onboarding process, help you build a repeatable process, and better demonstrate the value you provide.