There is no bullet proof method how to generate more revenue – but there are some things that really help.
How to Generate More Revenue
To grow your practice, attracting more work and generating more revenue is vital. But how do you do this?
In this episode Alistair Marshall will share some answers with you. But please make sure you first listen to ep 195, though. This episode will make more sense if you do.
Here is what we learned but please listen in as Alistair Marshall explains all this much better than we ever could.
To listen while you drive, walk or work, just access the episode through a free podcast app on your mobile phone.
# 6 Be Clear On What You Offer
You need to be clear on what you offer. Your prospective clients need to have a clear understanding of what you offer and why your offer is better than others. Learn how to explain your value. Don’t sell. Help people to buy.
If done right, selling is not a numbers game. If you knock on the right doors with the right message, you win every time.
Listen more, talk less. Ask better questions, so you get better answers.
# 7 Leverage Social Media
With social media you get out what you put in. Just dabbing your toe won’t give you any results. Going all in will. Social media can be a low-cost channel to get in front of potential clients.
LinkedIn has become the best free B2B marketing tool. Twitter, Instagram, Facebook and YouTube can all play a role in creating your brand image – your brand as an individual as well as the brand of your practice.
# 8 Polarise Your Pricing
For professional services there are three pricing points. Top – bottom – and the middle.
The top 20% is covered by experts charging top dollars for specialised expertise and/or an upmarket brand.
The bottom 20% is dominated by streamlined operators selling on price using technology for efficiency gains.
And in the middle you find the remaining 60% of practices who struggle to find a point of difference. Get out of this grey, woolly and nebulous market sector as quickly as possible.
All markets are polarising. Look at cars or ladies fashion. The same applies to professional services. Learn from this. Avoid a commodity mindset. Price is only the one deciding factor when you let it be.
If you discount your prices, you have to do more work for the same amount of revenue. If you increase your prices, you can lose clients and still make the same net profit.
Defend your price. Rehearse your response to the inevitable objection that your price is too high.
Offer a money-back guarantee. It cuts out the fear. You know you deliver good quality work, so clients will rarely use your guarantee.
# 9 Write about Results
People do not buy professional services. They buy the end result. So write about what you deliver. Talk results, not process.
Avoid a ‘beige brand’. Look at your website, brochures and emails for 60 seconds – would you buy from you? Make sure your website is clear on who you are and what you deliver?
Don’t start every sentence with I, Us, Our, We etc. Focus on your clients, not you. Write about what is in it for them.
# 10 Focus on Your Staff
Clients will not fall in love with your firm until your staff does. Make staff satisfaction and great service the no. 1 priorities for your practice.
Consistency is important. You can only deliver consistent service if you give your staff consistency.
And Finally
Growing your practice is not a spectator sport. DO – don’t just talk. Speed is key. Speed gives you momentum. Culture eats strategy for breakfast. Hope is not a strategy. Don’t try and do everything yourself. Ask experts to help.
Make the tough decisions, take responsibility and have accountability for your actions. Sort out the under-performers among staff, clients and suppliers. The difference between winners and losers is taking massive action now!
Don’t give up too early. You will never know how close you are to winning on the day you give up. You cannot do Today’s job with Yesterday’s methods and still be in business Tomorrow.
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Disclaimer: Tax Talks does not provide financial or tax advice. All information on Tax Talks is of a general nature only and might no longer be up to date or correct. You should seek professional accredited tax and financial advice when considering whether the information is suitable to your or your client’s circumstances.
Last Updated on 22 July 2020
Tax Talks spoke to Alistair Marshall - Director/Keynote Speaker at Professional Services Business Development - for more details.
