Worth Your Salt
- October 3, 2011
- Posted by: Rochelle
- Category: Brand + Design, Client Relationships
Once upon a time, salt meant power. Preserving food meant nations could travel long distances to create (or destroy) empires. Soldiers often received their pay in salt, which became the root of “salary”.
Are you worth your salt?
Think about it. Is your price commensurate with your worth? Do you find yourself trying to convince clients (or your boss) that you’re worth your price? In this economy, it’s easy to fret about where your next project is coming from. You might be tempted to reduce your fees or start haggling to close the deal.
Instead, align your fees with the results you produce.
Take the litigator who gets paid only when he wins the case. He doesn’t haggle—he makes investment decisions based on the highest, best use of his time. The client willingly, happily, pays his fee when he wins.
Or the financial advisor who takes a percentage of assets managed as her fee. Clients quickly see that if they do well, she does well. Fees become a footnote to the real conversation: how the advisor can help her client achieve her dreams.
Try taking a page from their book. Demonstrate how you add value by tying your fees to the benefits (not features) of working with you. The consultant who can show net productivity increases or cost savings opens the door to discussion. You’ll seal the deal by painting a picture the client can get excited about.
Remember, you’re worth your salt.
In my profession, it is called bonuses and higher fees for next engagement.