First off, charging more SAVES YOU MORE TIME! Your rate is your qualifier, if people know your rate or you immediately mention it at the beginning of a conversation as I now have learned to do, you avoid the "exploratory meetings" - people who talk to you know your time is valuable and respect it as so and only talk to you when they are ready for you.
Second, you AVOID SCARCITY MENTALITY and clients that don't know your worth nor the merits of investment. Which if you charge 10K or less for your services you'll encounter a lot of entrepreneurs that expect the world for such a limited budget. They aren't happy with making 50K for 10K, because they themselves are likely either over confident in their own ability or are still growing out of the "shiny object" syndrome where 10K spent is 10K lost towards something that "could've made them a million dollars". Where as my clients, myself, and many of you would gladly shell out 10K every day if it mean you'd be making a 50K return.
Third, you get A LOT more referrals! When you charge more and can deliver as I do, your clients will literally do your job of marketing for you in spreading the word. There are very few marketers that ACTUALLY GET RESULTS, and typically clients at that level know this or have experienced the growing pains of finding a good marketer so they appreciate you and show it in the form of referring their friends and others of caliber to you.
Fourth, because you charge more it typically means that your clients have both the money and understanding to hire the RIGHT person to get the job done, so you don't have to work with amateurs or excuses. Since I do a lot of advertising, I work a lot with video guys and influencers, I don't want my clients hiring the video guy who charges 1K because it tells me he likely doesn't have the best equipment for the job, and does not have the time nor is in the right frame of mind to focus on the task at hand because 1K does not pay the bills, and going the extra mile with us to get the job done right endangers his ability to pay his bills. It's easier to deal with other professionals, but I am not saying I don't hire the up and comers, because I am frugal and I love building others up, however I won't take on an unnecessary risk of missing a deadline or objective, if I in anyway believe that they are not the right fit for the job.
Fifth, your clients tend to be innovators and you are in a constant state of learning. As much as my clients learn from me, I learn from them. Some of my clients are truly changing the world, and it is an honor to help them accelerate that process. I also find that my clients at this level tend to become more friends than clients and I get to enjoy a lot unique life experiences and great conversation. Not just the normal conversation like "how's the weather" but conversation that makes you feel alive, like getting lost in talking about passions and how to help each other achieve each other's passions by connecting this person or that person or this resource or that resource or stumbling upon a game changing idea together that makes you feel like you're really alive. They also in many ways are masters of the work / life balance, something I find myself in need of mastering.
Sixth, the most obvious is that you make more money, but not necessarily in the most obvious ways. Yes, you are charging more, which by definition makes you more money, but I have found that you also get brought in to do more than whatever you were hired for, for that business. While most people initially hire me for Facebook ads, that is not all I do, like for instance I have made millions alone just from cart abandonment techniques I employ for my clients. So one contract quickly turns into 3-4, or in many cases you may ultimately just end up managing their entire marketing arm of their business.
Seventh, flexibility and freedom. This is hands down probably the most important out of all the different points above. Low budget clients can not afford to do research nor pursue the best possible ROI method. For instance, anyone who tells you Facebook ads is all you should be doing, should be punched in the face and kicked out the door. Every marketing medium works in tandem with the others, Search (Google / Bing / Yahoo) + Social (Facebook / Youtube / Pinterest / Twitter / Linkedin) are a match made in heaven, but did you know that you can increase your returns on all of those platforms and your SEO ranking from sending direct mail? Yes, the old and ugly antiquated direct mail, increases your brand recognition and people may see it and set it aside or throw it out but then remember you later and search patterns of the average person are to type in the company name instead of the domain which turns into a boost in organic traffic, more searches for your business, higher ranking. What about adding free samples to that direct mail or free samples via email to convert them into customers over the long game which takes 2-3 months? Small budget companies often can't do that at an effective or meaningful level. Larger budget companies mean more tools in your marketing arsenal, and less time spent arguing the importance of why they should be doing those things.
So it might sound crazy that at 25, I charge 25K-50K upfront or higher plus percentages for my time, and am going to be increasing it my minimums soon, but the reality is this. Outside consultants are more effective than in house marketing teams, regardless of the industry. Why?
Outside marketers, are bound by results. We are held at a higher standard, our roles strictly defined and accountable, and most of our business is via referral - reputation matters.
Many companies are beginning to or have already realized this, and so have the skilled marketers. Why work for someone for 100K, when you can land one 10K a month contract, or 2 5K a month contracts, and make 120K a year living anywhere in the world, working a few hours a week/month with an unlimited income cap? Want to earn more? Take on another contract. Boom - pay raise!
This is why company culture has become such an important topic as of late. It is hard to compete with the perk of unlimited upward potential, and retain your top talent unless you incentivize them in all the right ways ( money isn't the only way to motivate someone - DM me for ideas ).
So when you decide to take your business to the next level, ask yourselves, which is a better business decision?
Hiring an in-house salary employee with "years of experience" for 60K-100K, or hiring an outside consultant who's had to prove themselves in the market in order to justify their rate over time?
Food for thought :)
Thanks for reading, cheers!
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