Are you struggling to go to the next level with your consulting/coaching business? Do you feel dissatisfied with all the sales leadership training programs in the market? If yes, you’re not alone.
You see, most consulting businesses struggle to increase their own worth. Usually, they are not sure how they can charge higher prices for their services. Today, we will share with you what could be stopping you from breaking the ceiling. We will also look at some action steps that you can take to break through that ceiling.
As consultants, you sell your expertise to companies and help other business owners to increase their revenue, right? Now, whether you have some experience or are just starting out, it’s a great time to be a consultant/coach. There are a lot of opportunities for growth in this market.
In fact, The Bureau of Labor Statistics predicts a 14 percent growth for management consultants by 2026. Furthermore, the average base pay for consultants is $77,368/yr. And if you’re a business owner, the sky is your limit, of course.
However, that limit is defined by the value that you bring as a consultant. In other words, your ability as a consultant defines how much money you can make. The more value you bring to the market, the more you will get paid, right?
Have you ever done a value evaluation of yourself? If not, that’s alright. We will help you do it now.
What Value Do You Bring As a Consultant?
You may know that Dan Lok has been a highly successful consultant/coach for over a decade now. The interesting thing is he didn’t require a degree to achieve that success. He didn’t take up any sales leadership training. It also did not happen by fluke or accident.
So, how did it happen? To answer that question, let’s take a look at a few valuables he brings to his clients. It would become apparent how he was able to set himself apart.
You should think of these as a checklist to evaluate your own abilities. At each step, ask yourself if there is anything you can do to increase your skill. The answer to that question might set you on the path of success. You will have a clear idea of what action to take for increasing your worth as a consultant.
1. Sell Specialized Knowledge
Let’s look at the basics, first. We know that as a consultant, you sell specialized knowledge, isn’t it? You have knowledge about a specific field and you sell that in the marketplace. That is one of the biggest and the most important values that you give to a business.
2. Provide Fresh Eyes
You see, entrepreneurs are too close to their business. They can’t see their business from a bird’s eye view. Hence, it can get difficult for them to make an informed decision.
You may have heard the expression can’t see the forest for the trees. That’s exactly what happens with a business owner. They have tunnel vision. Sometimes things that should be common sense aren’t visible to them. That’s where you come in and provide a pair of fresh eyes.
3. Ask Interesting Questions
These are questions business owners may not even think about. Let’s say a business owner is planning on doing something in a certain way. And they ask you for advice on how they can do it.
There are times where you come in and ask them why are they even doing it, right? Maybe then they realize that they don’t need to do it. You see, as a third party, you’re not emotionally attached to their problems and decisions. You can ask these interesting out of the box questions.
4. Discover Hidden Opportunities
Sometimes when Dan works with an entrepreneur he helps them discover hidden opportunities. To reiterate, entrepreneurs are buried in their day-to-day tasks. Hence, they could miss out on identifying opportunities that could be valuable to them.
In some cases, an opportunity could be right there in front of them. Let’s say a financial relationship or maybe some under-utilized assets that they have. These opportunities could be intangible, too. As a consultant, you help them discover those golden opportunities.
5. Establish the Right Connections
You can significantly help your clients by making the right connections. It could even mean making referrals to relevant people or businesses that could help them.
Let’s say your client needs some work done and you know a reliable vendor that could help them. You make that connection and establish that profitable relationship for your client.
6. Provide Resources
Dan has over 2,000 books, courses, and marketing material in his library. He offers them to his clients if needed. His clients greatly appreciate this gesture as it empowers them in the long-run.
Maybe you have some resources that you have collected over the years, too. You could provide these to your client. These tangible pieces of valuable knowledge could help them make a better decision now or even in the future.
7. Challenge Preconceived Limits
Sometimes, clients believe they can only reach a particular point or that there’s a glass ceiling in their business. Your job as a consultant is to challenge their limits.
You could help push them to do a little bit more. Maybe there is a side business they haven’t considered. Essentially, you push the envelope and make them think. You challenge their preconceived limits and help them grow.
8. Help in Implementation
After giving valuable advice, you help them implement that advice in the best way possible. Execution of decisions brings its own set of problems and you help solve them.
9. Hold Accountable
Sometimes, business owners can be reluctant to follow through on your advice. Or maybe they just plain forget to do it. At this point, you have to hold them accountable for their actions. This way you make sure they get the most value out of hiring you.
10. Give Recognition
Being a business owner can be lonely, right? If you have a consulting business, you know what we are talking about. When you achieve something significant you want some recognition.
As human beings, we all need that from time to time. Especially, if friends and family don’t quite understand our achievements.
As a consultant, you could provide that recognition to the business owner for their successes. They would appreciate it a lot if you commend them on the hard work they have put in.
11. Provide Validation
Sometimes, your client wants to implement an idea but they need some validation. They already know what they need to do, but lack confidence. Maybe they want to verify that their idea is good and is worth moving forward with.
As a consultant, you help them go forward by providing validation. Your educated input gives them the confidence to move forward.
12. Provide Motivation
Business owners need to stay motivated on a continual basis. There are a lot of tough times that a business owner has to see. Hence, motivating your client is another quality that a good consultant brings to the table.
You could motivate them by just giving recognition as we discussed earlier. It could be through telling other business owner’s success stories. It could also be from your own experiences.
It’s natural for entrepreneurs to lose their drive due to various factors. A good consultant would always nudge his client and drive them towards success.
13. Provide Certainty
This is one of the most important and much-needed abilities of a consultant. The ability to sell certainty.
You see, most business owners are not sure about what they are doing is right or not. That’s the biggest responsibility of a consultant: Bringing security to his/her clients. A great consultant would tell them which direction to take and assure them that it’s the right one.
Sometimes, all that you need to provide is a little bit of certainty which will help clients move forward. After that, if needed, there is always an option to pivot and change direction. The idea is that clients make progress and do not stagnate.
The point we want to highlight is that most consultants are unable to provide certainty to their clients. This ability and its mastery separate a great consultant from an average one. In fact, it is an essential element to succeed as a consultant. That’s why it’s surprising that most sales leadership training programs fail to cover this crucial element of consulting.
The Myth About Consulting
Most sales leadership training programs train consultants to bring two things to the marketplace:
The consultants think these are what their clients are buying from them. But the truth is that these are not what most clients are buying. Maybe you have been under this misnomer, too.
You see, most sales leadership training programs fail to realize that the clients already assume consultants bring expertise and results. That’s why they hire a consultant and stay with him/her, in the first place.
What most clients really need is a sense of certainty from their consultant/coach. Unfortunately, a consultant can’t do that convincingly, if they aren’t sure of their own abilities.
In our experience, this is the biggest problem among consultants. Most times they aren’t:
- Comfortable in giving advice.
- Certain of their abilities.
Now that we have dispelled this myth, we will also get to the solution of this problem, as well. Before we do that, let’s find out what type of consultant you are.
The Consulting Business: Transactional vs Transformational
If you’re selling a service, you’re selling a relationship. Relationships are all about feelings, right?
This is another important lesson for consultants (or any service provider) which most sales leadership training programs fail to cover. You see, it’s all about your relationship with the client. You need to always ask yourself, what are you doing to nurture, maintain, and strengthen that relationship.
Based on the type of relationship with clients, there are two types of consultants:
If you’re a transactional consultant, you work for your clients and get paid. That’s all there is to it. If this rings true for you, it will be very tough for you to charge higher prices. The reason is that a lot of people can do that. In fact, these old-school techniques are still taught in most sales leadership training programs.
You see, it’s very easy to have a transactional relationship with a client. Most consultants are stuck at a certain level because of the transactional nature of their relationship.
We will look at another service provider’s example. Let’s say you’re in the bespoke suit tailoring service.
Imagine a client walks in and you help them choose a fabric. Then you measure them up with your amazing skills as a tailor. After that, you give them a timeframe to collect their suit. You stitch the suit and deliver it on time. The client is happy with their product and pays you the money. A job done well. But, don’t you think all good tailors can do that?
When you have a transformational relationship with a client, you’re not a commodity to them. Your work has a big enough impact that it enhances their lives or their business in some meaningful way.
As we mentioned earlier, it’s all about how you make your clients feel. Let’s go back to the previous example of the bespoke tailoring business.
Imagine that another client walks in. You invite them and ask them what they want. You learn about their personality. Most likely, they won’t be sure about what they want. Let’s say, they have low self-confidence.
You understand everything about them such as their profession, hidden ambitions, motivations, etc. Then, you go through the process of helping them choose the fabric and taking their measurements. While doing so, you also suggest the color and the fabric that suits them well and brings out their personality.
Now imagine that while wearing that suit, they feel confident and accomplish something, as a result. Something that they couldn’t do earlier. Perhaps they go out and make something happen like strike a deal which brings them a lot of money.
This could be the same suit that was made in the earlier transactional scenario. While that one was just another one of those suits, this suit transformed a life. Do you see the difference in approach?It’s not about what you do. It’s about how you make your clients feel. Click To Tweet
This transformational experience is what separates the highly paid consultants from the rest. If you think you can make a difference in your client’s life, show them. Maybe you can save them time which they could spend with their family. Or save them money which they could spend on their family.
How To Charge High Ticket Prices For Your Consulting
Consultants need a well-rounded set of skills to run a successful practice. The more value they bring to their clients, the higher the price they can charge for their services. In fact, that increases the chances of clients staying on a retainer, too.
To increase the value you provide your clients, you have to increase your abilities and skill set, first. As a consultant, here are a few skills you should develop:
Closing is the ability to sell anything to anyone. One of the most fundamental skills needed to succeed as a consultant. We are not talking about the old school sales methods taught in every other sales leadership training. We are talking about high-ticket closing.
This skill helps you build long-term relationships. It gives you the power to attract more clients and retain them. If you can master this skill, other consultants won’t stand a chance.
It even gives you the potential of selling your service at a higher cost. You see, high-ticket closing is the art of persuasion and influence. It’s the skill of getting behind the thinking of your prospects and clients.
In essence, it uncovers the why behind a prospect’s thinking. Hence, giving the consultant, the ability to handle any objections that may come their way.
As a leader, you have to motivate your team, build trust with them, and develop respect for each other. Few skills you need to develop as an effective leader:
- Self-management: Before you can manage others, you have to first learn to manage yourself.
- Strategic thinking: You need to have the ability to have a clear vision.
- Team management: You have to be able to find the right people. Also, be able to motivate them towards your vision.
- Business management: You need to know the ins and outs of running a business. Things such as how to read and interpret company data.
- Communication: You need to be able to effectively convey your vision to others. Things such as establishing a structure in place.
- Change management: You have to be able to respond and adapt to changes in circumstances, your plans or your client’s plans.
Copywriting is the ability to close in print. As a consultant, it’s important to understand how to close with your written word. The ability to write compelling copy (emails, Facebook ads, etc.) will give you the edge over other consultants.
How to strategically market your service will go a long way in establishing you as a go-to consultant. Naturally, you will benefit your business if armed with the knowledge of essential modern-day marketing tools.
Furthermore, you will stand out in front of your clients because you will be able to understand them better. This way you will be able to give better advice to them.
You need to know how to implement and maintain your brand strategy. This will help build trust with your customers.
You see, branding impacts internal and external communication, both. It is essential to your company’s image. It will help you create lasting impressions by producing the right brand image. Again, this applies to your consulting business and also enables you to help your clients in a more holistic way.
High-Ticket Influencer: Sales Leadership Training At Its Finest
The skills we discussed above are just a few core skills that a successful consultant must develop. Most of them require a deep understanding of human psychology and behavior to really unleash their power.
Now, as a consultant, you already provide a valuable service to your clients. You help them solve their problems and increase their revenue, to name a few. However, if you master the art of influence, you will become invaluable.
You will be more comfortable and confident in your advice. Furthermore, with a transformational relationship with your clients, you will be able to charge high-ticket prices for your consulting services.
Dan Lok reveals all his coaching secrets in his sales leadership training program called the High-Ticket Influencer (HTI). Over the years, Dan’s coaching has enabled consultants/coaches to scale their business to unprecedented heights.
His sales leadership training program contains proven methods that helped him scale his own coaching business. Using these methods, he went from 0 to $1,000,000/month in less than 8 months.
HTI is unique and one of its kind sales leadership training. It’s tailor-made for ambitious consultants who are serious about honing their skillset and increasing their worth.
You see, success doesn’t come to everyone. It only comes to action takers with an obsessive drive to get that 1-3% of an extra edge over others.
If you have a strong drive to scale your consulting business, unlock the High-Ticket Influencer sales leadership training program. It contains powerful strategies, videos, and guides that can help you become an invaluable asset to your clients.