Our guest Loren Fogelman gives us 5 Steps to Successfully Raise Your Rates without Losing Clients and lets us in on the 4 things client’s value most and will happily pay for.
Hear how to stop competing on price. Learn what your clients truly value and pricing pitfalls. Double your income while working half the time and understand what clients truly value.
Guest Bio: Loren Fogelman is a keynote speaker and one of America’s top ranked business coaches. In 2018 she was recognized by HubSpot in its annual list of the world’s top 22 business coaches.
As a keynote speaker, Loren has delivered talks and workshops across the United States at major conferences such as Inbound, one of the world’s most esteemed content marketing events for entrepreneurs, as well as many niche conferences for accounting professionals.
Loren is an expert in pricing strategy and sales for small business owners. Her passion is empowering entrepreneurs to double revenues by working half the time through strategic pricing and effective sales techniques.
Loren coaches service-based entrepreneurs to shift away from the trap of the “dollars-per-hour” business model to a value-based model that has, in some cases, allowed her clients to reduce workload by as much as 50%.
HEAR LOREN’S STORY ON BECOMING AN ENTREPRENEUR
2:07 – Hear Loren’s story on how she was destined to become an entrepreneur.
4:34 – Loren speaks about how her education prepared her to work for somebody else and being an employee instead of an entrepreneur. And not how to sell her services without sounding salesy and price her services and value instead of trading dollars for hours.
GET PAST FAULTY MODELS OF CHARGING BY THE HOUR
5:22 – Hear how pricing your services can be difficult and understanding your value. Loren explains how to get past the faulty model of charging by the hour and why it doesn’t work. Plus, Loren shares examples how pricing is subjective.
UNDERSTAND YOUR CLIENTS NEEDS
10:25- Importance of understanding your clients wants, needs and desires instead of just pitching a service. Plus, how people want results quickly.
COACHES ARE INVESTMENTS
12:46 – Penny discusses with Loren about coaching professional athletes and the similarities and differences to coaching growth minded entrepreneurs. Also, Loren explains how athletes recognize they need coaching at an early age to become the best.
15:28 – Discussion on solopreneurs and how many successful business owners use coaches and attribute the coaching to their success. How a coach is like an investment.
MASTERMINDS CAN HELP YOUR BUSINESS
17:54 – A conversation starts about mastermind groups and how they can help your business grow. Penny asks if you should be part of a master mind that is in your industry or not in your industry? Loren shares the pros and cons to both.
20:23- Penny asks Loren if there are common mistakes that she sees with entrepreneurs. Loren explains why it is so much better to not charge by the hour for your client and for you. Also, Loren gives examples on how to reply when a client asks you what your hourly rate is.
5 STEPS TO SUCCESSFUL RAISE YOUR RATES
25:56 – Loren takes us through the 5 Steps she brings her clients through so they can have a business that supports their lifestyle and stops sucking the life out of them.
- Focus on your strengths and who you work best with
- Separating your fees from time
- Success is messy- recognizing your mindset, beliefs, values, playing small
- How to stand out as the go to expert – establish a system to takes your client to where you met them to the end result. How to separates yourself from your competitors
- Solving a need by recognizing who your ideal client is and what their biggest challenge is or what they want to achieve, and they can’t do it on their own. Or they tried it on their own but didn’t get the results. That is where you start the value conversation.
4 THINGS CLIENTS VALUE MOST
34:58 – Hear how Loren shares the 4 things client’s value most and will happily pay for.
Below are the 4 things client’s value and Loren shares examples how to understand them and position your business to satisfy these needs.
- Save Money
- Make money
39:17 – Loren shares her message she would like all our listeners to hear. Again, great examples and valuable advice is shared.
HOW TO CONNECT WITH LOREN
Business name: Business Success Solution
FREE CHEAT SHEETS FROM LOREN