It’s time to cut to the chase. These are the ways you will benefit from creating a brand that draws a steady flow of new A clients:
• Higher fees. By limiting your services to a more select group of people, you create what economists call scarcity. The demand for your services exceeds supply, and prices rise. By becoming exclu- sive, you can justify raising your fees. The message to your clients:
you’re limiting your practice to a select group of top people and offering a premium level of service, so you must raise your fees ac- cordingly. But be prepared to deliver that premium-quality ser- vice, not just lip service.
• Greater income.It’s not much of a leap to see that higher fees lead to more money in your pocket. If 20 percent of your clients gener- ate 50 percent of your income now, if you cut the other clients loose and double your number of A clients, then increase your fees
THINGS YOU CAN DO IN A MONTH
1. Hire a graphic designer to begin work on your new collateral ma- terials.
2. If you work from home, begin searching for an affordable office.
You need to convey a certain image with your brand, and it’s likely that your home doesn’t do it.
3. Apply for a bulk-rate mailing permit from the post office.
4. Pick up a copy of the Lifestyle Market Analyst(about $500), a huge, indispensable book that breaks down detailed demographic information for every metro area in the United States. It’s invalu- able for developing your target market.
5. Put together your basic press kit.
6. Attend your first professional networking events with your new business cards in hand.
by 50 percent, you’re going to raise your overall income by 50 percent. But it gets better.
• Lower costs.With fewer clients to service, your staff won’t need to spend as much time handling complaints. Maybe you can let some people go, or you can turn them toward marketing and bringing in new business or creating customer delight. In general, fewer clients means reduced costs, and that also raises your net income.
• Fewer hours worked. Fewer clients who are not wasting your hours with ridiculous requests translates into less time spent at the office. If you calculate your hourly wage, you’ll quickly see that reducing your hours at work from 75 per week to 50 dramat- ically boosts your per-hour income.
• Creating a referral channel. In order to winnow your practice down to your ideal clients, you’re going to create a referral system that sends your B clients to other people and automatically de- flects new inquiries and sends them to alternative service providers. Doing that not only creates tremendous goodwill for you, but also creates a potential reverse referral channel that can bring you new ideal clients from time to time.
• Building something you can sell. This is a big deal. Right now, you’re probably the sole asset in your business. Maybe your mail- ing list or client database has some resale value, but not much.
But when you build a Personal Brand that attracts top-quality clients and gives you an elite reputation in the community and the industry, your brand becomes your biggest asset. You can open new locations and eventually sell your business when you retire early, because your brand has the value. Charles Schwab will go on long after its founder retires or dies because the brand is so strong. A great Personal Brand allows you to sell your business or pass it on to an heir.
• More enjoyment.You want to love what you do, don’t you? Often this is an overlooked side of business, and it shouldn’t be. Part of the reason you got your education and went into business for yourself was to control your time and enjoy being your own mas- ter. Well, when you’re choosing whom you work with instead of
letting them choose you, you’ll enjoy each day more. You’ll get real pleasure out of your business relationships.
• A better lifestyle. The purpose of launching any career is to fuel a lifestyle that gives you joy and meaning. It’s really that simple. Un- fortunately, many of us forget that in the rush to build a company and the headlong panic to stay ahead of expenses and grow. But think about it: better clients⫹more income⫹fewer hours worked⫹more enjoyment from your clients⫽a better lifestyle.
You’ll have more time to spend with your family and friends doing the other things you enjoy. When you have a system in place to maintain your Personal Brand and keep your client relationships strong even when you’re away (an area I’ll cover in detail later), you’re free. You run the business. It doesn’t run you. You can take vacations, go to your kids’ soccer games, and live your life.
Of course, doing all this demands a financial investment. But how much, and what’s the return on investment? I’ll talk about that in de- tail when we look at Branding Channels in Chapter 5. For now, let’s move along to the three brains of Personal Branding.
BY NOW YOU SHOULD BE . . .
• Settled in with the new name of your business, your name
• Looking at design drafts for your new logo, business cards, and sta- tionery
• Planning your new Web site
• Talking to editors and radio program directors around your com- munity about what it takes to get in print or on the air
• Redesigning your workspace to be a more client-centric environ- ment