Captain’s log, stardate 20201231
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“How should I value price a brand new idea?” and more...
In today’s group coaching session, we had a bunch of good questions that touched on topics like:
- How to price a brand new idea
- How to convert an hourly client to a retainer model
- How to get testimonials and case studies from clients in a very competitive vertical
- How to offboard a long term client
- How to find the ideal buyers in a target market
- How to bill when you spend an hour on research that benefits more than one client
- How to handle issues arising from hourly subcontracting work
Plus, we did a teardown on a sales page for a three tiered infoproduct.
Here just are some of the questions I answered today:
How do you value price someone’s idea? Example someone comes to you with an idea for the next great social media app. They have a good idea, they want to build but the why is something less tangible than money. They want to "change the world". Only thing I can think of is to pull from my experience in what it takes. (timestamp: 2m 10s)
I have an hourly billing corporate client that I would like to change to a retainer model. I have only spent 7 hours yet. The work I am doing is providing an instructional course, weekly meeting, and an open ended research project. I would like to change to a retainer payment. They have already prepaid for $6k of hours. How do I get these guys to a retainer? For a new client, I would be happy charging $9k a month, but this seems too high based on an hourly rate parallel. (timestamp: 16m 52s)
After a client chooses an option and signs the proposal, do you then send them a work agreement that covers more specific details regarding cancellation terms and liability? Or is the proposal generally the only document you have signed? (timestamp: 22m 16s)
When you’re specialized and focus on a vertical, sometimes it’s hard to get testimonials and case studies when your clients are essentially competitors. Testimonials may be easier, but case studies with actual results may be harder. After all, clients don’t want to advertise their numbers to the competition. Any suggestions around this? (timestamp: 26m 37s)
I’m (finally) coming to the end of a 2-year project. Can you suggest any resources for best-in-class offboarding my client? I want to capture testimonials, get the green light on case studies, and make sure they feel supported as I transition away. (I have plenty of time on this one, so I want to do it right.) (timestamp: 30m 37s)
I’m preparing a productized service for a digital product validation - design sprint workshop. I’m targeting C-level people, with little time and high risk in strategic product decisions. In a previous company, I only had one such client that perfectly matched my ideal buyer persona profile who needed such a solution. How to find more people like this to ask them about their problems, wants, needs and convince them in an interview? Happy holidays to you and your family! (timestamp: 37m 3s)
Quick question regarding hourly billing, which I still do for the moment. I’ve also had day rates in the past. If part of the work has to do with researching a particular item/solution that more than one client happens to need, how do you handle billing? Do you bill clients equally, bill based on a weighted average of how much each client pays compared to others, or some other way? I want to do things with integrity. Thanks in advance. (timestamp: 53m 24s)
Is there a way to define a measurable goal for my Brand Storyboarding? (Listened to the experience economy podcast today...) (timestamp: 57m 20s)
How would I communicate/get agreement/or deal with pushback if I want to send an assistant/junior person to a client meeting on my behalf in case of scheduling conflicts (whether the conflict is a doctor appointment, car change, another client meeting)? I would not be billing that client for the person who shows up...that’s on my own dime. (timestamp: 63m 18s)
(If you’re curious, you can review the entire list of past questions here)
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