Rich People Pay Better

Summary

• I learned that choosing to work with bigger clients can provide more value and leverage. For instance, a small store making $1 million a year sees a $100,000 increase with a 10% improvement. But a big store making $100 million a year sees a $10 million increase with the same effort.

• Focus on doing the same work for better and bigger clients. It's not always about working harder, but about where you apply your efforts.

• My takeaway is that the more successful the clients you choose, the more impactful your work becomes, allowing you to charge more for delivering the same service.

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How To Take Action

I would suggest implementing strategies that focus on targeting bigger and better clients. This means evaluating your current client base and looking for opportunities to work with businesses that have more significant revenue potential. Even if you currently work with smaller clients, you can begin by researching and identifying potential larger clients who could benefit from your services.

A good way of doing this is by leveraging your network for introductions to larger businesses or industries where your expertise can shine. Take some time to map out how your skills or products can offer high value to these more prominent clients and prepare to communicate this value effectively.

Focus your efforts on maintaining quality over quantity. Instead of spreading yourself thin with numerous smaller clients, concentrate on delivering exceptional results to a select few who offer bigger potential returns. This might involve customizing your services to better fit the needs of high-revenue clients, which may require little additional effort but can yield much greater returns.

Finally, sharpen your communication pitch to articulate the vast potential for value you can bring to these clients. Highlight examples or case studies that showcase how a small effort on your part led to significant gains for similar-sized businesses. Remember, it’s about demonstrating how your work can multiply their success. By doing this, you’ll be able to charge more for your services because of the increased value you provide.