Consultant, here’s one of the best ways I know of to increase your fees and profitability. Read this before watching the video 👇
It took me a long time to realize this when I ran a management consulting firm, but deliberately seeking clients who valued my services more was one of the best decisions I made.
For my firm, that meant focusing more on mid-sized organizations (1,000 – 5,000 employees) rather than small businesses ( <1,000 employees). If your firm serves small businesses, consider going upmarket.
Moving upmarket has its advantages:
✅ You get paid more for your expertise.
✅ More cross-selling and up-selling opportunities.
✅ Better chances of being retained for longer periods of time.
However, going up-market is not always a bed of roses. If you’re considering doing this, keep the following in mind:
1. Tweak your offering to suit the new segment. Bigger clients are organized differently, so your offer should be designed to get these new clients results. What worked for small businesses may not work for bigger clients.
2. The sales process for bigger companies is different than for smaller ones. More influencers or decision-makers means you’ll need a champion to vouch for you. Sometimes you may have to deal with the procurement department as well.
3. Expect sales cycles to be longer. More decision-makers, the longer it takes to close deals.
4. Make sure you have the right delivery team (associate consultants, subject-matter experts, etc., as the case may be) to deliver what you promised. Your existing team may need to be enhanced appropriately.
5. Any change can be nerve-racking in the beginning. Things may not always go your way, but take one day at a time, learn from client feedback, focus on delivering results and cement your firm’s place in your new segment.
Check out the video below for my thoughts on moving upmarket (if you currently focus on serving small businesses) 👇👇👇
Ready to add $100k-$500k revenue to your consulting business in 12 months or less without burning out? Schedule a call and let me show you how.
Image credit: John’s Consciousness