Sean's Notes
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(.scrollIntoView el)))
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Becoming An Agent of Growth
You get paid in direct proportion to the difficulty of problems that you solve. - Elon Musk
I've been paid, in essence, over $500k by one client to build out what most would consider âa simple sales funnelâ. I didn't write most of the sales copy. I didn't help make the product. In fact, I didn't do most the things youâd think a marketing service provider would. How could I possibly justify that fee? Well, that's what this module is all about. Truly understanding & clearly defining your real worth, and positioning yourself so that worth is crystal clear for the person signing the invoice.
The core concept of the GA strategy is to reposition yourself as a Growth Agent as opposed to a traditional service provider.
A growth agent thinks about (and sells) their services with the end in mind; the tangible growth that results from services provided.
Most sales & marketing materials they create focus on "why" as opposed to "how". They don't sell "websites", they sell "lead generation", they don't sell "copywriting services", they sell "conversion systems", they don't sell "accounting services" they sell saving money.
It's a simple understanding that building a bridge isn't about the bridge, it's about the connection built between two places and the lives it enriches of those it services. Likewise, whatever service you provide end results aren't the website, advertising, sales strategies, accounting, etc. that you are providing, it is the savings, the new leads, the higher sales rates they produce.
Expanding upon the analogy...
Bridges are a critical component of a nationâs infrastructure, making it possible to ship raw materials and finished goods to factories, warehouses, suppliers, distributors, stores, and end-consumers. Bridges also facilitate travel so consumers can purchase goods and services in their own communities and beyond. When a bridge closes, economic activity slows or grinds to a complete halt.
When business activity is reduced, tax revenue decreases. This impacts the bottom line of governments that collect sales taxes.
Since the Ăresund Bridge opened at the start of the millennium, Denmark has benefitted from a more than âŹ4 billion injection into its economy from Swedes who can now work in Denmark because of the relatively easy commute. In return, Sweden has experienced a significant reduction in unemployment and related benefit payouts
The Classic Service Approach Vs. The New Way
The Classic Service Approach is Dying
The classic approach of providing a service at face value has its merits, and it's often where most businesses start.
There are many issues with this approach in the modern business landscape...
- Many who start a business start one because they are good at a skill, as opposed to having desire or skill to start & run a business. They overestimate their ability (and difficulty) to run a business. They often find themselves overwhelmed by the tasks of delivering the service while also securing new business (sales). This almost inevitably leads to burnout.
- Knowledge Workers face increased international competition. As much as a potential client may want to work with someone local with many of its advantages, they often, understandably, choose the path of lower costs. While quality service, and quality marketing & salesmanship can often overcome this issue it is often outside the reach of most to create this level of quality while delivering their services.
Recommended Reading: E-Myth by Michael E. Gerber
Growing Out of The Traditional Service Model
There are three main approaches to overcoming the issues that come with the classic service model...
- [Traditional] Shift your focus to building the business & it's systems while hiring out the service procurement, or vice-versa.
- [Boutique] If indeed your mastery of the service you provide puts you at the front of the pack you can frame yourself as a boutique provider... someone who only works with high tier clients in limited quantities.
- [Hybrid Approach] A hybrid approach of the above two options, along with a unique approach to client selection is the third approach. By shifting focus from inbound to outbound marketing & sales you can mitigate many of the issues that come with both the traditional & boutique approaches... As you will see this shift in strategy can provide you with a new and insightful way to approach how you sell & provide your services.
Less Clients, More Money
Understanding Skill, Time, & Risk as a Measure of Real Value
Receiving profit share in a project you participate in is nothing new, it's been around as long as business services have been around. It can be incredibly lucrative approach when done correctly...
Example Profit Share Deal: a 10% profit share of a website project that generates $1m in profit's can generate a $100k return. Even if the original service provided retail price would normally be, say, $10k. One would need to land 10 client deals at $10k to equal the 1 profit share deal.
If it sounds too good to be true, it probably is... what's the catch?
The example above sounds good on paper, but the old adage "if it's so easy why isn't everyone doing it?" comes to mind. Let's explore some of the hurdles to making profit share deals work and how the Growth Agent methodology addresses them.
How can you realistically estimate & deliver on a project that can generate your target profits?
Answer: work with the right kinds of clients.
The art of identifying & pursuing the right kinds of clients for your services is a cornerstone principle behind the Growth Agent model; the quality of your client greatly influences the success of a project.
How can you frame your "worth" in a project, both to your client and yourself?
Answer: understanding the concept of risk & reward will help you mentally accept a seemingly "overpriced" fee for your service. A client who agrees to a fixed rate lowers your risk and potential reward... You are also incentives to work as quickly as possible on the project (even if you have pride in your quality), every extra hour spent on the project reduces you profit. Agreeing to a performance based payment reduces the clients risk up front, they only pay if tangible results are reached, but this greatly improves your potential reward.
Put simply, agreeing to be paid for your results shifts the upfront risk from your client to yourself. In a very real way you are investing in your client, in essence making you a partner.
KEY: You aren't only getting paid for the work you're doing, the skills you have, or simply the results you generate... you're also getting paid (or not paid) for the RISKS you're taking.
Your Value = Results * Risk | Risk is a force multiplier to what you might consider your 'base rate'.
Next: The ABC Client Method