If you’re a business owner caught in the trap of trading time for money, you’re going to love this post :-)
Now I’ve been there myself. And don’t get me wrong. At the time I was pretty happy. You see, I’d finally put on some big brass balls, told my crappy agency boss where to go, and was busy doing design the Deesign way.
And as a business owner yourself, I’m sure you can relate to how good that felt.
You’re seriously happy working away, doing your thing and feeling grateful for any old customer you could find. But somewhere along the line (two to three years tends to be a common pinch-point), you start getting a tad frustration, even disillusioned with it all.
It’s just not fun working stupid hours for little financial reward – especially for clients who don’t appreciate your genius and constantly screw you on price. And anyway, I business should be fun – especially when you’re doing the thing you love.
So if you want to escape the trap, seriously raise your prices and start working with lots more customers you love, giving your brand a teensy bit of TLC is a very good idea.
Now let me tell why…
Seriously, can branding really help me escape the time for money trade, Dee?
But I’m sure you want a bit more substance than that! So let me reveal exactly why a fresh brand can transform your business.
Now if you’re stuck in that old time = money trap, you have two key options if you want to create a serious step-change in your financial fortunes.
1. Raise your prices – significantly
2. Change your business model and introduce residual income (like I have with my Get It ByDeesign membership site)
Now the easiest of the two is a price hike.
You can probably get away with gradual price increments with your existing brand. But small changes aren’t going to change your financial fortunes any time soon – and that frustration and disillusionment isn’t going to vanish overnight.
Think big. Be fearless. Be brave.
Instead, you need to be bolder. So forget gradually creeping those prices up (which lets be honest will take far too long), change your pricing structure completely.
For example, decide you want to charge £150 an hour rather than £30 (or whatever is right for you). Simples :-)
Now if you’re thinking, “heck, Dee – there’s NO WAY I could hike my prices that much”, let me reassure you that you are most definitely wrong (in the politest possible way of course).
The fact is, with the right positioning, you will always find people who are happy to pay your chosen price tag. The trick is to get your positioning spot on – so that customers perceive value in whatever your price point happens to be. And that’s where your brand becomes a seriously valuable tool.
Could your existing brand be holding you back?
If you’ve still got your start-up brand, it’s unlikely to be doing you justice. In turn, it probably won’t support the sizable price shift I’ve described above. That’s because that rushed-up brand you started out with, will always be associated with your current, budget price tag – and it’s keeping you trapped in your current market.
Look, a brand isn’t just a fancy logo and a “that will do” colour scheme.
A strong brand goes way beyond this superficial stuff. That’s because the visual aspects of brand have the ability to position your business and influence the way customers think and feel about you. Colour is that powerful…
(The psychology of colour is one of my favourite subjects, and one which often causes heated debates! – to learn more about how colour can help you sell, watch my FREE video series).
Now, when you started your business, I bet you didn’t give a lot of thought to your brand. Most entrepreneurs don’t. You probably based your brand on a colour you liked and did what was needed to get something out there – FAST. So tt the time, that budget logo site and cheap design was a smart decision.
But now that you’re looking to raise your fees to a level that reflects your true genius, skills and knowledge, your brand needs a rethink. After all, you can’t charge a premium when your brand screams “cheap and cheerful”!
Brand can change your customers’ perceptions of your business
Interestingly, brand can also influence the price that people think and perceive your products and services to be worth.
Take Apple. Customers are willing to pay a premium for a product they perceive to be of higher value.
And you too can leverage this same principle in your business. YOU can use brand to establish your authority and change your positioning so you can charge more – often for doing the very thing that you’re doing right now. The only thing that’s different is the way your products and services are packaged up.
Brand can attract your Mr Perfect Customer
Brand can also be designed to attract a very specific type of person.
That’s the kind of person you WANT to work with – namely your Mr Perfect Customer.
Now there is HUGE value in this. After all, I bet one of the things that’s irritating you right now is the customers you feel you have to work with (you know the ones I’m talking about). They’re often the very people who give you the most hassle and the least respect for the skills that you have.
In comparison, I bet you also have some customers who you absolutely LOVE. Perhaps they feel like friends and it’s just a pleasure doing business with them. In fact, you have the most fun on the days when you get to work on their stuff.
Well, brand comes in here too. That’s because it’s possible to create a brand that’s designed to attract the Mr Perfect Customers you love, and repel the pain in the ass ones you don’t.
Now the good news is you don’t have to be a designer to create a brand that can do all this.
That’s because a lot of the brand building journey involves uncovering your brand iDeeology – the meaningful stuff where you figure out what your brand needs to say, why and to who.
And his entire journey is covered in my Get DeeBranded Intensive course.
Now some marketing gurus claim that design doesn’t matter. But I promise you, they are wrong. Design does matter and when you get it right, you’ll notice a big step change to your bottom line.
What else do you need to know?
Got a question about how branding effects price point? Pop your question below or ask away on Facebook. In the meantime, screw different, have fun and make lots more money by being you.