TT#011 - 3 ways to earn more as a consultant with better positioning
3 ways to earn more as a consultant with better positioning
Specializing pays more.
Brain surgeons earn more than the "doc in a box" at CVS.
And the medical attorneys that specialize in suing them earn more than the local lawyer that does a little of everything.
There’s a long list of reasons specializing pays more, not the least of which is that you can easily market your services to a well defined audience.
It's tough to profitably market, "I'm a smart person with good experience and can help you solve most of the problems you have. Trust me."
Specializing also pays more because of the assumed and real expertise that comes from focusing your time and energy. Prospects assume you know more than anyone else. And, as you consistently work on similar problems, you do (or will) know more than anyone else. Meanwhile, generalists have to ramp up their learning on every new problem they encounter.
Let me share 3 ways you can look to specialize and start earning more.
By Market
The easiest and most popular way to specialize is by market. This may include picking:
An industry (trucking, coaching, etc.)
An audience (CEOs, boating enthusiasts, etc.)
A profession (law firms, entrepreneurship, etc.)
A business model (SaaS, inbound sales, etc.)
This isn't an exhaustive list, of course.
But the main point is this: You will command better rates by offering prospects peace of mind that you understand their business better than anyone else. And picking a market to lean into is a tried and true way of doing just that.
By Problem
You don't have to specialize in a market to stand out. You can also specialize in solving a specific problem, such as:
Imposter syndrome of a first-time CEO
Final five pound weight loss for soon-to-be brides
Financial insecurity of high-income earners (yes, it's a thing)
When you specialize in solving a problem, you can speak to the pains those problems are causing better than anyone else. And chances are, you can even predict the mistakes they are making trying to solve problems on their own.
That becomes your marketing superpower.
By Process
A similar way to specialize is by having a unique, proprietary, or new way of solving a problem. Examples of this include:
Software you developed to highlight the most profitable real estate investment properties.
A set of questions proven to identify top sales performers in interviews.
A proprietary process for identifying bottlenecks to repeatable sales (like our 360º Sales Audit).
Having a different way of solving a problem helps you stand out from the market and build credibility of your knowledge on the subject.
When other consultants are saying they can solve the problem, you'll be able to explain how. And that establishes authority.
How are you positioned?
You can position yourself more strategically as a consultant in dozens of ways. Hell, you can mix and match many of them to really niche down.
The important thing is to have something that makes you stand out.
How does your positioning differentiate you from the massive crowd of smart, experienced, educated executives you may be competing with for a project?
