How To Charge Marketing Agency Clients Who Are Doing Well
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Hi, it’s Aleks, so I just had a student and he had a situation where he made a client $23,500, which is pretty good amount of money to make your client if you’re only charging, you know, one or two thousand dollars for a service.
So he was like, “How do I get more money out of this? This seems like a lot of money and I made the client so much money. Man, I want a better deal with the client. I deserve to get paid more. I crushed it and I wish I had like profit shares and whatever, that would have been amazing. Is it too late? Can I still get the profit share? Can I go and get more money because the client unexpectedly made a lot of ROI for what I’m offering, right?”
So he basically deserved, like he should get paid more for his service seeing as the client made more than expected. I’m just gonna share how to deal with this on multiple levels, ’cause you could just say, oh okay, call the client and here’s what they say on the phone, right? But that doesn’t really solve anything. What we’re gonna do instead is we’re gonna look at how the maximize profit, looking at this and dealing with this, how to maximize client satisfaction, how to maximize client retention, so they stay a client longer and keep paying you for a longer period of time and how to maximize referrals so you get more free clients without really having to do lead generation and how to stay sane all at the same time. And that is in the context of how to deal with when clients make a big ROI, okay, ’cause that’s what it’s really about here.
It’s not just about how do I get this client to pay me more money? That’s really secondary to the whole thing. Off the bat, the first thing I’m gonna tell you is you’re not gonna convince the client to pay you more retroactively. That’s not gonna happen. If you sold something for a $1000, $2000, $3000 and the client’s happier and gets better results than expected, you can’t go back and say, “You know the thing I sold you,” even if it’s a service, “pay me more for that”, retroactively. That’s not gonna fly. Like people don’t function like that. They’re gonna freak out and they’re not gonna be your client anymore. So that’s a very bad idea. It’s like also scarcity mindset. That’s where we’re gonna talk with maximizing profit, not retroactively going and doing weird stuff to piss off the client.
‘Cause all the things that I mentioned, maximizing profit, client satisfaction, client retention, referrals and staying sane, all those things need to be in balance. You can’t just have maximized profit and like manipulate people to pay you more. You can’t just have that. All the things that I mentioned need to stay in balance.
So let’s talk about the first thing, maximizing profit. As I said, you can go and retroactively increase profit from a previous sale, but you can renegotiate a deal where you say, this project is running really well, better than expected, and then you need to introduce how you’re gonna do more and deliver more results, more of this, more like this, you will get more, right?
So you’ve got him more, so how do you get even more than that?And then because you’redelivering a a better service,you’re giving them more,then you can negotiate things like profit shares or higher retainer fees.And the best time to do that is when the client is getting great results.The worst time to do that is when the client is dissatisfied or something like that.In terms of profit shares,let’s say you do want to do a profit share,you may wanna get a solid contract and have good access to the clients CRM or card so you can see how many sales actually come from any type of deal.Otherwise how do you actually do a profit share or revenue share?It doesn’t make any sense.
So the second thing is, client satisfaction. In terms of client satisfaction, you need the make sure that the client is getting great results at all times. Of course, your client should be getting results like this. Of course, the client should be getting 1000% ROI, of course. Like that should be the thing that you do with clients and then you record testimonials with them, in terms of referrals, you record testimonials with them, just when they’re at their happiest moment and you leverage those testimonials, those video testimonials, text testimonials and so on, preferably video, to get better clients like that, that get similar results.
So if you go, you know, if you go to my website, I don’t like to use myself as an example too much, but you can go to my website, it’s completely jam packed with client results. There’s like hour long interviews, hour and a half interviews, 30 minute interviews, just hundreds of them. Why?
Because it works, because people want to see proof. They don’t care about your business or what you do. They care about what can they get, right? They want to see proof. Record testimonials, showcase your best clients, showcase the best results to get more clients. You don’t need to squeeze out every single penny out of every client necessarily, because you can leverage their happiness and results into more clients and you can retain them longer as clients because you’re the one getting them results that it is hard to find someone who gets results with anything that you do.
In terms of client satisfaction also, you’re looking the establish a client satisfaction process. And that usually entails weekly, well organized meetings, where you discuss results, where things are going and what’s being done. You can ask clients like how they’re feeling, like judge their mental state, because people go fucking crazy when they order services.
So you need to know where they’re at, so you can handle the situation on a call, right? If you’re doing that, no problem, if you’re not doing that, the client will naturally go through like a dissatisfaction process even as you’re getting results and eventually quit being your client or try to save money somehow in some sneaky way. In terms of referrals, so leverage all those testimonials and the client happiness to get more referrals.
The testimonials, because clients will show their interview to their friends and their friends will want, or you know, their colleagues will want to join your service as well. But also you can ask people when they’re happy and they’re getting a good service, to get you referrals and you can pay a referral commission. Every good business should be doing this. And every good business does this, like I certainly do all of the above. It’s very, very important. In terms of staying sane, I mean look, this is like a mindset thing, like you want your clients to be making way more money than they’re spending on you.
You need the be happy that they’re making a lot of money and not try to be greedy about the results they’re getting. If they’re getting good results, fantastic, be super happy with them, be super grateful, you know, leverage it, but be super happy, super grateful. You don’t necessarily need more from them apart from maybe like a quick testimonial video or something like that.
Just be happy that this is, that you’re running a business that’s meaningful to people, not just taking their money for a terrible service. So staying sane is a huge thing. Gratefulness is a huge thing. And it helps people build businesses as well. What if, for example, you were just about to make a profit share deal and it hasn’t been completed yet and right before the profit share deal is completed the client makes a lot of money, right?And you’re like, “Damn,I missed out on this.”
No, it doesn’t matter, the client made a lot of money. Your service works, congratulations. You’re contributing something positive to the world you can keep doing that, like give people 100 times more than they’re paying. You will become quite rich if you do that, it’s inevitable.
This is just some of the mindsets and some of the strategies that we use in the Business Mentor Insiders, which is our business mastermind. And we’re primarily focused on service companies so most of the members in the mastermind run marketing agencies, creative agencies and deck agencies. And it’s going fantastically well right now. We just had a new team. We had two guys team up and make $70,000 in a single month, right? Then you have all this figured out, if profit maximization, client satisfaction, everything else figured out, so they can pose big numbers like $70,000 with big profit margins, you know.