Triple Your Freelancer Revenue in 30 Days From Anywhere in the World
As a Freelancer, Digital Nomad or Solopreneur, you can can earn money anywhere. Learn from entrepreneurs and the business world on how to grow your book, increase value to your customers and triple your Freelancer Revenue by taking action in the next 30 days.
Leverage Your Existing Clients
Up-selling to existing clients is vital. Most people don’t do this because they feel they are burdening their existing clients. Or they feel like the clients will get upset if you were to approach them and ask them for more business.
The fact is, every business, every person on the planet has problems. For every problem there needs a solution and you are the one to present that solution or make it more elegant for them.
The reason why leveraging your existing client base is THE most important thing you do is because of the Cost of Client Acquisition. Every single business in the world has issues with this and knowing what this cost is would be very valuable.
The Cost of Client Acquisition is laymen’s terms how much time, money and resources are you use to go from an unknown customer to a paying and valuable one. For most companies, this is a huge burden and a losing proposition as new clients are hard to acquire upfront and the initial revenue generated is minimal.
Classic examples of this are enterprise software companies — where building that trust, demoing and negotiating is a very long lead time. Sometimes it’s years before a client will sign on and even then, they buy only a handful of licenses. So for these guys it’s a money-losing proposition on the front-end until that business is established.
This is the way the “fastest-path to cash” and the most obvious approach is to sell to your existing customers. They already value you, trust you.
Only Two Ways to Execute
There are two approaches you can take regarding this as a Freelancer:
- Increase your price you invoice customers. This would need to be communicated to the clients of course and explained why this is important.
- Add additional services you can help to bring on more business.
Of the 2 strategies to increase your Freelancer revenue, being able to do more for your customers is by the far the better choice. This gives you the ability to serve them more and expand the service moat you have with them.
Fixing a Leaky Bucket
Between adding new services to existing clients, the last step is to ensure the existing clients are here to stay. If you’re always on the trendmill, looking for the next client you will so only be looking for new clients (and increasing the Cost of Client Acquisition in the first point). Making sure the current clients are happy, that you are adding value to them is the best way to ensure you are able to sell additional services to them.
All all the different types of Economic Moats, high switching costs might be one best used by an independent Freelancer. But first, let’s explore a bit more what an economic moat is.
In medieval times, Dukes and queens or those that owns castles put up natural security barriers so that invading people won’t be able to come in as easily. The moat would usually be a man-made waterway or trench that would separate the castle and effectively the lands surrounding the castle become an island. You’ve probably seen examples of this in movies and in particular Game of Thrones.
Applications of Moats to Freelancers
In the last century of so, many prominent business-folk have use this analogy to describe the degree to which market ventures are likely to remain healthy or not. A particular market product or service would be evaluated based on how well that product will face if there was increasing competition or people trying to “get into one’s castle”.
One of the many traits of an economic moat is high-switching cost.
A High-Switching Cost is one where the consumers, customers or clients would find it hard to immediately find value from someone else once they’ve chosen to work with you.
It’s not so much about you keeping the IP or keeping the work that you do so they find it hard to go to someone else, but it is being able to find something your customers value so much that it’s hard for them to easily move to some other Freelancer because it’ll cost them more time, more effort and more energy.
Strategies on Building Moats for Freelancers
So how do you fix this leaky bucket as a Freelancer?
Make sure that the work you do is of the highest quality. Go the extra mile if you need to even if it’s a fixed price contract. Your time is valuable to you, but the ability to leave the best impression on your clients is even better because it means future work for you.
Be sure that you hone that niche you service. Being clear the exact problem your client(s) have is important as the people you serve will refer others to you.
Build a system.
Building a system where it just works seamlessly with the client’s habits, routines and internal processes will make sure that client sticks around.
As a Freelancer, your work is likely something that thousands of others can do. So your differentiator needs instead to be an on-boarding system, communication system, where you clients can easily work with you, provide feedback to you, get a hold of you in an easily, effortless manner.
Building the process out using many digital tools will make your services much more difficult to replicate and increases the switching-costs borne by your valued customers. And it’s win-win — they save time, energy and resources to find a new Freelancer and find a whole new way of doing things.