Introverts N Business

Business Life in the Slower Lane

New approach to fees increases client satisfaction

September 23rd, 2010

Joan Friedlander

In the latest issue of my newsletter I wrote about the shift from “Time for Money” to “Fee for Results.” This is my personal story about what happened when I made one small but significant change in the way I engaged with prospects about my fees, and the impact it has had on me and the people I work with. I took a gamble and it paid off.

Earlier this year I decided to make one change to my pricing model, to do what I could to shift away from time for money to fee for results. I had two motivations:

1. I wanted to make my services more accessible to self-employed solo entrepreneurs building a home-based business

2. I once hired a personal coach who took a similar – though not identical – approach to charging me. I was intrigued.

Here’s what it looks like. It’s really a very subtle shift, but one with significant impact.

Rather than setting a predetermined retainer or project fee for my private clients, I do not presuppose the value or the investment required until after talking to a prospect about his or her needs, goals and objectives. Once those are clear, and we are able to come to agreement about how much time we’ll probably need to accomplish their goals and the frequency of our meetings, it is time to address the all important question, how much will this cost?

Rather than quoting a project or retainer fee, I now ask how much the identified outcomes would be worth to the person in front of me. I give them the chance to assess what they want to accomplish, to determine the value, and to consider their budget. So far, no one has undercut my services. As a matter of fact, I have found that they have placed a high value on my services. In all cases they are very happy to make the investment. It is worth it to them.

Bonus outcomes:

Making this one change has impacted the level of service I deliver. Though we estimate how long the project will take, and we schedule a specific number of meetings each month, I let my clients know that I am in this with them for the intended result, not for the time invested or money received.

If we go over the estimated time frame, as long as it seems we’re not extending our contract beyond the initially agreed to goals, we keep going until the natural conclusion of our work. They tell them this up front. I find that my private clients are very conscientious of my time, and most importantly, they are well-served. My commitment to their objectives is sincere. I’ve raised the bar on myself!

As financial planner Bob, (a returning client) said when he asked for my ideas on one of his marketing strategies, “Wow! These are *really* good ideas. I like this way of coaching way better than the old way. It’s more like partnering than coaching, much more valuable to me. Thanks!”

What approaches have you taken to increase value and shift your pricing from “time for money” to “fee for value” delivered?

What is working, what are the challenges?

Feeling Shy About Follow-Up Calls?

September 9th, 2010

Joan Friedlander

The following story is the best testimonial I’ve ever heard about the true value, importance and tone of customer-focused follow up. When a financial planner expressed feelings of boredom with the routine of making follow up calls, this story came to mind. It always does when people express anxiety about this stage in the selling process. Every time I tell it, it helps me remember too. Follow up, at it’s best, is about making contact, doing so with respect and an eye on service.

A lawyer calls a couple of paper shredding companies because it’s time to clean out the files in his garage; we’re talking boxes and boxes of old client files. He contacts 2 companies: both sales reps he talks to answer all his questions, then they ask if he’s ready to move forward, and he says no. Why? He still has to clean out his files!

At this point the two sales reps take entirely different tactics. One accepts the “no” and the other hears “No, not yet.”

The Rep who hears the “No, not yet” asks if he can check in with him in a month. Lawyer says yes. Rep calls a month later as agreed. When he does, he asks two questions: he asks if he’s ready to move forward, and further, if he has any more questions about the service. The lawyer always has a question – often the same question as last time – and the rep graciously answers all the lawyer’s questions. At the end he asks Mr. Lawyer if he’s ready to move forward. Lawyer says no and Rep asks permission to check in with him in a month.

This goes on for months, and when Mr. Lawyer is finally ready for the service you know who gets the business!

If the Rep had called and the lawyer didn’t answer, I might expect a message like this. (From here on out the story is not based on fact, but extrapolation from the facts.)

“Hello Mr. Lawyer, so and so from such and such. Just calling to check in as agreed to find out how you’re doing with your sorting project, if you’re ready to move forward, and if you have any questions. Here’s my number. I look forward to hearing from you.”

Now, if Mr. Rep had a new service to tell him about he could certainly mention it in the voice mail. Furthermore, if he had something to send the lawyer with the latest and greatest updates on document compliance, for example , he could let Mr. Lawyer know to look for it in the mail.

It really is that simple. It is not flashy, and it really isn’t hard. So, why, oh why, do so many of us feel shy, scared, and reluctant to do such a simple thing for the people who have expressed interest?

Do extroverts have an easier time with this, or is this a problem for all of us responsible for selling services?

Sometimes I Just Have to Stay on Task

August 27th, 2010

Joan Friedlander

In this day and age of continuous and frequent connectivity, is it really OK to take a break from the on-line business scene for even a week? What if doing so is the best way to get deadline, task-oriented projects done? I have to believe the answer is yes, but still the question tugs at me. I decided to follow my “inner authority” rather than perceived outer pressure, but did take a break to write this post, if only to relieve the pressure a bit. Very “high C” of me. (See DISC description to know what I mean if you don’t. C=Compliance or Conscientious)

I’m mildly nagged by the question, “How can I expect to build momentum if I take breaks?” It doesn’t matter that I know that’s just a bit crazy as most probably haven’t noticed.

I am reminded of a story I told at a workshop I led earlier this year. It is the story of Joan (that’s me) and Martha, two women, same company, same position but on different work teams. Talk about different “workstyles!” No two women could have been more different in temperament. Martha liked to get her work done between talking. Joan often preferred to talk between projects.

Martha used to get really frustrated with me because when I was working – and on task – she thought I was in a bad mood. She would kinda whine when she wanted to talk and I didn’t, sure that I was mad at something, or her. For the life of me I couldn’t convince her that I was, really truly only working. Admittedly, I wasn’t kind to her either. It was not long before I decided she was simply lazy, someone who didn’t like to work. Upon reflection, I just think she is an extrovert and needs more social interaction to survive a day at work.

I know my social networks don’t judge my absence like Martha judged my silence. I suspect, though, that I’m judging myself because at this moment in time I happen to be inclined to keep my head down and my actions on task.

Love and kisses,
Joan

Now, back to the projects I go!

Could you please turn down your voice?

August 6th, 2010

Joan Friedlander

I can’t be alone in this, and I’m a bit uncomfortable bringing this up, but I’m pretty sure that cell phones do not have to be in use in all places at all times of the day. I’m equally as sure that people who do not feel the same as I do about their electronic appendages could – possibly, maybe, perhaps – exercise some self-moderation (or is that modulation?) when out in the world in close proximity to the rest of us.

Sometimes I just want to turn to the person at the nearby table and say “Shut up! Do I really HAVE to hear your side of the conversation?” But I don’t. I imagine a scowl and some remark in reply such as “Want quiet? Go to a library and leave me alone.” If only libraries would serve coffee – or let me bring my own cup in – I’d be there!

Cell Phone Free Zones Anyone?

Before smoking was banned in many public places there used to be smoking and non-smoking areas. Maybe we can take that same idea (what’s good for you may not be good for me) and create designated spots in restaurants and coffee houses for people who want to enjoy a cell-free zone. They do it on some Amtrak runs from DC to New York on the Acela express train. They call it the quiet car. Love it! No loud talking and no cell phones, thank you very much. What’s more, every one in that car has the same desire for quiet. Not half the train, either, just one car.

Yes, I know there are other ways to tune out your conversations. I can simply wear head phones and listen to music. Oh great, so I, too, can be plugged in to some electronic device. Kind of like telling someone living with a snorer to wear ear plugs to sleep! How about you fix your snoring?

Digression: note to parents with children in tow

I started this post when a mom and her daughter sat down next to me when I was out working at a local coffee place, mom on her phone and daughter trying to occupy herself, but really wanting her mom’s attention signaled by periodic one word pleas – “Mom!” Mom was talking non-stop the entire time (though fairly quietly I admit), her cell phone snugly lodged between her ear and her head scarf.

Really mom, can’t you shorten that conversation – or stay off the phone completely – and have a nice chat with your daughter instead, like the entire time you’re with her? Same question to another mom I saw talking on her cell phone walking out the door with her daughter in tow. Parents: children first, telephone conversations second! If not, don’t be surprised when they stop paying attention to you.

Am I just overly sensitive to disturbances in the field or am I onto something here? If you are someone who enjoys the freedom to talk on the phone where ever you are, would you scowl if I asked you to keep it down just a bit (I didn’t say stop talking) or would you say, “OK, that’s cool. I can do that?”

Introversion and Courage Not Mutually Exclusive

July 30th, 2010

Joan Friedlander

Recently, January Jones from the popular TV show, Mad Men, talked about being in introvert when she appeared on Live with Regis and Kelly, and how this characteristic didn’t stop her stop her from pursuing her goals. The hosts asked her about life when she was in high school, wanting to know if she started acting then.** Not really, she said. To help explain she mentioned that she was pretty much an introvert.

One of the hosts picked up on the fact that though she was introverted it didn’t stop her from moving away from her home town in South Dakota – on her own – to New York. She readily agreed, and noted that even though she’s an introvert, she’s also adventurous. Introversion wasn’t a reason to keep her from her dreams.

She’s right of course. Introversion does not always equal shy, nor does it say anything about courage. For many on the introvert side of the spectrum, it is quite simply a trait that indicates we enjoy – and need – our time alone and that we often prefer to think things through before expressing our thoughts out loud. (Prefer might even be inaccurate; it’s most likely unconscious.) It’s just that many of us do better in some situations with a bit of time to reflect first, speak later.

I think you’ll agree that there are some situations that are likely to stop you in your tracks, at least for a short time while you think about the goal or opportunity vs. the “risk” of stepping out of your comfort zone. That’s OK. In a way, your hesitation may serve you well. Because introverts are not as likely to leap into the middle of something without a bit of forethought, we may have an advantage our extrovert friends do not.

One of my friends, most definitely an extrovert, tells me with some frequency that there are some things she has said yes to without much thinking that she really wish she had not.

When we decide to screw up our courage and go for something that scares us a little – yet we really want – we are likely to do it with a clearer picture of what we’re risking, and what we might gain in return. Sure, smack in the middle of it we may wish that we hadn’t (oh why oh why did I say yes?) but we keep going anyway. Collapse and head for the covers later? Probably.

What about you? How many times have you been afraid to do something, yet knew you had to? Looking back, can you see that being introverted did not stop you, and may have even helped you?

Extroverts: do you tend to leap before your look, or is that only true for some? What else comes into play, and how does courage look to you? Is it the courage to say no?

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** Note: It’s been a few days since I watched the episode so I may not have laid out the sequence and specifics of the conversation between January and Regis and Kelly with complete accuracy. It’s so rare to hear a public persona talk about being an introvert I wanted to share it with you.