Value-Based Fees: How to Charge—and Get—What You're Worth: A Guide for Consultants, Second Edition

5.7. CHAPTER ROI

• Existing clients can be converted to value-based clients, but you must set a careful priority.

• Never take bread off the table: offer the option to continue the current relationship or to change. Sweeten the latter by pointing out that new clients prefer it, and you'd be remiss if you didn't offer it to existing important clients.

• Always offer more value, find new buyers, or look for new circumstances. The change must always be clearly perceived as in the buyer's best interests.

• You can use the test in Exhibit 5.1 to determine the highest-potential opportunities and then devise a strategy around each particular client.

• Approach only a few clients at a time, because the process demands careful and rapt attention. The buyer must clearly see the increased value, so be prepared to demonstrate that improved condition (for example, "unlimited access" to your time and expertise).

• The lowest-priority clients for conversion are also those who are your highest priority for dropping. Every eighteen months or so, you should systematically examine your client base—again using objective templates and criteria—to determine which ones you can let go of in order to reach out to new and more lucrative business.

• All new business should be approached as value-based prospects and should never be given the option of a time-based or time-and-materials arrangement. By also culling out and setting priorities among your existing business, you should be able to convert your practice to an entirely ...