The Downfall of Hourly Retainers

Let’s reflect on my early days as a freelancer, where I used to offer hourly retainers with set amounts of hours per month. I soon discovered that this model, although common, resulted in a trade-off of time for dollars, preventing me from maximizing my earnings as I became more proficient. Additionally, it hindered my ability to solidify my role as a valuable team member for my clients.

Creating Packages with Purpose

Designing service packages with a clear purpose is so important. The first step is to identify and include everything necessary for the client’s success. For instance, an ad manager should consider elements such as copywriting, creatives, ad setup, tracking, and audience targeting as essential components for successful ad campaigns.

Weeding Out Unnecessary Additions

The next crucial step involves scrutinizing the list of inclusions and eliminating anything that the client does not truly need to achieve success. This avoids the pitfall of overwhelming both the service provider and the client with unnecessary components. I connect the real estate concept of distinguishing between “must-haves” and “nice-to-haves” to guide providers in refining the core offerings within their packages.

Introducing Add-Ons for Enhanced Value

Incorporating an add-ons list allows providers to offer extra services that go beyond the essential package. This creates an opportunity to increase the contract value while also catering to clients seeking additional specialized support. Whether it’s custom dashboards, advanced tracking setups, or specialized audits, add-ons provide flexibility and value for both the service provider and the client.

Leveraging Your Onlyness Factor

The concept of the “onlyness factor” is a unique element that sets a provider apart from others. Whether it’s a specific expertise, a specialized methodology, or a distinct skill set, showcasing this factor within the service package reinforces the provider’s unique value proposition. By highlighting what makes them stand out, service providers can attract clients who align with their unique strengths and offerings.

The Core Package as the Anchor

Throughout the package design process, I emphasize that the core package – inclusive of essential elements for client success – should remain the anchor. This core package sets the foundation for the services offered, ensuring that clients receive the necessary support to achieve their goals. Providers should maintain the integrity of this core package, irrespective of whether the client already has access to certain resources such as in-house copywriters or graphic designers.

The Decision-Making Advantage of Add-Ons

Presenting a single core package with add-ons offers a streamlined approach that minimizes decision fatigue for clients. This method simplifies the decision-making process for clients, as they are presented with a clear base package and the option to enhance it with specific add-ons. This approach aims to facilitate quicker hiring decisions, expedite proposal approvals, and potentially increase contract rates, presenting a win-win scenario for both the service provider and the client.

Conclusion

I encourage you to use these insights to refine and streamline your service packages. By executing these strategies, as a service provider you can create purpose-driven packages that align with client needs, elevate your offerings, and position yourself as a valuable and unique asset in the competitive service industry.