If you’re going to be planning events for a living, you might as well target the very best clients in your space. High paying clients not only make your work worth it but they are also likely to refer other high paying clients to you; it’s a gift that keeps on giving.
Define High-Paying
To get high-paying clients, you have to define what a high-paying client means to you in discrete numbers. A 5-figure client might be high-paying in my definition, but not as high-paying in your definition. We use an approach called the 3 to 1 formula. If one big client can replace five smaller clients then that is a high-paying client for us. You can adopt this definition if it makes sense for your business, or even tweak it to match your expectation for valuable clients.
Branding
You have to stand out. That way, potential clients can know that you exist. Branding also helps clients estimate how much your services might cost. If you walk into a luxury store today, you will immediately estimate that their items will cost you more than comparable items in a regular store. Branding makes all of the difference when positioning yourself in the customers minds. You want your high-paying clients to immediately expect to pay a high fee for your services. Attributes such as SWAG giveaways, unique content, suitable colors, emotional connection, and logo recognition can catapult your positioning, according to market research in 2022.
Focus on business clients
Businesses are more likely to pay more for a service compared to individuals. A corporate client already has a definite budget for the expenses. Additionally, corporate clients consider events an investment in their branding, capacity building, networking, or marketing efforts. For that reason, they are willing to pay higher than an individual who might consider an event an indulgence. You’re also more likely to get more corporate clients at corporate events.
Raise Your Prices
Surprisingly, raising your prices can be an effective way to get high paying clients. Raising your prices affects your positioning positively. Clients associate high prices with superior products. If you charge high fees, you will attract clients expecting to pay high fees for quality products. Of course, you have to back up the pricing with actual high products and services. Raising prices is also likely to force you to raise your levels and help you afford to offer superior customer service.
Appeal to Emotion
In the end, all human beings really care about is “how did that make me feel?” Human beings, even the most stoic, are driven by emotions and desires. Tapping into human nature by appealing to emotions can get you the best paying clients. 65% of consumers surveyed reported feeling an emotional connection to brands they buy from.
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