Creating Value (Easily) through Scarcity
September 2nd, 2008How can my friend who is a one man band charge $175/hour excl gst one year and only $50/hr two years ago.
Simple he created scarcity.
He is in a unique position where he is the guy to get.
Resources in scarcity cost more and clients are happy to pay it as they realise how scarce he is…
So think about it, how can i become scarce in my industry?
Ideas:
– Be the best at it or at a unique mix ie social media in the public sector
– Build your personal brand
– Limit availability…i only work 20/hours a week and only have 5 clients
– Be different
– Do something no one else will ever do ie transparency in a walled garden industry
Sure you can come up with a few of your own.
(remember it’s all about the story your telling by being scarce)
Tags: branding, building value, personal branding, scarcity, value
This entry was posted on Tuesday, September 2nd, 2008 at 3:01 pm. 
September 2nd, 2008 at 3:07 pm
There’s an additional factor to consider: as a one-man-band/contractor, what is the single most important indicator of your quality to someone who hasn’t worked with you?
Your price.
So, if you charge $50/hr, potential clients will see you as little more than a basic, competent contractor.
If you charge $150-$200 per hour, potential clients will realise you are one of the best.
September 2nd, 2008 at 3:24 pm
@Ben Very true (how did i miss that?!?) same story different way of telling it.
September 2nd, 2008 at 6:14 pm
I agree. A friend of mine runs a business in the construction industry where he works to very high quality and creative standards. He was told by a wealthy client that he should increase his prices to position himself clearly at the top end of the market as his work was worth it. He now has far more business coming from that top-end and can pick and choose the projects he works on.