FREE BUSINESS HEALTHCHECK:
Do you have a business that's fit to scale? Discover your score and how you stack up.
Are You Using the V…… Word To Increase Your Fees?
Posted by Nicky Coffin
Last month I spent 3 days at a retreat with my 750K blueprint students here in Scotland. Lots of learning and laughter.
We covered a number of topics with the goal of enabling all the attendees to make more placements, whilst working less. A new concept in some recruitment circles I know and yet ultimately possible when you take action on the right things; consistently.
One major area we cover is increasing fees. I have a different frame of reference on this topic to other coaches in the recruitment training sector.
The thing is, I don’t think recruiters should increase their fees unless they can demonstrate the V …. word to their clients and candidates; to you and I, Value.
What does value mean?
Some people get the word value confused with cost. To be clear let’s look at a definition of what value really means.
Value’ valju? /
The regard that something is held to deserve; the importance, worth, or usefulness of something; “your support is of great value”.
Synonyms: merit, worth, usefulness, use, utility, advantage, benefit, gain, assistance, service
The dictionary definition puts it in a different light doesn’t it? Worth, gain, assistance and service, something that great recruiters do naturally or at least they should.
Think about your own purchases in either a business or work context?
If we know we are getting value we are more than happy to pay extra. Who hasn’t wished they had paid that bit more to get a better service or product. Why is recruiting any different? The truth is it isn’t and your clients will pay a higher fee and your candidates will give you exclusivity, provided you can demonstrate what is different about you and the service you deliver.
That is where many recruiters fall down. Either they can’t deliver a great service or they can, but don’t communicate what that means.
Do recruiters bring value to the party?
It is strange in an industry like ours that many recruiters under ‘value’ what they bring to the table. In case you have forgotten:
- Sector expertise
- Salary knowledge ( in detail)
- Ideal candidates and where they are
- Company and candidate culture
I could go on and on; are you getting the drift of this?
A mentor of mine tells the story of a plumber that was called out to a broken down boiler in the middle of January. Within 30 mins all was fixed. The plumber had tapped in a few places and hoorah the heating was back on and working. He presented his bill of £400. The client was aghast; “but you have just tapped in a couple of places and you have only been here half an hour!”
The plumber replied; “Ah you aren’t paying for 30 mins and a couple of taps sir. You are paying for 25 years of experience that has taught me where to tap and get your heating back on in 30 minutes or less.”
Hands up if you have had that experience? Probably many people reading this blog. Yet the concept is true. Your expertise needs to be recognised and it can; provided you value what you do and then communicate that to your client or candidate in a compelling way.
In the words of the Spice Girls……….what do they really want?
In honesty a great candidate or a great company. Followed swiftly by great customer service. A recent study of a number of key digital brands stated that they were seeking to differentiate themselves over the next five years by focusing on; customer service and experience. At the bottom of the pile was price. Unless you are Walmart or Aldi nobody competes on price; especially in the business to business world.
When you deliver a true recruitment service your clients and candidates are blown away and that higher fee is worth it.
I hope you found this article useful. If you would like some more tips on how to deal with the inner game or help your team to deal with their inner game – Join my FREE Webinar ‘The 6 Step System to Convert Your Under Performers to High Billers in 14 days or Less’
Click on this link to sign up: 6 Steps Convert your Under Performers to High Billers