Marketing Minute Ezine

 
What Blocks Higher Earnings?

Survey Results and Commentary

Of 335 readers of the Marketing Minute newsletter who answered two questions about what stands in the way of their income going through the roof, here are the results.

When asked to check off all the factors in my list that kept their income down, the results were:

"My clients can't afford to pay that much."	29%
"I know how to market, but don't have time."	27%
"I don't know how to market."	24%
"I've chosen to keep my monetary ambitions modest so that I can better enjoy life."	24%
"I work extremely hard, and I don't know why it doesn't pay off."	20%
"It's the recession."	20%
"It's more important to do good in the world than to make lots of money."	18%
"The competition is brutal."	14%
"No one in my field makes very much money."	8%
"I don't like to work hard."	8%
"I do make tons of money."	5%

When asked to select one statement that best describes their situation, the top two choices, running neck and neck, were:

"I don't know how to market."
"I know how to market, but don't have time."

The write-in comments were illuminating, and in some cases funny or heartrending, like these:

"I'm so broke I can't even pay attention." - Jimi Hendrix

"I sabotage myself!  Part of me thinks I don't deserve to make a lot of money, and that's the part that's been in charge, unfortunately."

"Like the old adage, 'We blame others because the alternative is too personal.'"

"The extensive publicity and advertising my business is getting is not paying off or making my phone ring off the hook.  It's very frustrating!"

"I don't charge enough.  I get backed into a corner and have to come up with a fee and it's never enough to cover the hours I work on a project."

The most common write-in comment described a trap like this:  "There are only so many hours I can work.  If I'm busy earning money, I don't have time to market.  If I market, then I'm spending money and not earning it."

The second most common write-in comment confessed a lack of self-confidence.  Others referred to a lack of consistency, poor time management or procrastination and fear.  Four people said they had health challenges, and a few people mentioned age discrimination standing in their way.

Commentary

After reviewing the survey results in the light of comments I've heard from colleagues and clients over the years, I put together a short report rebutting some of the self-defeating misconceptions people have about pricing.  If you feel you can't charge what you're worth, that your products and services aren't worth higher prices or that your target market wouldn't go along if you charged more, then please read my report, "Charge More & Get It."  It's just six pages, in PDF format. To download it, right-click the link below with your mouse and select "save as."

Download link for "Charge More & Get It"

Many of the survey responses indicated a difficulty with something other than pricing.  There too, however, I think many of these difficulties can be overcome by a change in thinking or by practical measures that may be easier to implement than you assume.  Here are some ideas to chew on that address other obstacles to higher earnings.

You should think of marketing as an investment, not an expense.  You recoup your investment (and more) when marketing brings in business.

Marketing is no more optional than having computer equipment or filing a tax return.  If you are in business and want your business to thrive, you must create a steady stream of leads and turn prospects into customers.

To ease the time required for marketing, consider creating (or commissioning) a marketing plan, particularly one that works with rather than against your time constraints.  When you incorporate many small marketing steps into your regular schedule, you can enjoy results with relatively little angst or effort.

Marketing can be fun!  For everyone, there are marketing techniques that fit your personality and increase your quota of energy rather than drain it.

A good coach and caring peers can help identify reasons why what you're doing isn't working.  Perhaps your message isn't clear, you need to differentiate yourself better from competitors or you're emphasizing "me, me, me" rather than "you, you, you."

A mentorship program that helps

If you'd like to learn how to grow your business without working harder, by taking steps such as raising your fees, creating passive income streams, shifting to a more congenial clientele and concentrating on the work for which you have true passion, consider the Marketing for More program.  Learn how to increase revenue and profits despite competition, despite the recession and even if you also hope to do good in the world.

Learn more about Marketing for More.

If you were one of those who took the survey, thank you for your candid thoughts!