A fee…..by any other name; it’s still a lot of money for a client. Episode 11 is here.
“That’s a lot of money” is a comment I hear a lot from private clients. Some investigators might argue that I need to find better clients, but I think it’s important to understand why we charge what we charge and be able to explain that to our clients when asked.
Folks, this is only my take on this subject. I’m sure there’s lot’s of other opinions and I’d love to hear them. Send me an email and tell me what you think. If I hear something that’s way off from my thoughts, we’ll talk about it in an upcoming episode.
Listen to episode #11 below or download it into your portable media device (not sure how, but are curious? Let me know and I’ll hook you up)
This really needed to be said. I get the idea that while 3/4 of the working snoops in the US posess the necessary tools, experience, and wit to make them excellent at what they do, only 1/8 of those have any clue how to market these attributes in a meanigful way to justify their fees.
Scott points out that your fee is one of your most valuable marketing tools. Sarah White’s “Complete Idiot’s Guide to Marketing” also notes that the merchant’s fee is among the only factors a potential client can use as a baseline for the quality of an intangible product or service. This is particularly important for non-repeat business such as domestics.
Going further (and likely more importantly), higher fees have the effect of culling undesireable clients. The precious few who would purchase services on quality rather than price are those who: are reasonable to work with, know what best efforts are and what they can (and cannot) produce, understand that this is not an easy profession, will stand behind you if it gets squirrely, and; PAY ON TIME. Such clients make the work worth doing.
Keep up the good work Scott - You might consider a segment on retainers, service agreements and similar formalities to accompany this excellent piece!