Coach’s Corner – Page 3 – AIIP Connections Blog

How to Give Yourself a Raise

I was recently asked by someone I’m coaching for advice on how she could negotiate an increase in her hourly rate on an ongoing project, as she had initially priced herself at a low hourly rate. My advice to her was that she had a few options. She could go back to the client and tell her that she was going to raise her hourly rate, but she would have to be able to point to increased value since the inception of the project. In other words, what’s the added value that the client gets for the higher budget? What else can she do in the same number of hours that enhances the value of her contribution? Alternatively, she could chalk this up to a learning experience—we’ve all had them—and reflect on how she can position herself in the future to charge a rate that better reflects her value.

Measuring What’s Really Important

By Mary Ellen Bates

Back in March of this year, the topic for AIIP’s monthly Info Pro Café virtual event was “Meaningful Metrics: Measuring What Matters for Infopreneurs.” (The recording and notes are available for AIIP members at https://www.aiip.org/Members-Only/IPC-metrics/; my other thoughts on this topic are at https://www.batesinfo.com/reluctant-entrepreneur/meaningful-metrics/)

That discussion, along with some conversations I have had with coaching clients, got me thinking about some of the less measurable metrics – or at least goals – that help us maintain a good work-life balance and avoid burnout. In addition to bringing in enough revenue to cover our expenses and pay us according to our value, we need to ensure we find satisfaction and fulfillment in our work.

One of the metrics I use is how much free time I have and whether I feel like I have control over how I spend my time. I make sure that I take off at least one half-day a week for local volunteer work or to take a hike during off-peak hours. Sure, that may mean that I am in the office over the weekend, but it’s important to me that I can prioritize my non-work activities. (Speaking of volunteering, remember that AIIP offers lots of satisfying volunteer opportunities that give you a comfortable space to build a new skill.)

Look for opportunities to give away your expertise in a context in which you also find enjoyment. When I am offering a workshop, for example, I always offer free follow-up support for all participants. While at first I was concerned that I would be overwhelmed with requests, I found instead that the people who did contact me after an event always had interesting or thought-provoking questions that I enjoyed addressing. I am rewarded for the small amount of unpaid time on my part by getting to have thoughtful conversations and gain fresh perspectives.

Related to finding non-monetary ways to be paid for your expertise is finding clients with whom you feel a particular kinship. A recent article in Organizational Behavior and Human Decision Processes, “To be or not to be your authentic self? Catering to others’ preferences hinders performance” (https://www.sciencedirect.com/science/article/abs/pii/S0749597817308865), describes a study of entrepreneurs’ success in pitching their ideas to potential investors – not unlike our marketing efforts as solopreneurs. The research found that the entrepreneurs who focused on catering to the investors’ expectations and interests performed worse than those who offered a pitch that felt authentic and genuine. The cognitive burden of attempting to discern the listener’s interests and concerns interferes with our ability to connect with the other person.

My takeaway from this and similar research is that the most effective way to attract clients I enjoy working with is to be my authentic self in all my public spaces. I keep my LinkedIn profile fresh and, yes, I post in Facebook with both business-related thoughts and my landscape photos. While I draw the line at politics, I try to show an authentic version of myself in my writing and speaking, knowing that my style may not appeal to everyone. I would rather attract clients who appreciate my, um, non-corporate approach than try to be the kind of consultant that I think a client wants me to be.

While measuring activities that contribute to the bottom line is important, make sure you are also engaged in activities that compensate you in non-monetary ways. A happy infopreneur is a more effective infopreneur.

Mary Ellen Bates has been an infopreneur since 1991, providing business analysis for strategic decision-makers and consulting services to the information industry. Her passion projects are beekeeping and coaching new and long-time infopreneurs. See more at BatesInfo.com.

Moving from Freelancer to Information Consultant

by Mary Ellen Bates, Bates Information Service

One of the hardest shifts that many new independent information professionals face is changing their perspective of where their value lies and how their market sees the world. When we are surrounded by examples of the low-pay gig economy – Uber and Lyft, Fiverr and UpWork, DoorDash, and GrubHub – it’s easy to fall into the trap of thinking that the only way we can compete is to be cheap and fast. If, instead, we see ourselves as business owners, it is much easier to identify and leverage that unique something that each of us brings to our clients.

Every year or two, I pause to make sure I’m not slipping into the rut of seeing myself as freelancer and undervaluing what I am bringing to the market. Some of the questions I ask myself are:

Do my clients see me as filling a request or as working collaboratively to address a need? Freelancers simply take a client’s description and scope of a project as is. Information consultants approach each new engagement as a joint project with the client to accomplish a goal, and they negotiate all aspects of the project.

Am I chasing or attracting clients? Freelancers focus on one-way marketing – email blasts, social media deluge, paid search advertising and so on. Information consultants market themselves by building their reputation and word-of-mouth network over time – by serving in volunteer capacities in their clients’ associations, by speaking and writing on topics of value to their clients, by engaging with their clients at local and national events.

Am I sharing what I know or hoarding my insights for paying clients only? Information consultants know that clients value the fresh insights they bring to each project, and they know that sharing their perspectives and knowledge publicly does not diminish their value to clients.

Am I pricing my projects by the hour or by the project? Hourly pricing penalizes cost-effective work and deep familiarity with available resources, and emphasizes activity rather than outcome. Project-based pricing puts the focus on the value delivered to the client, not the work involved with providing that value. If I do have to charge by the hour, I make sure that hourly rate truly reflects the value I bring to the project.

Are my deliverables original content or others’ thoughts? While I may include backup material or source documents that support my analysis, I know that the value lies on my sense-making of the information, not simply the delivery of what I found. Most information consultants find that the more customized and distilled the deliverable, the more clients value the results.

Am I talking about what I do or about why I do it? Freelancers describe themselves in terms of their activities – engineering research, taxonomy development, or social media marketing, for example. Information consultants focus on their clients’ outcomes – a new market identified, a business risk identified, or new clients identified through a marketing campaign.

And finally, am I getting paid enough to have free time? Freelancers often find themselves reducing their regular rate in order to land a job… any job. Information consultants focus on attracting profitable clients that enable them to take time off to recharge.

While thinking like an information consultant moves us outside our comfort zone, it also enables us to tailor our services to the most important information concerns of our clients.

Managing Difficult Clients

by Mary Ellen Bates, Bates Information Service

One of the issues that come up frequently in conversations with fellow infopreneurs is how to deal with difficult clients. They come in all sizes and styles—the never-satisfied micromanager, the client who goes incommunicado, the penny-pincher who wants you to do more for less, or the one who keeps changing the scope of the project. They make us question our expertise and our value, and we wonder how we can extricate ourselves from a bad situation.

Coach’s Corner: How to be a GREAT contractor or subcontractor

by Mary Ellen Bates, Bates Information Service

We may be one-person businesses, but that doesn’t mean we’re alone. In fact, one of the most rewarding aspects of being a one-person business is that we benefit from the cross-fertilization that comes from contracting and subcontracting with fellow AIIP members. I subcontract out specialized work I can’t do myself, and I work as a subcontractor for a number of businesses that bring me in for my specialized skills. Over the years, I have learned a lot about what is involved in being a good contractor and subcontractor. Here are my rules for successful contracting and subcontracting.

Coach’s corner: Getting to ‘yes’

by Mary Ellen Bates, Bates Information Services

One of the most common traps I see new infopreneurs fall into – and I’ve done this myself, too! – is equating a prospect with an actual, paying client. We meet someone at a networking event or have a phone call with someone we met through social media. The person sounds interested in what we do, accepts our business card, and maybe even says “Yeah, we could have used someone like you that one time.” They may attend a webinar we give or download a white paper we wrote. We end the encounter confident that the person will be calling us shortly with an assignment, but then never hear from them again.

Coach’s corner: Marketing with vignettes

by Mary Ellen Bates, Bates Information Services

Have you ever struggled to describe what you do in a way that your prospective clients really hear you? Do they nod and say “Oh, that’s nice” or do they immediately recognize you as the person who can help solve their most important problem?

If you aren’t getting the response you want, your problem may be that you are talking about yourself instead of the other person.