Monthly Archives: January 2011

Venting: Budgets

January 31, 2011

This week we’ll address the wonderful issue of budgets from both our own and our client’s point of view.

But first, I cannot tell you the amount of times I have experienced the following scenario.

A client comes to my office, they love my work, I love them and it’s a bit of a love fest.

Then, something similar to the following conversation takes place:

Client: Preston, how much do you think this is going to cost?
Me: Well, it varies. What I’d like to do is discuss your needs, then I’d love to get back to you with a range of costs.

Client: Yes, yes, but can you still give me a range more or less?
Me: Well, I think it’s best if you tell me more about what you’d like to spend and we can see how we can accommodate you needs.

Client: Well, I don’t know but give me a range anyway. I won’t hold you to it.
Me: (My inner voice is saying, “Preston don’t don’t don’t…”). Well, in that case I think it’s going to be around $100K.

Client: WHATTTT? Are you out of your mind? I was only planning to spend around $25K.

This scenario reminds me of when you are first dating someone and you like each other, however you hesitate to say the words, “I love you,” because you don’t want to be first.

I find that getting a budget from most clients is a HUGE challenge.

This is one of the reasons I resist talking money directly with my clients allowing my comptroller to do so instead.

Before going into greater detail on budgets, I’d like to get some feedback from you. When dealing with new potential clients, do you find that most clients hesitate giving you a budget because:

A. They actually do not know what things cost
B. They know what things cost but are shopping around
C. They want to low ball what they are spending in order to get as much as possible from you
D. Whatever your prices are, they want it for less
E. They are on a strict budget and just want the best they can afford in their range

Our clients are our livelihood, and there is no right or wrong way to deal with budgets. My goal this week is to suggest an effective way of dealing with all clients to get the job and make a profit.

25 Comments

The Secret to Creating a One of a Kind Event

January 28, 2011

I am looking forward to next Thursday when I teach a Learning Annex course in New York. I want to thank all of you for your great suggestions on what to discuss during these speeches.

I have been asked: What is the one thing you have consistently sold to your clients over the past 30 years?

The answer is simple. I have worked diligently to create one of a kind events.

I’ll go a step further. In this blog I constantly talk about the importance of being different, not better–just different than others.

So, my hope and goal is to always continue the journey of reinventing what I have already done and give you a glimpse of how that is done.

I’ll also cover a very important business lesson: The key to success and endurance.

I’d like to thank all of you who are coming to my class.

To say, “Thank you,” I will be offering a one hour free consultation in my office in New York to one of my Learning Annex students. (We’ll hold a drawing for this selection.)

If it’s just you and me talking in my office in what is the ONE issue you would address?

10 Comments

Common Mistakes: Proposals (Learning to Let Go)

January 27, 2011

As with balloons, sometimes we just have to let go.(Image via via Joseph Pete Pickle)

When we send a proposal out and offer 100 calls and emails to follow up and STILL don’t get a response, we just have to learn to let go and say, “This is not happening.”

I once sent out a proposal to a client and she came in six times to review it with us. Then her husband came in another two times, and after a lot of emails and calls back and forth, I finally said enough is enough. With lots of love, I told them we were no longer interested in doing their job. This, of course came as a great shock to them.

Bottom line: what did they want? For us to lower our prices to such a point that we would lose money.

I think a few clients think they can actually wear you down if they just keep trying. I pride myself in having lots of patience, not to mention working extremely hard on giving good service, but this just plain pisses me off.

I also think that especially now, with our shaky economy, a few clients (not all) are using this tactic more and more. Well, at times, we just need to learn to say, “No can do.”

Is it just me or has this happened to you too? How do you say, “No,” with love?

14 Comments

Reminder: Patience

January 26, 2011

(Image via via MShades)

If you are like me, you might be asking yourself, “I am doing everything right, but I am not seeing immediate results. WHY?”

The irony is that most of us are in the event industry so no matter what we do, we’ll get no business until a client is actually having an event.

When I look back, my most exciting jobs all happened when I least expected them.

I read a few quotes on patience and I’d like to share them with you as a reminder.

1. If we are facing the right direction, all we need to do is keep walking.

2. Patience can be bitter, but its fruit is sweet

3. Patience is waiting. Not passively waiting, that is laziness. But to keep moving when the going is hard and slow. That is real patience.

4. He or she who has patience will have what they can.

5. The key to patience is FAITH.

13 Comments

FAQs: What is the best way to follow up on a proposal?

January 25, 2011

(Image via Carbon NYC)

I have turned off so many clients by sending out a proposal without the proper follow-up.

Most of the time, they usually faint after receiving one of my proposals.

However, whenever possible, I like to follow up with a phone call or email then have them come in for a face to face sale.

You need to view every proposal as your first step in making a sale.

In my experience, there are always three kinds of clients asking for a proposal.

Here are the best ways I’ve found to deal with each type to get the job:

1. A client shopping around for the best price. Solution: This is perfectly acceptable. You need to come up with points A, B and C why your product and/or services are the best value and hope for the best.

2. A client who has never done an event like this before, so they actually have no clue about prices. Solution: While explaining your design/services a picture can tell a thousand words. Show them visually what they can get at what cost. If you are just starting out and do not have images, create your own story boards. (For inspiration, check out our Inspiration blog.)

10 Comments