This week, we’re examining the impact of offering free consultations on your agency’s bottom line and exploring a more effective approach. Let’s get started!
âť“ Agency Musings: Are Free Consultations Hurting Your Agency’s Bottom Line?
Free consultations are a common practice in the agency world. They help attract new clients, showcase your expertise, and kick off the relationship on a positive note. However, have you ever stopped to think about the potential downsides?
Offering free consultations can be costly in terms of time, resources, and potential revenue Here’s why:
The hours spent on free consultations could be better used for billable work, business development, or team management.
They attract bargain hunters:
Some prospects will exploit free consultations for advice without any intention of hiring your agency.
They devalue your expertise:
When you give away your time and knowledge for free, you’re sending a message that it’s not worth paying for.
To address these challenges, consider a more strategic approach to consultations.
đź’ˇ Agency Tip: Implement Paid Consultations with a Twist
Instead of offering free consultations, try charging a fee that reflects the value of your time and expertise. This will discourage “freebie-seekers” and show prospects that you take your services seriously.
But to make this approach even more appealing, consider offering a twist: if the prospect decides to hire your agency, the fee can be applied as a credit towards their first project or service.
We started doing this at InvisiblePPC and have advised all of our partners to do this too. The results have been phenomenal.
By rethinking your approach to consultations, you’ll protect your agency’s bottom line while still building strong client relationships during the acquisition process.
