How to Make Money as a Digital Consultant
Being a consultant is not an ordinary fit. You have to be exceptionally dynamic and versatile enough in both knowledge and skills in your chosen field. From developing new business models to creating product innovations and predicting risks straight down to strengthening the process of staff management and a whole lot more. Every successful business in all sectors rests its growth solely on the shoulders of a consultant or a consultant firm.
One would then think that, with all of these herculean tasks, consultants are making a killing. The reality is different. A foolproof is that you’re here looking for ways to make money as a digital consultant.
Besides, according to a report from Deltek, one of the five major challenges facing the global digital consulting industry is profitability. The other four include;
- High Rising Competition
- A Continuous Changing Client Behavior
- And Project Complexity
But at the bottom line, the main goal of every IT consultant is to scale ROI and make their business profitable. Right? So to speak, in this article, I will take you through the process of making more money from this $48 billion industry as an IT consultant. Dive in and out in just 10 minutes.
FIRST STEP: Set A Profit Goal
You read that right. And there’s no back-route around making AMAZING profits without actually knowing what’s AMAZING. What profit-point makes you tick? $300, 000 a year? $19, 000 a month? By defining your profit goal, you can then break it down and flesh out a plan that hits the target. You’ll be able to decide upon the number of clients you need to win and for how many hours you need to work to make 6 figures. Also, you’ll be able to answer the most important question; how much do I charge my client as a consultant? And how do I charge?
So, assume your profit goal is $120, 000 a year. And by deciding that you won’t be working for 2 months, that leaves you with 10 working months. Right? Now, divide $120, 000 by 10. Here is the math…
$12000➗ 10 = $1,200 a month
Now, you’ve your monthly target of $1, 200 defined. Take another calculative step to stretch out how the monthly target is reached. This is where you decide the number of clients you need, and how and at what rate you’ll be charging each client.
Suppose you’re charging on a monthly basis at the rate of $500/month. Divide your monthly target by that and you have…
$1, 200 ➗ $500 = 2.4
By estimation, you need just 3 clients every month to hit your monthly profit target. Right.
The same process goes for charging on an hourly basis.
STAGE 2: Niche Down
The greatest mistake any digital consultant can ever make is to spread across multiple niches. While being versatile is a chief trait of every consultant, the importance of focusing on one niche cannot be overemphasized.
For one, niching down allows you to diffuse and converge your investments (time, skills, knowledge, energy, and more) into one place. By so doing, your marketing efforts and your promotions are more effective and efficient. Besides, according to a study, clients respect and prefer expertise consultants over the do-it-all kind of firm.
Another reason to niche down is that it helps to work on what drives your passion, what you’re exceptionally a genius at, and it makes work fun. You have that sense of authority and can dominate your niche in no time. Moreso, the possibilities of creating a personal relationship with a potential customer, winning more business, and creating potent presentations can’t be overlooked.
STAGE 3: Create Digital Footprints That Convert
B2B businesses that blog generate 66% monthly income over those that don’t. And as an IT consultant, or whatever the kind of consultant you are, the chances are that you already have an online presence but it’s not converting. On the other side, it’s possible that you’re yet to crack open a website for your business. You can reach out to us for assistance with that.
Regardless of the case, you need high converting presences for your business. A digital footprint is not essentially only a website. Blogs, social media pages, YouTube channels, and other online portals are effective ways to create outreaches that convert and drive in more sales. Nevertheless, here are the 5 solid rules for a highly converting digital footprint that maximizes profit.
- Business representation; a third of professional service buyers ruled out firms with unimpressive websites according to studies. Your website represents your credibility and niche.
- Speed; your online presence has 49 seconds to impress and convert a visitor to a potential customer.
- Engagement; skeptical and time-starved customers prefer well-designed, value-adding contents. Cash in on videos, write-ups, images, and illustrations.
- Clear Call-To-Actions; placing your banners, interactive tools, how-to guides, demos, email newsletters, and demos on your home page is important.
- Intuitive and Clear; your digital footprint must not only be mobile-friendly but equally display and respond accurately on all devices including computers.
STAGE 4: Filter Out The Bad Eggs And Build Long-Lasting Relationships
Seriously, and I do mean really, some clients are just not worth the effort. I know you’re all out to get all the clienteles that you can, this is especially true for a beginner, but you need to say no to those peanuts. Don’t even take them when the going gets hard or you’ll never be free to see greater opportunities. Keep your eyes on your profit goal in stage 1, retrench those customers that pay you and push you to your goal, and create longlasting relationships with them.
STAGE 5: Focus More On Marketing And Offer Value
Remember where I mentioned that the continuous change in client’s behavior is one of the 5 challenges faced by consultants. Regardless of how experienced or how a guru you are, consistency is key. By consistently updating your arsenal, you can offer more value and exceed the rapidly increasing expectations of your clients. In the same light, integrate every marketing strategy at your disposal and never stop marketing.
In this new age of digitalization and technological advancement, it is not how hard but how smart you work that determines the size of your ROI. In this write-up, I have shared with you 5 solid ways on how to make money as a digital consultant. Did you miss something or need more recommendations? Use the comment box to get my free and fast support.