Stop Being Cheap

• Stop being cheap. Just stop. Stop demanding or expecting bargain basement deals on five-star items.
• Stop thinking you’re the only entrepreneur, business or artist with “no money.”
• Stop insulting people who charge $100-$150 an hour, but deliver five times that value by asking for “a deal,” and then offering them $15 an hour to produce work that will make you thousands.
• Stop wanting something for nothing.
• Stop expecting people to pay you 20 times what you’re willing to pay others.

There’s a difference between “having no budget” and “being cheap.” Being cheap is having the money, but not being willing to invest it, or sacrifice it to get what you want. You put your own needs and wants ahead of what it takes to honor, respect, value and engage your customer in order to get a good return.

When you buy and sell cheap, you attract cheap. Your tight fisted, penny pinching shows to your client, even if you don’t think it does. When you send a common $5 item to a client to say, “Thanks for your $5,000 worth of business!” They notice. Unless you’ve happened upon something remarkable. Trust me. Better to send nothing than to send that awesome plastic pen with your name and logo stamped on the barrel. You know, the ones that often leak or not work at all? I have a box of them from all kinds of businesses. I’m not impressed.

The only remarkable pen I have I love? The one with a three dimensional slamming Sammy pen. It has an Uncle Sam figurehead on one end of the pen. He has two movable arms and actually punches and boxes when you push a button on his back. It was a “Thanks for helping me get out the vote,” pen for someone I stuffed envelopes for during a small town election. It was whimsical, funny and although only $1.25, it was relevant and sincere.

To the bank who offers new business customers a plastic check ledger and a root-beer flavored sucker…lose the ledger and the candy and offer them a free, six-month membership in a “business book of the month club” instead. Their first book is free. Work out a deal with 800 CEO READ and become known as the bank that’s serious about supporting small business.

To the Business Coach who sends a $4.95 greeting card that says, “Thanks for being my customer…” great idea, but also send your client a personalized paperback book with your greatest tips, advice, quotes, suggestions and encouragement ($2.15 plus shipping via CreateSpace). Not only will the book be a souvenir of your time together, it will reenforce your message and your presence every time your client picks it up. Sure, you have to write it, but if you can create a PDF, follow instructions and put forth some effort, you’ll get far more for your investment. If you don’t have the time or expertise to write it, find a great book and send it instead.

If you want to make an impression and get more business, use the 2 to 10% rule. Spend a percentage of whatever your client pays you, to express your appreciation for their business. If a client spends $1,000 on your writing or other skills, spend no less than $25 to $50 thanking them for their business. Send them a couple of books, a Starbucks gift card, or a whimsically designed coupon worth $100 off their next job with you. Think about what they do, what they need, then go for it. You’ll stand out. I only know a handful of vendors and providers who express their appreciation.

Personalize the gift. Yes, it takes more time but the returns are greater. Don’t send some plastic gadget with your logo and business stamped all over it. Send something that will amuse, surprise or delight. A colleague of mine has a client with kids (6 and 8). His client talked about his kids a lot and at the end of the job ($3,000) he sent the family a set of Nerf guns, about $60 after shipping and taxes. But who do you think gets repeat business that more than makes up for the outlay? Not only that, the kids think of him as an unknown uncle.

If you’re a starving businessman/woman and the idea of delighting your customers seems lavish and unnecessary, then at least send a hand written card and a Starbucks card with a note expressing your appreciation for their business.

I get several emails a month asking me how to “wow” customers for little or no money. The fact is, if you have little or no money then you start by wowing them with excellent service, attention, time and a great job. That gets everyone’s attention! Email them tips, news stories, or leads for their business as you come across them. Introduce them to other businesses that will enhance or benefit theirs. Hand write a card or letter (if your handwriting is good) on great paper. Make their success as important to you as your success—because it really is.