- Understanding Marketing: To make more money, it's crucial to understand marketing principles. Marketing is about selling something or convincing others of the value you offer, which extends to how you present yourself to a company, clients, or in various scenarios in life.
- Providing Value to Other Person: Marketing teaches the importance of providing value and understanding what others want. Catering your proposition to match the needs of the other person is important. The approach of trying to leech value is bound to fail eventually.
- Increasing Your Worth for Your Employer: If you wish to make more money within your company, it's necessary to provide more value. Ideally, this value should be obvious and align with what the company wants and needs. Example: Consulting your boss about their needs and doing your best to meet them which could potentially lead to promotions, pay bumps, and other benefits.
- Justifying Your Pay Increase: The more money a company earns from your efforts, the more likely they can be convinced to give you a pay raise. Your worth can be justified if the company sees that your contributions are directly linking to their profits.
- Understanding Client's Real Needs: If you run a business, to earn more, you need to deeply understand the exact needs of your clients. This understanding should not be based on your assumptions but on their explicit requirements. Tailoring your services to meet these needs can increase your profits.
- Daring to Ask For More Money: Simply asking for more money is another way to earn more. However, many individuals hesitate, fearing rejection or feeling undeserving. In many cases, products and services are undercharged; by daring to ask for or charge more, you may access potential revenue.
- Yearly Salary Bumps and Raising Prices: Regularly trying to secure a raise can increase the chances of getting one. Consider asking for a 10-20% increase each year. The same goes for your own business - try raising product or service prices gradually and see the outcome.
- Challenge Your Money Mindsets: Many lose potential income due to hesitations and self-limiting mindsets about what they can charge. Especially when clients derive immense value from your offerings and have limited alternatives, it can be viable to charge more.
- Positioning for Unique Product or Service Provision: To earn more money, it's vital to provide something unique that others do not, creating leverage in your business or career. Selling common commodities is less beneficial due to preset market prices and high competition. However, offering unique products or services gives leverage to charge more.
- Becoming Extremely Skilled in Your Field: Being very skilled or having specialized knowledge could bring more value, indirectly increasing your earnings. For example, a highly skilled marketer with extensive networks can significantly increase a company's value, and, consequently, their own worth.
- Establishing a Unique Selling Proposition: You can increase your earnings by offering something unique in your business. This uniqueness could be in product quality, service quality, branding, or being an industry leader in your niche. Having a unique selling proposition can command higher prices even if slightly higher than competitors'.
- Building a Unique Brand and Enhancing Expertise: Invest time and effort in establishing a unique brand for your business or personal career. This includes building up unique features of your products/services and your expertise. For example, an engineer with several patents is more marketable.
- Building Industry Renown and Authority: It is important to be well-known and respected within your industry as this enhances your market value considerably. Techniques to achieve this include attending industry events, networking with industry leaders, and having publications within the industry under your name. Building up your authority in your industry allows for a higher charging potential.
- Building a Strategy for Career or Business Growth: It's critical to create and follow a growth strategy for your career or business. This involves building connections, receiving training, and gaining extensive practice, which will eventually make you exceptional in your field.
- Applying Timeless Principles for Sustainable Income Increase: These aren't get-rich-quick schemes but proven principles for increasing income sustainably. These principles might seem abstract and require personalization to your specific situation.
- Self-Mastery and Identification of Life Purpose: Increased earning potential often starts with developing self-mastery and identifying one's life purpose. Once these aspects are understood and committed to, the sky is the limit in terms of earning potential.