I absolutely love the word “egregious”. It’s one of those words that I learned at school as a way of remembering Latin vocabulary. One rainy afternoon in an otherwise boring second form Latin class, the teacher explained to an eager bunch of 12-year-olds that the word ‘grex’ means ‘herd’, as in ‘egregious’. We looked blankly at her. “Literally, it’s e-, ‘outside of’ grex ‘the herd’. Egregious is something that stands apart. Something outstanding or exceptional.” The explanation stayed with me but in that last [number withheld!] years I have racked my brains but never found an opportunity to use the word. Until […]
http://robcuesta.com/6figureblueprint How are you building your practice? You see, the coaching, consulting and professional advice industries have traditionally been built on two ways of getting clients. And I think BOTH of those models are broken. The first is what I call the “Journeyman” model. In mediaeval England a “journeyman” was a craftsman who was just starting out on their career and wanted to become a member of a guild. So the guild told them “study hard, practice – for free if necessary – take our exams and one day you can be qualified (accredited, or certified, or chartered, or whatever […]
Back in my MBA days I remember being taught about price skimming.
The idea was simple.
When you launched a new product or service, you launched it at a premium price, let the early adopters pay that premium so you could recover your development costs fast, and then over time, as sales dropped, you dropped the price to the market rate.
On the face of it, it's a really appealing strategy for experts launching innovative services: sell high, get a cash injection, and then let nature (and market forces) do their worst.
There's only one problem.
And it's probably one you can see instantly...
It was Isaac Newton who famously declared that he was "standing on the shoulders of giants", referring to the fact that all his knowledge was a development of ideas that other, greater, people had developed before him.
In that sense, it has a role to play in your positioning as an expert--however I think of it in a very different sense when it comes to running and growing your coaching, consulting or training business.