At last week’s event, The Agency Profit Accelerator, I shared an exercise called The Money Magnet Assessment.
The agency owners who attended found it helpful, so I thought I would share it with you today.
The Money Magnet Assessment is a short quiz designed to evaluate how well you’re positioned to attract more high value clients.
There are 7 questions in total, and for each question you score either a one, or a zero, so you finish with a total score out of seven.
Are you ready?
How did you score?
Is your positioning a problem, or a superpower?
At last week’s presentation most agency owners scored between 2-4 out of 7, which is common.
One agency scored a 5, so better, but still room for improvement.
QUIZ: The Money Magnet Assessment
QUESTION 1: Do you FEEL like an EXPERT?
This is a guide to your ability to attract better quality customers, who pay you more.
If you feel like an expert, score one. If you feel more like a supplier, score zero.
QUESTION 2: Do your prospects and customers TRUST and VALUE you?
If they see you as a trusted partner, score one. If you're treated as a vendor, score zero.
QUESTION 3: Do you have a LOW COST of sale?
Do you have a system or a process that's defined around what you do, and therefore makes it a lot easier to acquire customers?
Or do you have to prepare custom proposals for every customer, lead or opportunity which takes time, and is therefore expensive?
If you have a signature system, or a method to reduce the time involved with proposals, score one, and if you have to prepare custom proposals every time, score zero.
QUESTION 4: Do you command PREMIUM PRICES?
Score one if you’re able to charge premium fees, and score zero if you compete on price.
QUESTION 5: Do you have a GLOBAL OFFER?
Not everyone wants to be ‘global’ – and that is totally fine – however if you have a unique power positioning, and you’re seen as THE expert, it’s easier for you to have a global offer.
Score one if you have a global offer, and zero if you’re more ‘local’.
QUESTION 6: Do you struggle to think of CONTENT IDEAS?
If you regularly think, “I know I should be publishing content but I'm not sure what to do” score zero.
However, if you're constantly coming up with a stream of new content ideas, and they flow to you easily because you're super clear on your perfect future customer, and you know what their problems are, score one.
QUESTION 7: Are you upgrading your KNOWLEDGE and skills QUICKLY?
If you are a subject matter expert, and it’s relatively easier to upgrade your knowledge and expertise, score one.
However if you’re trying to be all things to all people and feel like you need to be an expert on multiple vertical markets, and multiple topics, and it takes a long time upgrade your knowledge, score zero.
What Your Money Magnet Score Means
1-2 = PROBLEM
You are all things to all people, working long hours and struggling to make money.
3-4 = WEAKNESS
Good reputation however you're not attracting the right prospects, and left competing on price.
5-6 = STRENGTH
Considered a subject matter expert but not charging what you would like.
7 = SUPERPOWER
You're an expert and well positioned to attract and retain high value customers easily.
How are you going to upgrade your positioning so prospects see you as THE Expert?
Not sure… schedule a 15-min call.
I'll ask you a couple of questions so I can learn about you and your business, to see IF or HOW I can help you.
IF I feel like I can, we’ll schedule a second call where we can explore what that might look like.