The Art of Pricing Mentor Services

The Art of Pricing Mentor Services:

The right knowledge at the right time can prove vital to a knowledge seeker. A mentor’s seasoned expertise of the domain is so granular that he or she can drill down rapidly right to the essence of the issue to facilitate the solution.

As a mentor, you have spent several years developing your knowledge, honing your skills and developing an in depth understanding of your industry. The research and study that you have undertaken and the experience that you have obtained over the course of your career is immeasurably valuable and users value this expertise.

Timing is often critical essence and chances are that a mentor can proffer guidance that can facilitate a quick and timely solution – as opposed to the user struggling for hours to come up with the right idea.

Innovation is a huge asset – a fresh approach to an existing problem could turn things around completely. As an industry leader you stand in the top strata of your peer group, and you can afford to command a price for your wisdom.

WissenX firmly believes that the knowledge provided by mentors should be well rewarded and our goal is to ensure that a mentors discover their worth on WissenX and get compensated for their willingness to share it with others.

WissenX does not offer any guidance or determine any mentor’s hourly rate. That decision is entirely up to the mentor. The reason being, knowledge, proficiency of knowledge, value of the mentor’s advisory or consulting role, years of experience, position is a given industry, comparable remuneration for someone working in a similar role at an organization - are some of the factors that can vary vastly from mentor to mentor. At the same time it is important to keep an eye on the competitive landscape and sense that “going rate” in the market place for a expert advisory role from a similar mentor.

Here are some pointers to set you thinking around the art of pricing mentoring services:

  • Doubling/tripling your hourly wage

  • Using a daily rate for consulting

  • Setting consulting fees based on performance

  • Setting consultant fees strategically using real-life data

  • Charging what everyone else charges

As inscribed on the walls of Mannheim, Germany: “Wissen Ist Macht”, which means Knowledge is Power.

The phrase often implies that with knowledge or education, one's potential or abilities in life will certainly increase. Having and sharing knowledge is widely recognized as the basis for improving one's reputation and influence, thus power. This phrase may also be used as a justification for a reluctance to share information when a person believes that withholding knowledge can deliver to that person some form of advantage. Another interpretation is that the only true power is knowledge, as everything (including any achievement) is derived from it.

What we intend to therefore convey is good knowledge commands premium pricing and therefore one should not take a simplistic “cost plus” approach to deciding on one’s mentoring rate.

We welcome you to the WissenX knowledge sharing community and to be a part of a platform that facilitates a transaction of knowledge that is not only valuable to knowledge seekers but to the mentor as well.

Please take a moment to click on the links below to read these insightful and thought provoking articles on the art of pricing.

How To Set Your Consulting Fees

Consulting Fees Calculator

How To Convert Your Annual Salary To An Hourly Consulting Rate