Don't Give Away Your Trade Secrets How often have you allowed a prospect to pick your brain on what you might call proprietary information? It happens more often than not and typically I have found the prospect that wants to chat for hours on what ifs typically never moves into the paying customer arena. Why should they, they have all the information that they need to do it themselves.

How do you handle this kind of situation? For me, I am not afraid to share information and chat, but I am also not afraid after about 10 to 15 minutes to say "I need to move you into the paying customer category now." Additionally I now consider some information about how I do business proprietary and not to be shared every! Regardless of the amount of money offered.

It is important that as a business person you assess what you do, what your value is to others, and then guard your trade secrets. Don't treat this information casually. Sometimes it has taken years to understand or be versed in a topic so that you become an expert. Don't give it away for a relatively cheap consulting fee or for free when chatting to impress a prospect with your knowledge. Now I do not advocate turning the clock on and charging everyone at the beginning, but in some situations it is better to get a retainer and contract first before getting into the details and a strategy.

Labels: business tips, trade secrets

  ¶ 10/30/2007 04:24:00 PM