The (not so) Secret Forumula
Let’s start with clarity. And for this let’s go with a couple of definitions
- Value (used as a noun) the worth of something in terms of the amount of other things for which it can be exchanged or in terms of some medium of exchange.
- Values (as in your personal values) Your values are the things that you believe are important in the way you live and work. They determine your priorities, and, deep down, they’re probably the measures you use to tell if your life is turning out the way you want it to. Violation of the ‘core’ values usually leads to discomfort, disruption and even dis-ease.
Now that we have that out of the way I wanted to tell you about a recent experience I had with a client who was frustrated and exhausted because she wasn’t able to get customers to pay her the rates that she wanted to charge.
She felt that she was (and for the most part she was) doing the right things.
It’s not that she was not correctly accredited, trained or experienced. It wasn’t that she hadn’t identified her USP in a marketplace where people needed her service.
She’d paid money to get more traffic to her site. She’d been on webinars on getting more customers. She’d paid lots of money for a pretty logo and new stationary but when it all came down to closing the sale the only tool that seemed to work was offering a discount on the price (typically less than she felt she should be charging).
She would usually rationalise this by telling herself that “in time they’ll pay more” and “the next job is going to finally pay me what I’m worth.”
Does this sound familiar? Have you begun to rationalise and try to convince yourself that “I’ve only been doing this a short time. In this way, so maybe over the next year or so things will get better.
Or maybe you’ve been convinced by the slick marketing of an Internet Guru who promises fame and fortune FAST.
There is a clear and sometimes tough reality that EVERY entrepreneur and business leader must face.
“To get more then you’ve got you have to be more then you are”
This means you need to learn more and apply more of the foundational aspects of how to connect with your customer for sustainable business.
The whole thing about being an ‘overnight success’ is that it typically takes more than one night.
For many of the successful entrepreneurs that I spend my time with, work with, coach, mentor and I am coached and mentored by; “overnight” typically took between three and seven years.
When the successful men and women made to specific distinctions for themselves through having a coach, mentor or trusted (professional) advisor, things began to change for the better. Three of these distinctions are
- Most of success is all about mindset.
- The value you offer isn’t valuable to EVERY individual that you may meet.
- Value yourself and others will value you
I say all that, to say this….
When you are willing to do the work to dig, look within and recognise that each of your experiences, no matter how trivial, make you a unique and powerful resource for SOMEBODY who is willing to give you something of value to you (products, services, MONEY) in exchange for what you know or what you do. THAT is the beginning of the discovery of your value.
Do not be mistaken, this is only the beginning. The next step for you is to find out who that “somebody” is and if there are enough of these “somebody’s” to build a sustainable business.
As the saying goes;
“You can please some of the people some of the time, but not all of the people all of the time.”
This goes back to your own feeling of self-worth, self-esteem and self-confidence. When you get to the point that you realise that it’s OK if everybody doesn’t have the means, foresight or understanding to pay the fees that you ask for your products or services, then things will get better – fast.
Your goal, if you happen to surround yourself with people that don’t have the aforementioned resources, is to find out what, in fact, they DO value and if you have or can develop a product or service to meet that particular need.
This information can be the foundation for you to develop and to provide valuable products and services as part of your product matrix (product staircase, product ladder, product funnel) that leads customers to the insights, foresight and understanding of the value of the product that they previously did not want to pay the full price for.
Puzzle me this, puzzle me that….
Are you getting the price that you feel you really should be getting for your product or services? Are you finding yourself trying to “sell” people into your product or service offering with less than a 50% conversion rate?
If either of these are true, then I would suggest that you consider developing a product matrix or product staircase that makes it easier for people to get the value that they need at a price that is right for them, and very importantly, right for you (in respect of the cost of development and delivery) so that you can build a clear pathway for them to do business with you and pay you for your contribution to making their lives and businesses better.
For more information on building an effective product matrix / product staircase visit www.thebusinesswealthclub.com where you can see how this has been transforming businesses just like yours over the past 8 years