Always talk VALUE, never PRICE

I remember in my initial years, dated back from 2001, my thought process was around price. My time per hour. The hourly fee or ad hoc charges that a client need to be changed. This is a very old school way of thinking, and if you intend to growth wealth it will not work.

Talking about value instead of price is a powerful communication strategy in business and sales. When you focus on value, you are emphasizing the benefits and outcomes that your product or service can provide to the customer, rather than just the cost.

By highlighting the value, you are helping the customer to understand how your product or service can solve their problems, meet their needs, and improve their lives in some way. This can create a more emotional connection with the customer and help them to see the value in what you are offering.

On the other hand, if you focus solely on the price, you risk turning the conversation into a negotiation and losing sight of the true value of your product or service. Customers may be willing to pay more for something that they perceive as having a high value, especially if they believe that it will solve their problems or meet their needs in a way that other products or services cannot.

Therefore, when communicating with potential customers, it is important to emphasize the value of your product or service, rather than just the price. This can help you to build trust and credibility with your customers, and ultimately increase your chances of making a sale.

Many years ago, one of my clients and mentor at the stage, gave me a very powerful tip. Never chase or cold call a client. Always let them approach you first. When you chase, THEY NEGOTIATE with you, but when they approach you, YOU CAN NEGOTIATE the terms of the agreement.

When clients approach you, they are typically already interested in your product or service and have a better understanding of its value. This can make negotiations easier because you are working with a client who already sees the value in what you offer.

When we deconstruct and evaluate real experience with this idea, we find that it is 100% true. The clients you chased or cold call to make a sale are generally not your best or ideal clients. You tend to do a lot of work for them, which is under appreciated and valued.

This brings me to another fun fact.
People only value WHAT THEY PAY FOR.
When someone invests their money in something, they are more likely to take it seriously and derive greater value from it.

The advice my client and mentor gave me about not chasing or cold calling clients is a common strategy in sales and marketing. The idea is that by creating a strong brand and reputation, and by providing valuable content and resources, you can attract potential clients to approach you rather than having to chase them down.

Now the question should be. How do I generate the value to attract potential clients?
I can only vouch for the things that are working for me.
During the last couple of years, I made it my mission to serve entrepreneurs. I eat and sleep how can add value and serve.

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Several ideas I pursued during my process are listed below:

  • Starting a YouTube channel to share my knowledge, thoughts, tips and tactics for entrepreneurs about daily habits, thought processes and financial principles. I did not start the channel for monetization purposes, but to add additional value to the entrepreneurs I work with every day, month and year. Everyone can do this. Start a YouTube channel or other for of podcast and start talking about and to your niche market. Interview people you want to do business with.
  • Create a website on your niche market and provide valuable information on this. Don’t make it a sales pitch but create true actionable value. People smell a sales pitch from a far but appreciate true value. Providing information and value builds trust, which will ATTRACT the IDEAL CUSTOMER to you.
  • Once you established a content full website and / or YouTube channel, where you can create loyal viewers, you can create a LEAD MAGNET to send to clients, when they provide you with their contact details. For our various niche market websites, we use different LEAD MAGNETS. In our accounting website, we provide website users with a FREE BEE affidavit template in Word and PDF format. They can use this to complete and send for procurement purposes. In our entrepreneur website, we provide FREE eBook for entrepreneurs as the LEAD MAGNET. What is a lead magnet? It is something of value you provide for FREE in exchange for a contact detail of the visitor. Typically, you would you a platform like Aweber to collect newsletters from the lead magnets, and to end weekly of monthly newsletters to.
  • We use the newsletters to add additional value, with the occasional hard selling. The key for me is occasional. Keep the selling to 5 – 10%, and for the rest of the newsletter keep on providing value.
  • Create a BROADCAST group on WhatsApp with business or individuals that are already part of your client base. This can be used on the same basis than newsletter distribution, but to more intimate clients. Clients that want to and expect to hear from you.
  • Create an E-book full of valuable content for your niche market. Once this has been compiled, you can use in multiple creative ways to build Trust in your community and niche market. This can be used as your lead magnets as discussed above. I provide my e-Books as gifts to paying clients. The possibilities are endless with products like this.
  • “Social media is terrible master, but an excellent servant” Robin Sharma. Social media can be an excellent tool communication, networking and sharing value to the marketplace. Stop scrolling and posting food pictures, and provide actual value related to your niche market. A few years ago, I made a commitment to do a daily entrepreneur post for 365 days. It uplifted me and others. Through the process of posting a daily post for entrepreneurs I started to attract entrepreneurs that believe in the same values than myself, and wanted to do business with me. Don’t stop when nobody like, comment on or share your post. They are watching and your will attract those meant to be attracted.

You have raised your value that you provide for your niche market. You attract clients from the various platforms. How do I determine my fees / pricing?

Firstly, look at your current fee or pricing structure and determine whether you price to merely get a project / sale. You would know if this statement felt true to you. If this is the case, you will never build wealth. This formula will never be sustainable.

Secondly, what the market related fees / pricing of your competitors. Not to copy them, but to form an understanding of what is market related.

Thirdly, take the time to evaluate all costs, and put a value to you and your business.
Once you have done the first three exercises, you can compare your current fee / pricing structure to the market, and your value that you are prepared to deliver and then……
Raise your fees / prices by 30% AND then you back it up to provide massive value to you clients.

  • What will you do different from the competition. What will you do different that will WOW your customers. What makes you the purple cow that Seth Godin talks about? (That makes you stand out from the crowd)
  • Make sure to inform the customer(s) well in advance of the price increase, and don’t raise the fees to merely raise it. Raise the fees if you can motivate, explain, and actually provide additional value different from the rest.
  • Prepare for objections from clients and stand firm on your pricing decisions. Stick to your guns.