Ask 100 people what value means, and you will get 100 answers.
And as long as you ask me, only 99 of them are wrong 😉.
So let’s get that definition right.
First, some updates:
🧲 It is time to magnetize your business, you deliver value; here is how to attract customers who want to buy, read more.
🍷 What is the difference between a $2.50 wine glass and a $62.50 wine glass. It’s the niche. Know your niche and charge more money; read more.
🏷 Price setting volume 1: We are working on a pricing model to help you evaluate your price. Part one is available here.
Well, maybe wrong is a harsh word.
There can be many definitions of value, so maybe all 100 are correct. However, I’ve found this one to be the most useful for sales, marketing, and building businesses.
Value = the importance of the transformation you offer in the mind of the customer.
I wish I had come up with this, but it is from a friend and value consultant extraordinaire: Mark Boundy.
When he shared this definition with me, the heavens opened, angels sang, and the world made sense. I even wrote it on a post-it note that I stuck to my screen.
Defining value this way is powerful because:
- It is about transformation; value must have transformation at its core, not features, not benefits, not empty promises: transformation.
- It incorporates perception. See, it doesn’t matter how valuable your transformation is; what matters is the perception of value. Want people to understand the true value you offer? Speak their language, and understand their perspective.
This also implies a relationship between value and money. Do you want to charge more money for your product (service)? You have to offer transformation and certainty of delivery while also reducing both delay and effort to get there.
That gives us a faux equation that looks something like this:
I actually have no way to test the math and whether this might be the case, but the relationships are correct and should give you something to consider.
When you ponder your deliverables, your work, and your sales process, are you addressing each of these elements? Because if not, you will find yourself stuck in price negotiation, overpromising, underdelivering, and the endless MSP ownership spin cycle.
So, you know, give it some thought. Maybe even write it down and stick it on your monitor.
Next week I’ll talk about how you influence the balance between money and value so that you can make more money. Don’t miss it…
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*Not really. Well maybe, if all they care about is money. But is that really the kind of relationship you want? We should talk.
Other great stuff from around the web
- 🍪 Tired of all those cookie pop-ups? There’s an app for that, no, really. Check it out.
- 👨💻 Trying to get people to speak up in virtual meetings? Here are some tips to help with that.
- 🎧 Who wouldn’t want a vinyl record of their favorite Spotify playlist? I know you’ve been wishing, now you can scratch that stamped petrochemical itch here. (And does this mean that there is a business opportunity in turning streaming movies into super 8 films?)
Let us know your unique definition of value, or share with us what your favorite Spotify playlist is! Carla is looking for recommendations.