Issue 43 Wow he is so right v1 0 19jan2022 CEV 1024x576 1

Issue #43 Wow, he is so right!

Table of Contents

    So, how do you define value?
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    Issue #43 Wow, he is so right!
    January 18, 2022
    Hey, ,

    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.

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    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:
    1. It is about transformation; value must have
      transformation at its core, not features, not benefits, not empty promises: transformation.
    2. 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, 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:

    Impressive right?

    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 entrepreneurial 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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