Value Not Price
In my most recent webinar, we explored a whole bunch of strategies and tools to help you avoid competing on price, get paid more, increase your profit margins and have happier clients in the process.
If you’d like to watch the replay - follow the link below:
https://www.coachignite.com/how-to-avoid-competing-on-price-replay-25-08-2021
One of the key elements we explored in this webinar, was a concept called Value Not Price. And in today’s post, I want to explore this concept with you a bit further.
It's such a common issue and such a common frustration in the industry at the moment, where leaders in business owners feel like they’re always having to compete on price. They feel like their clients are constantly price checking them in order to win the next job with them.
What I say to all of my clients when they’re frustrated or annoyed and feel like their clients just want them to be the cheapest, is if the conversation has moved to bartering or bickering on price - then you’ve already lost the battle.
If the conversation with your clients moves to pricing or fees, then this should be a trigger for you to reflect inwards and ask yourself - "where have I missed the opportunity to talk about the VALUE that myself, my team and my business can add to my client’s world?”
This is the value proposition piece that so many leaders and business owners are missing the opportunity to talk about.
On the other hand, if you get the value proposition right, then the discussion around fees and pricing becomes secondary and you can usually charge whatever you like (within reason).
So how do you get really clear on your value proposition?
Well - it’s becoming completely obsessed and focused on your client’s world.
What are their problems? What are their pain points? What did they need help with? What problems do they need help with solving? What is unique about you, your team, and your business and how can you solve your clients’ problems in a unique way?
You see, what you’re trying to do with your value proposition, is set yourself apart from every other competitor out there.
Most of your competitors are obsessed with being generalists.
You need to become obsessed with becoming a specialist. You need to become obsessed about solving your clients’ problems and positioning yourself, your team and your business at an elite level and away from your competitors.
And the only way that you can do this, is get your value proposition and your elite level positioning right.
Once you’re clear on your value proposition and how you solve your clients’ problems, then you can start to discuss the value and the difference that you can make to your client’s world.
Once your clients understand the value that you can bring to them and their business, and the fact that you’re the best placed person or business to solve their problems, they will want to work with you - whatever it takes (or costs).
Once you know (and own) your value proposition, have a deep understanding of your client’s world and how to solve their problems - discussions around pricing, fees & cost become secondary.
Because the client wants you and needs you.
Josh 'Value' Stone
PS: If you’re interested, here are 4 ways I can help you right now:
- Join the Leaders In Engineering community designed specifically for engineering leaders and business owners
It’s our new Facebook community where engineering leaders and business owners are learning the strategies and leadership skills to step up and thrive right now – Click Here to join
- Download our FREE PDF guide – “How To Build A High Performing & Highly Profitable Engineering Team”
Learn the skills to get the most out of the people around you. Build a high performing engineering team that generates incredible profits and allows you to have more fun and to spend more time with the people you love – Click Here
- Book in a 15min Check In Session
Let’s discuss how you can tackle a volatile marketplace, gain visibility on the issues, challenges and problems you are facing at the moment and then work on a plan together for how to break through the mountain in front of you in order to step up and thrive! – Click Here
- Have me work with you and your team privately
If you’re serious about getting real results and you’d like me to work directly with you and your team… just send me an email at [email protected] and put “Private” in the subject line...tell me a little about yourself, the challenges you are facing and what you’d like to work on together, and I’ll be in touch to discuss a plan!
