Business Challenge of the Week – Why People Give You Their Money?

JUNE – HOW TO GET WHAT YOU ARE WORTH

It’s a new month so time for a new topic.   I’m taking on pricing this month and challenge you to make sure you are charging and getting what you are worth.  I’m using a book called Value Based Fees by Alan Weiss as the foundation.  While I realize this may be more suited to those of you in the service industry, there will also be plenty of opportunity for those of you who sell a durable product or are in retail to up your game in the pricing area.

Let’s jump right into it.  Your challenge this week is to think about and answer the following questions:

  1. When you get pushback about pricing, do you end up lowering the fee rather than focus on raising the value?
  2. Are you able to translate the importance of the guidane and counsel you provide into long term gains for your clients so they “get it” or do you fall into the trap  of basing your value solely on deliverables, time and materials (low value commodoties)?
  3. Do you only deal with legitimate, economic buyers vs the client that delays payment, argues about your value, randomly changes objectives?
  4. Do you believe in your own worth and high value you deliver to your clients or do you sometimes let doubt and low self esteem drive you into reducing your fees?
  5. Do you still charge by the hour instead of by the project?

That’s it for this week.  Your challenge is to begin thinking about each of these areas.  We will dive into each of them more closely throughout the month.

“Establishing value with the client is key.  If the focus is on fees and not on value, the client has taken control of the discussion, and the client’s focus will never be on maximizing your fees.”  Alan Weiss, Value-Based Fees

Sincerely,

Bruce Rector

The Rector Group

Tel: 954-356-0439

Posted in Bruce's Blog, Business Challenge Of The Week.