Ever noticed that some firms can get away with charging a lot more than others for the same services? How do they get away with this? Most likely, they have a better presentation of value. The way you present your value to prospects determines whether or not you can command the fees you’re worth. And they key to that presentation is your story.
A renowned artist, who recently sold one of his pieces for $1.8 million, set up shop in New York’s Central Park one Saturday and offered his artwork for $60 a piece. The artist, Banksy, had only three buyers that day, and one woman even negotiated a 50 percent discount for the two pieces she purchased. The media is buzzing about this because of what people missed that day. Why didn’t anyone see the value in his work?
Is Banksy’s art less valuable when it’s sold in Central Park? Is he less of an artist? No. What was missing that day was Banksy’s story. His works had a perceived lack of value because he was selling them for only $60. This renowned artist could barely get people to stop and look, let alone buy.
Imagine what would have happened if there had been someone nearby informing people that this was Banksy offering his works for one day only as a way of sharing his good fortune with the people of New York. He would have sold out in 15 minutes!
Are you telling your story? If not, is someone else telling it for you? Did you know that fortifying your value and pricing with prospects actually strengthens their perception of your value? You may assume people know what you do, but I bet telling the simple story of what, how and why you do what you do will increase your perceived value. Go ahead, give it a try.
Sign up for The Lead and get a new tip in your inbox every day! More tips:
- What a value proposition is (and is not)
- Do people want what you have to offer?
- The thorny issue of price
Maribeth Kuzmeski is the founder of Red Zone Marketing, LLC, which consults to Fortune 500 firms on strategic marketing planning and business growth. For more information, go to www.redzonemarketing.com.