January 10, 2023

Adding Value Doesn’t Have to Be Expensive

One of the most frequent misconceptions I encounter among the solo and small professional services providers I work with on value and value pricing relates to how to add value for a client or prospective client.

One objection related to adding value often revolves around this statement: “Doing more than what I’m doing now will be expensive.”

There’s a basic misunderstanding of how to define value in this statement. It assumes that all the value a client finds attractive is in the tasks and deliverables. That's NEVER the case.

Value is intangible as well, and inextricably tied up in how clients perceive you, your soft skills, how you do what you do, and factors which have nothing to do with your features and benefits.

Here are a few examples of how professional services providers can offer significant, if not incalculable value without spending a dime:

How you handle difficult situations:  a financial advisor who calls you to hold your hand and answer your questions when the market has gone splat is delivering tremendous value.

Avoiding use of industry jargon or highly technical terms:  an IT services professional who doesn’t use technical “‘geek speak” to explain their solutions is dripping with value.

Not hesitating to bring in third party experts:  a CPA who, instead of “circling the wagons” and claiming expertise in all matters, doesn’t hesitate to bring in a subject matter expert from outside their firm to address a particular issue.

“How are you REALLY doing?”:  after I lost my first wife to cancer, I found myself wanting to talk about her for many months afterward. This trait is common among those who are grieving, yet the world moves on. I remember the people, years later now, who stopped to dig a bit and ask me this question and being willing to listen. Asking the questions others don’t and allowing others to be open and vulnerable is a tremendous way to offer value.

Not having all the answers:  the attorney who says, “I don’t know, but let’s talk about how we can get the answer to your question.”

Being known for doing what’s right for your clients or prospects:  the marketer who actively talks their client out of doing some shiny marketing tactic they’re enamored by, even though doing so costs them revenue.

I could go on and on. The list could be endless, as different clients have different notions of what they value in their services providers.

It’s one reason services providers hire me to help them, because they need an independent, unbiased eye to offer ideas like these.

But you don’t have to hire me to dig deeper on how and where you can deliver more value. You can start by simply asking clients what they like about doing business with you. Ask prospects why they did or didn’t choose you. You’ll be surprised by a lot of these answers, because many will be grounded in intangible values you’d never thought about.

 

 

Image created using Craiyon (Formerly DALL-E Mini)

(This blog post was also posted on LinkedIn.)

©Ray Business Advisors, LLC and John Ray

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About me: I help solo or small professional services firm owners with the confidence and positioning necessary to improve their pricing and change the trajectory of not only their business but their life.

I have a podcast called The Price and Value Journey, which features interviews with industry leaders and audio versions of my blog posts. You can find the podcast on your favorite podcast app.

I also have a book coming out in 2023:  The Price and Value Journey: Raise Your Confidence, Your Value, and Your Prices to Grow Your Business Using The Generosity Mindset.

For more information, go to PriceValueJourney.com