What exactly IS reasonably priced? She said, “I’m looking for a business coach who is reasonably priced, can you recommend someone?” Suddenly her Facebook feed was a flurry of comments. One stood out to me and prompted this blog post. The commenter said, “I’m not sure what reasonably priced means to you.”
There are two kinds of buyers in this world, one that shops based on price, the other based on value. And before you dismiss what I am about to say, let me elaborate…
The person who is a price shopper is either looking for the best deal OR the most expensive option. When you have price bias, you are assuming that the cheapest or the most expensive is the best option for you. You’re not shopping based on value, you’re shopping based on a set of values that tell you the most or least expensive option is the right option for you.
The person who is looking for value doesn’t care about price. They may have a budget in mind, but they never lead with what is reasonably priced because they are interested in what is going to provide them with the best value. This could be the least expensive option, the most expensive option, or somewhere in the middle depending on what that value means to them.
When you’re hiring any type of service based professional to help you in your business, the first question you should ask yourself is “What value do I expect from this relationship?”
What price do you put on increased self-confidence?
What value do you put on increased sales?
What value do you put on a healthier bottom line?
What value do you put on building a stellar reputation and brand?
If I told you that my fee is $25,000 a year to work with me privately, you might scoff at the price. But if I told you one client who has worked with me for four years now has added over $600,000 in revenues from where she was when we started to where she is now, you might suddenly think that $25,000 is a pretty fair investment for the value this individual received in return.
If I told you that someone who had only generated around $5,000 in their business when they first started working with me has grown their business by approximately $100,000 a year for the last few years and they are currently closing in on a half a million dollars, what would you be willing to invest for that same experience?What price do you put on increased sales? #Business Click To Tweet
If I told you someone in Profit Pods, who invested $6,000 in a group coaching program recently quadrupled that investment in one transaction, would you think the program is “reasonably” priced?
You cannot make decisions about the growth and future of your business based on price alone.
You must first know what you want to accomplish, who the best person is to help you do that and….
This is the most important part.
You must be willing to actively participate in the relationship, listen to the advice, and be prepared to do what it takes to make it happen.
Your return on investment isn’t linked to how much you spend, it’s linked to how coachable you are and how willing you are to do things differently than you are doing now.
In both of these situations, these individuals had to dramatically change the way they market and operate their business. They had to learn how to read and understand their financials, and how to project increases and then figure out exactly how to make them happen. These people had to re-evaluate their marketing and make deliberate and intentional changes. They had to get comfortable asking for money, following up on leads, and managing cash flow.
If you want to build your business, or if you want to make a significant change in your personal life, don’t hire the most reasonably priced person to do it.
Hire the person who is going to help you generate the greatest value for your investment, otherwise, you should save your money for another time because you just might be wasting it on the cheapest gig in town.
Leave me a comment and let me know…how do you determine the value of what you’re investing in?
Founder and CEO of the Lisa Larter Group, master strategist, author, speaker, podcast host, social media expert, consultant, and business coach. Lisa inspires entrepreneurs and business owners to see the possibilities for their organizations when it comes to strategy. She uncomplicates modern marketing and creates (and implements) strategies for businesses that are guaranteed to increase visibility, inbound leads, and revenue.