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Once again, Genevieve Hayes came up with a follow up to yesterday's message: The Elephant. "I think Jerry Seinfeld expressed this one best:" This is what got me to stop passing my problems forward and making them the problems of "future me". Mic drop, Genevieve.
There are situations that can be VERY stressful —within your business, with your prospects, with your clients. Kicking them down the road to not deal with them feels tempting, and you might even feel like they're avoidable. They're not. Sometimes they're an elephant stomping and charging your way. Because you put your hands in front of your face won't make them disappear —and certainly won't stop them. Make the decision. Take the decision. You already know what to do. And it's a simple...
A discussion with Dr. Genevieve Hayes —data science expert and long-time friend-of-the-list— about context inspired this daily. We (humans) LOVE making up stories. When we don't have a reference point, our imagination flies. Give that reference point to your customers. So that you lead where their imagination can go wild. :)
What would push you to know what the prices in the market are? And once you find out, what's next?
Charles - "If I spend too little time to fix some error / bug, I can't charge 2000 euros. It's too expensive." Joe - So would you rather spend MORE time to appear "busy" (and lie to your customer) than having them working again as fast as they can? Charles - ... 😶 There's this misconception that more effort = better results. That more time = better work. That more = better. And if you don't comply with those conditions, you can't charge "big" money. That it's not fair. Be open to this idea:...
When there's a void in power, something or someone will step in and take over. It's the same with context. If you don't set the context about your offering, your price, or your position, your prospect will do it for you. If not your competitors. Frame the context. Lead the conversation. You'll have more power. And you'll better-serve.
"We just raise up the price 30% and then go and give them (the customer) a 30% off. That way they'll go to their boss saying they got a deal. And they'll buy" Their closing rate: 40% Reality? A product in the market that's underpriced —and living in a discount culture. Money left on the table? A couple million euros per year. Here's the thing: Inflating your prices to give a discount means a couple of things: You're not talking to the ones who call the shots. You're getting ready to take more...
Just because it has numbers in it, it doesn't mean it's just math. When we follow that logic, sure, setting a price is just math. So would be diabetes. Or malnourishment. Or poverty. They all require a shift in the measurements. Yet most importantly, a shift in thinking.
Your prospect is considering someone else and is pushing you to cut down your price. It has NOTHING to do with price. It's not a price problem. It's a perception of what they get. They feel your price is too much for what you're giving. So they pressure you down. Wouldn't you do the same? Here's the kicker. You can stand firmly and kindly. Meet them where they are. Understand what's really going on. And think of what could make sense to get them a better deal. Sometimes it's a kind of...
"The more effort you put in, the more you'll be able to charge. The more value you will create." That's a generalization that doesn't really apply. Just think of this: if that were to be true, then why... Develop better technology? Make things more efficient? Solve problems more effectively? Save time? Use better what you have at hand? All of this goes against that very principle of "more effort". Same goes with pricing. It has nothing to do with how much effort it costs you to get to a fix....