Charging for Value
The opportunities for increasing revenue are only limited by your imagination and your intimate knowledge of your target market.
It all starts with YOU. “What’s the opportunity here” is how you start to cultivate a growth mindset. This is especially important when life is throwing us around like a small ship on a turbulent sea. When you’re needing to bring in more income or to increase your customer base, look for the opportunity to add more value and don’t be afraid to charge for it!
Whether you have a current customer base that you have an existing relationship with or if you’re in start up mode seeking a new base of clients, ask yourself these three questions:
What do I/we already know about this target market?
What problems are they currently facing?
What can I/we do to help them solve those problems?
When you’ve brain stormed and mind-mapped as many answers as you can, look for the most do-able strategy, research it and implement it. Don’t over think it and get into analysis paralysis but take action on it even if you need to invest infrastructure, staffing or extra time to bring it to fruition.
When you know the benefits it’s not a cost but an investment.
The most successful entrepreneurs aren’t fixated with what it will cost but in what it will deliver - even in a recession. Instead of asking “What will this cost me?” they ask “How will this benefit me or my customers?”
When it comes to upleveling your own growth and the growth of your business, focusing on the benefits has real impact. Research from Harvard University, states the most successful business owners first invest in themselves (through personal development) then in their business. They also look at problems as opportunities and then ask themselves (particularly in this order):
What are the benefits of investing time or money in this?
What are the costs associated with this?
The ORDER is what’s important. It’s also true when it comes to budgeting. Of course we want to look at the bottom line, create a budget and get good advice if necessary - ideally we want to balance both sides of the ledger. However, if all we concentrate on are slashing costs, we aren’t in the growth mindset to create more income or provide better value to our customers.
A company that uses growth mindset strategies retains staff, engenders greater trust in employees and fosters better collaboration - all good for the bottom line.
If you want a company whose staff provide solutions to problems, go the extra mile for customers and love innovation, you have to have a growth mindset from the top down. You have to cultivate a new normal that looks for opportunities. You have to cultivate a culture that initiates the law of reciprocity - what can I give - not what can I get. It all comes back in the end. It starts with YOU!
The Blueprint Bosses Podcast
Each month we come together and talk about a business topic and give insights on how we can improve or change ways we do business. Find us on Spotify.
