To deliver value to your customers, you need them to believe in you. Do you have customers that do NOT believe in you? They must go! Believers will follow you where you lead. When you separate your customers’ cash from their wallet, then you have performed an intimate service by getting them to buy in to your abilities. When they release their cash, they are then sufficiently vetted to become believers, not just customers. The sooner you can separate the cash from the customer, the sooner you will receive the buy-in you need to start changing their lives. None of this intimacy exists when you simply sell commodities.
3. Higher prices make you a better professional.
Do you feel more obligated to that customer who is paying you a high fee? Do you return their call more quickly? You do, because their cash has assisted you in offering better value. You become better when your customer has bought in to what you are selling. And the customer has demonstrated they have bought in with their checkbook. If you want to add real value to what you offer your customers, price what you do higher and test the theory to see the results. When your customers pay you a higher price, you will begin to truly appreciate their confidence in your services. You will become more thankful for them, and you will return that gratitude with amazing service.
Talking about profit is taboo. But it’s time to bring it out into the light and let the world know that profit makes us all better. Some think profit equals greed. But greed is the epitome of self-serving individuals, not the altruism of profit as discussed here. Greed equates to taking and keeping, but entrepreneurs create and give. And we can’t give unless we have something to give. We cannot give our time when our profits are razor thin. We cannot be innovative when we have to finish all of those $200 tax returns. When you run tight margins in your firm, pruning your profit with commodities, it only makes you anxious. Anxious people can NOT be creative people. And your customers need you to be creative to bring real value to their lives. What do your customers need in this New Year that you are not offering? Entrepreneurs will address these questions with their customers and price the customer sufficiently to bring good to all involved.
In 2012, you are an entrepreneur.