Knowing your worth can be the key that helps you to truly soar in life - this golden rule can lead to self-confidence, inner calm, and a new focus. It's a phrase that encourages you to consider what is best for you, and how to use your time and energy in the most effective ways.
It's also a phrase we hear around the workplace. So, how does "knowing your worth" translate to the world of business?
Knowing your worth focuses on individuals' interpretations of what is right for them and in their eyes what is right for the business. But does this consider the business in its entirety?
This is where value comes in. Within the workplace "knowing your worth" should be balanced with knowing your value and, the value the business brings.
When you consider your business positioning, go beyond a mere statement of worth and instead focus on the value that is offered.
Understanding the value, you and your business can bring is essential. This is particularly true in the SME world – you don’t have huge budgets, household brand names, or a team of in-house experts working on articulating this for you (or at least not yet!). In the realm of pricing, it is not enough to simply believe that your business proposition is "worth" £10,000 a month. To attract clients, it is imperative to effectively demonstrate this value of their £10,000 a month investment.
If other businesses charge significantly less for similar services (e.g., £1,000 compared to your desired £10,000), it becomes crucial to strongly justify your pricing.
Then putting pricing to one side and thinking about some of the highly competitive spaces where there are numerous businesses offering the same services in the same space for around the same price.... where does worth fit into this?
So, in order to really gain the attention of your ideal prospects, it is important to clearly articulate and demonstrate the unique value and advantages that come with your higher price point, or from working with you. On your growth journey, it can be a difficult balance to strike - between the value you provide and the pricing structure you establish. So, how can you determine the value you and your business brings? 1. What your services are don’t matter – stop talking about them!
Analyse your audience and identify the specific problems that your services or products address. By understanding the pain points of your target market, you can effectively position yourself as a solution provider. Your sales and marketing will transform into features and benefits that speak to your ideal client. 2. You need to know your industry
This will enable you to gauge the industry standards and understand where you are positioning yourself in the market. Don’t be led by your competition's pricing or offerings, use it to inform and be aware of the market. Be aware of what your potential clients are being shown, spoken about, and targeted with – use this to your advantage. 3. Your process is useful to share but the outcomes of your process in £££ are powerful
Gain an understanding of the return on investment (ROI) that you can deliver to your clients
By quantifying the impact and benefits of your offerings, you can make a compelling case for the value that you provide. Share this with your prospects. Use this as part of your customer journey. 4. Gather and show proof
Testimonial, case studies, reviews and showing potential clients who you are. People don’t just buy from people. They buy from people they know, like and trust. Research shows that 88% of people trust customer reviews as much as word-of-mouth referrals from family and friends.
5. Deliver the value!
Value is maximised with strong relationships. So don’t oversell or over-commit. Protect your time to engage, delight, and retain your clients. The bonus of doing this so well is that your amazing clients will become a team of advocates who can clearly articulate your value to their connections and network. Understanding and effectively communicating the value you bring to the table is vital for success in the business world. By employing these strategies and seeking guidance from experts, you can ensure that your pricing reflects the true worth of your offerings.
Knowing your worth is just a small part of ensuring you’re positioned correctly.
It can be your internal monologue to guide you on making the right decision to work or not work with certain clients, but it should not be the end of the conversation.
Knowing your value is strategic, and when demonstrated well unlocks a new level of success.
Imagine a team of individuals that know their worth, understand their value, and understand how to position the value your business brings... a pretty unstoppable force!
Value takes time to demonstrate. So, be urgent about making changes and putting in the effort, and be patient about seeing the results.
Something in here you'd like to talk to our team about more? Get in touch here.