WHAT THE DIFFERENCE BETWEEN PRICE + VALUE FOR YOUR BRAND
Hey there. In this blog post I want to talk to you all about the difference between price and value, and how it can affect your brand. And by that I mean knowing your value, and not selling yourself short. Why? Because to be honest, if you really want to make it happen you have to believe in what you’re offering and back your ability to deliver work, a service, or a product, that matches the price you’re charging. In short, you have to charge what you’re worth. And never compromise on that. You have to do yourself, and your brand justice. If not, you will fall out of love with the project because it’s just not worth your time. And if you get to that point, you won’t bring your A game, which is when you do your best work. It’s also simply not sustainable for your business moving forward. At the end of the day, we all want to make money, right?
As you know, I’ve been right where you are, so I get it. I get that budgets have to stretch for everyone. But when it comes to yourself, your business and your future you have to get that business head on and be strong. I struggled with it at first, when you want the orders to come rolling in but I learned, and I learned fast, that you can’t compete on price. So now, and for a long time, I’ve charged what I firmly believe I’m worth, based on the amount of work I put in to every project, and the results I’ve achieved for my clients.
From my experience, if anyone does question the price you’re charging, and the value you can bring to them and their business, I think there are two reasons for that. Option A, I’m very sorry but I don’t think they’re the right client for you. Option B, you aren’t communicating your value clearly enough through your brand (we’ll come on to that later).
HOW DO YOU DEFINE WHAT YOU’RE WORTH?
The first thing to start with here is understanding the difference between price, and value. Because they are very, VERY different things.
Price is obvious, right? It’s the fee you charge for whatever you want people to buy. But value, well value can be a number of things. The value you bring is what you can do for them and their business. How can you help them improve what they do? How can you boost their sales? Or grow their audience? Or make them famous in their industry?
Not only that, your value can also mean the values that you stand for. And that is where your brand comes in. Because they are not just buying any old service. They are buying yours. They are buying what your brand stands for. What you stand for and your story. They are getting your commitment, energy and passion. They are getting the thing that no other business in the world can offer – YOU.
That’s where your branding comes in. It has to communicate the value you are offering.
For example. Say you are looking for a handbag. You could be in a high street store and see one for £30. It looks great, it has everything you need and you like it. BUT. Then, you walk past the Mulberry shop (if you follow me on social you know I love my Mulbs). There‘s a bag. It’s £900. And just like the £30 one, it has everything you need. So why do you want it so much more? Becaue it stands for something. Craftsmanship and design. Heritage and style. It is a style icon and it is build to last. You know you won’t be back in the market for a handbag in 2 months time when the stitching has come apart inside. It has a story, it has values, and it has a brand that you buy into. You have an emotional connection, which makes it less of a throwaway purchase, and something way more desirable.
Now, if you really nail your brand, you will have all the things that the perfect Mulberry bag you just pictured does. And you can make your perfect client feel like they NEED to work with you, or buy from you.
But the question is, how do you communicate all of this to your perfect client? Hopefully these tips will help you do just that.
ONE – WHO ARE YOU TALKING TO?
As with many things when it comes to brands, business and beyond, everything starts with knowing who you’re talking to. Why? Because how do you know what to say, and when to say it, if you have no idea who you’re talking to.
You need to identify them, define them and know them. Because only then can you connect with them, engage them and make them buy into your brand, your story and YOU. That’s how you start to build the famous know, like, trust factor.
So where do you start? Well, as you get to know them you’ll get to know their pain points. You’ll start to work out ways you can add value to their lives. And that is the turning point. The real game changer. Because the moment you start doing that, you start communicating exactly why you are worth what you charge.
I say this a lot, and I mean an awful lot, but you have to, have to, HAVE TO put that work in up front and lay those foundations. It will make life so much easier when it comes to your storytelling, enabling you to really focus, niche and build an engaged audience, who are ready to buy from you time and time again. Not only that, they’ll probably recommend you to their friends too – winner.
TWO – WHAT DOES VALUE MEAN TO THEM?
When you know who you’re talking to, you need to understand what value means to them in relation to what you’re offering.
Ultimately, you want them to look at your brand, your work and your website and think, yeah, that is what I need. I have to work with this person. They will help me achieve my goals, whatever they may be. So your messaging needs to communicate that.
You also need to tell them exactly what they’re going to get from you. But don’t just do a list. Lists are boring, clinical, they don’t showcase your personality. So take them on a journey. Explain the process, describe the what happens. Where do you start? What happens in the middle? And what will you deliver? Is your service tailored to the individual’s needs? Then tell them. Do you have an initial consultation? Great, then what happens next?
They will want to feel like they can trust you. So share their passion, get excited with them, and make them feel like you’re with them every step of the way. That is a great way to build the emotional connection. And the emotional connection is a great way to communicate your value.
Another great, and super-simple way is through testimonials. So make sure you display your latest and best on your website. That will showcase how you’ve helped people just like your ideal client make it happen for their business.
THREE – HOW CAN YOU REACH THEM?
I’m not just talking about the 21 touchpoints (yeah, that’s right, TWENTY ONE) you have to reach your audience here, I’m talking about how you talk to them, and how you engage them.
So how can you do it? Well, it could be through your weekly newsletter if you use your story to create a connection. Or it could be through Instagram stories (remember how important that real estate at the top of everyone’s feed is). Or it could be a Q&A. Or how about a challenge? Or a freebie that gives your audience something, which will help them work through and solve one of their pain points.
For me, the key is for everything to be actionable. If it doesn’t help your ideal client in anyway, it’s not going to add value to them. So they will be less likely to associate you, and your brand with that role, and therefore less likely to appreciate and understand your true value to their business.
Most importantly, inject you, and your passion into everything. Bring the energy, make people feel like you care as much about their business as they do, and you will reinforce that strong emotional connection that I keep talking about.
So there you have it, my thoughts on how to know your true value and make sure your perfect client understands exactly what you can do for them. Before I sign off completely I want to leave you with one final note, about the way you communicate. And it’s another subject I often talk about – consistency. Message, tone of voice, imagery, colours. Consistency, consistency, consistency. That is how you will carve out your niche and be remembered across every single touchpoint.
You are the secret ingredient and the driving force behind your brand. You got yourself to where you are now, and it will be you who pushes it to the next level. So share your story, showcase your skills and position yourself as an expert in your field. Because you know what, YOU ARE.
And never, ever sell yourself short. Charge what you’re worth and do your hard work justice. You, your business and your future deserve it.
P.S If you would like to join my free Facebook community packed with authentic, honest female entrepreneurs just like you, head over The B Studio now. Look forward to seeing you there… https://www.facebook.com/groups/2202999876394402/