The Problem with Your Price

Transcription:

Is it live, are we live or are we? Let’s see, let’s see. Hello, hello. Hello and welcome to The “S” Word LIVE. My name is Renee Hribar, sales strategist, TEDx speaker and author. And my goal is to help make sales simple and fun. So whether you feel like you’re at zero, whether you’re at five figures, whether you’re at six figures, whether it’s seven or eight, it is very challenging at every level to establish the price. So today, I want to talk about the problem with your price. So this happens all the time. I’ve been teaching people to sell often for the first time since nineteen ninety-four. I’ve had my own company since nineteen ninety-six selling for others and then teaching others to sell for themselves. So for those of us who haven’t met, I want you to know that I care about you and your business. And selling does not have to be sleazy or slimy. It’s just always in a very strong moral compass. And so the story I want to share with you initially is about the value we place on ourselves. And then I want to share about the value that our customers place on us. So by establishing value in those two formats, the value we place on ourselves and the value our customers place on us, it will help you fix the problem with your price.

So say hello as you join, whether you’re live or on the replay. I’m so glad that you’re here today and enjoying this live stream with me. The goal here is that you take notes and take some action on these steps right now, right away. So I am in Detroit, Michigan. I’m originally from New York. So if I talk funny, that’s why. So the first story I want to share with you is about establishing our own value, how we look at the value of ourselves. I recently asked a question to over two thousand women in my Facebook community, and I asked them, how long have you been working on establishing your craft, working on gathering your experience? So many of them said on average, the average answer was twenty years. So whether it was from corporate experience, from university and academia, whether it was from working in your current role as an entrepreneur, a freelancer, one of the comments that “I’ve been writing for money for twenty years,” I thought that was great. She’s a copywriter. So oftentimes we devalue that experience and we have that idea of, well, how much is it worth to the person? So here’s the story that I want to share. There’s a story I’ve told her for years. So you’ve heard it before.

And it sounds familiar. Maybe it was for me. I’m sure I read it in one of the eight thousand books that I’ve read. So the story is you’re in a manufacturing plant, imagine you’re in Detroit and you’re in a manufacturing plant. And imagine like all these belts and wheels and gears are moving all around the manufacturing plant. Maybe you might even imagine today we’ve seen a lot of commercials about what the inside of an Amazon shipping packaging unit looks like. So imagine all those belts and wheels and gears moving around and then all of a sudden it stops. So the story goes there’s a guy named Bob and this particular factory always calls Bob. So if you can imagine the story, let me know in the comments. And if you can imagine this person, Bob, okay Bob gets called, he comes in and he’s just had his lunch. He kind of dabs his face a little bit and he’s got a pocket protector with a bunch of different little looking screws and screwdrivers and different little like metal mechanical tools. But you can’t really tell what they are, you just know that it’s in his pocket. He’s not he’s not really carrying a lot. He has his little briefcase. You don’t know what’s in there. Could be an extra sandwich. Bob looks like he’s had a couple. And so Bob walks in and everybody, you know, the plant manager like Bob,

how are you doing? I’m so glad you could make it. And Bob’s like sure, sure. You know kind of picks his teeth, just had a sandwich and he walks up to the main box that controls all of the gear and belts and all the components. Right? All the electrical components. And he looks at it, takes out a little tool from his pocket and he moves around a little bit. Left, right. He kind of puts the tool in and turns it three times and then everything starts working again. Now the accounting department is where the story starts to get funny because, Becky, over in accounting is like, why are we getting a ten thousand dollar bill from Bob? I was there that day. He was there for 30 minutes total. And 20 of those minutes he was talking to Jeff, the plant manager. Well, because Bob didn’t charge you for the 30 minutes. He charged you for the 30 years of experience to know exactly what to do in exactly the right moment with exactly the right tool to get the result that he was actually getting. So he’s paid for the result. And he earned that money not just in 30 minutes. He earned it over the last 30 years. So when you look at your experience, you can see where you’re coming from.

If you’ve spent five, ten, fifteen, twenty, thirty years both in school and through internships and through working for other people and through working for yourself and through making mistakes and through doing it right and through delivering it and then over delivering it and all of that wisdom that can only be had by years of actually doing it. It’s kind of like riding a bike, right? Once you learn to ride a bike, you know how to keep riding it. However, there’s levels of bike riding. I think my level of bike riding probably ended when I was seven and finally figured it out. But there’s others that continue to hone their craft over time. They learn about gears and seats and all the different tire pressures and all the different accoutrement you might have on your bike in this and the different trails and tracks you might run your bike on. And it’s from that they become expert cyclists. Right? So you have become if you’ve invested that time and energy, you have become that expert. And it’s often that we get this mindset of because we’ve been in it for so long. Oh, no one would care about that. I mean, it’s so basic. It’s like an expert cyclist saying, well, no one really cares that the optimum tire pressure is thirty-two point one if you’re going to be on the roads.

But if you’re going to be on the trails, it’s actually thirty-two point seven. That’s so basic. Who would care about that? Well, guess what? A lot of people, a lot of people really think that’s fascinating and important. And of course, how would they know you know it? Because you’ve been cycling on both the roads and the trails and so you would expertly know. So if that story rings true for you. Tell me in the comments, let me know. Send me a message, because that story is one that I think that we’ve heard before, but maybe we just don’t tell it enough and we certainly don’t share it enough with ourselves. So maybe this is a story we can keep telling ourselves. The second part of the problem with your price is how your customer values you. So often. I will hear somebody when they come to me and they’re struggling with sales. We talk about the pricing. It always comes up no matter what level they’re at. These could be eight-figure businesses, seven-figure businesses, five-figure businesses. This is a common situation. Renee, I got into a conversation. They asked for something. I told them the price, and then I never heard from them again. Or they asked for something, I told them the price,

I continue to deliver the service and now I feel like I’m overdelivering for what I’m actually charging them. So those are two very common scenarios. And the way to combat that is to establish your value using a structure system that I call “R-H Three”. It’s my “R-H Three method. It’s three results, three hows. So how this works, the best, I guess visual example since I’m very visual is we recently purchased a vehicle. If you’ve ever purchased a new car, you know the window sticker has all the different components, like the Bose stereo system valued at six thousand dollars. I’m like, wow, it’s got to be pretty good if they’re valuing it at six thousand dollars and then it’s like sunroof valued at three thousand dollars. I’m like, oh wow. I didn’t realize it was that much money to cut a hole in the roof. I just didn’t realize it. Heated. We have heated. I cannot live without heated steering wheels. P.S. once you get them, you can never go back. Just FYI. So heated steering wheel. It was called the winter package because it also heats the windshield wipers and the mirrors and stuff. But the heated steering wheel is what I was in for and it was like ten thousand dollars. I was like dang to run a little heat, come on.

But what it did is it helped me establish the understanding of the total ticket price. And what the car dealership did is it had that sticker there so that it can help us understand why they were charging what they were they were asking. Now, once we sat down, the salesman then said, well, because of our relationship, because you purchased with us before, we’re going to give it to you for this. And because of this reason, you’re going to get this additional discount. And so at the end, I’m like, wow, I really got a good deal, this is amazing. So how do you do that for yourself so you can say, well, typically the research that I do, the accounting that I do, the tracking, the key performance indicators, the dashboard, all of that sold separately with my strategy and implementation over the course of six weeks, all of that sold separately will be upwards of ten thousand dollars. However, for you because and you have you because reasons I’m willing to give it to you for only this much and that price becomes so much more valuable when you actually say it. So those are the two main reasons that I think right now you can fix the problem with your price. I’ll see you next week for more actionable tips. Have a great day.