How to tell if you’re undervaluing your service and what to do about it!

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As a professional, do you underestimate the value of your service?

Many of you might respond to that question with an emphatic “Of course not!”.

So, before you jump too quickly and answer that question, I want to share with you ways in which service-based professionals can OWN THEIR VALUE.

The reason why I ask this profound question is because when we don’t own our value, our clients can’t be fully served at the highest level and get the best results.

Plain and simple.

There are many ways in which you can own your value but I’m going to focus on 3 ways in which you conquer this, once and for all:

1) Understand the perceived value of your service

First thing you want to do is to take inventory of where you might not be accepting of your value in the market place.

Where does this show up for you?? Does it show up in over delivery– meaning you over deliver on your service when it’s really not profitable to do so?? It could also show up by way of you providing a “discount” or plain undercharging.

If you are time broke or money broke, you are most likely undercharging!

If this is you, you can do something about it.

1) Start by making decisions from where you want to be as opposed to where you are right now.? What would the new way of being look like and how would it feel to really own your value?

• For example, if you are a Mediator who is looking to achieve a yearly revenue goal of $100,000 – you would need to change your mindset to reflect that you are already earning that. Think about: how would you interact with others, how would you find your prospects, how much would you charge, where would you advertise, who would you connect with and what would the client experience look like?

2) Get a sheet of paper and write down the most important and meaningful results that you have achieved for your clients.? Think about all the outcomes and how you have changed or impacted the lives or businesses of your clients.? Re-read it and absorb it.? Do this on a daily or weekly basis so you can start to internalize your value.

2) Be aware of your money thoughts and experiences

What are your beliefs about money? How have they shaped your views?

How did your family impose their views of money as you were growing up?

We all have our own money stories and make no doubt about it that they do in fact shape or influence our PRESENT views.

For example, are you a discount seeker when you shop because you don’t want to ever pay full price for something? If this is you, chances are you might automatically discount your fees when a prospect thinks your service is too expensive.??

Or perhaps you believe that your business can only ever achieve a certain level of revenue.

Be aware of these thoughts (whatever they might be) and ask yourself honestly if these money beliefs align with your goals for your business.

If they don’t align, you will need to work on breaking these old money beliefs in order to create new results.

I know that this isn’t easy to do but you need to step forward with faith.? As business owners, we are taking risks all the time.? There are no guarantees but we just need to step forward in faith.

3) Avoid the gremlins

Owning your value means getting rid of any imposter syndrome that might be telling you that you’re? not good enough to offer these prices or that you’re not providing enough value or not enough clients will buy from you consistently to make this a really profitable business.

Some other gremlins to watch out for when owning your value include:

• Fear of failure – what if people say no to my fees.
• Fear of success – yes, you heard right – what if I price this at a higher fee and I really earn that income – what will people think of me?? Will my family and friends treat me differently?
• Comparing yourself to your competition and wondering how you could offer this service at this price point because your competitors aren’t doing that.

What is the outcome if we don’t own our value?

As professionals, we tend to underestimate the amount of time and resources it takes to provide a service or deliver a product to clients that creates a certain outcome or transformation that changes the course of their life or business.

I see this all the time with our clients at SG and Associates.??

I can’t tell you how many times our clients increase their fees with total confidence and courage because they now understand the value of what they do!? They are aware of how to position it and promote it with total authority. This is so rewarding to see!

When owning your value, it’s so important to remember that people are paying from you for RESULTS or an OUTCOME.?

For example, what is it worth for a client to divorce with financial peace of mind knowing that both they and their children will thrive after divorce?

What is it worth for a business owner to know that they can keep more money after taxes?

What is it worth for a person to know that they can continue to live a certain lifestyle after a spouse passes away?

What is it worth to a company to be able to keep happy, satisfied and productive employees?

It’s difficult to put a number to this – but one thing for sure is that these transformations are priceless and totally invaluable to the buyer!

The outcome of not owning your value will lead to underpricing of your services with long term consequences to profitability and growth.??

And, I see this all the time when working with service-based clients.??

They price as low as they possibly can to get as much business as they possibly can and they end up running themselves into the ground serving too many clients, leaving them with very little time to market, to sell, and to build a team.

Here’s the deal:? the higher the price of a? service,? the better quality client that you will attract and they will be MORE committed to the result or outcome.??

We have found this time and time again.? The higher paying client is so much more committed to results.

The outcome of not owning your value will lead to attracting more broke clients with zero to low results.

If you’re not sure where to start to really step up owning your value and addressing your pricing and positioning challenges, send me a DM to set up a call to discuss the quickest path to get you there! You will leave with an action plan!

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