Professionals are frequently urged to “charge what you are worth” in a variety of fields. Although this is a lovely attitude, the word choice suggests that the subjective theory of value and marketing intangible intellectual property are not understood. In the modern world, this means that the perceived value of a service is more closely related to the needs, desires, and emotional attachment of the client than it is to the deliverables of the service.
The client doesn’t value your worth
The customer is interested in how your value will help them. The only people who will value your intellectual property are those who are prepared to pay for the change you will bring about in their life. This is frequently the reason why set pricing structures, such hourly or square-foot pricing, don’t boost earnings over time and help many businesses hit a plateau when they try to grow.
You must first assess your value for the particular client you are hoping to get before you can “charge your worth.”
You can be an excellent technician with construction designs, for instance. You believe that X price is your “worth.” However, a client might not “value” the price you offer if they only want an interior décor consultation and do not want full building drawings. Although it emphasizes the fact that value is arbitrary and that the client at that moment does not require or desire the value you provide, it does not imply that you are less valuable. He is simply not the ideal client for you, but it does not make him a bad client.
Or think of the simple umbrella. It has inherent value, possibly equal to the cost you paid for it. However, the value is enormous when it starts to rain when you are traveling to an elegant party. In this instance, the worth of the umbrella may be far higher than the purchase price. At a specific moment, the umbrella is resolving an issue. This is similar—albeit a little more intricate and dynamic—in the design sector.
This idea is also applicable to product sales at retail establishments
You may be losing to big-box retailers or internet sales if you are battling on price. The “value” you contribute to a local shopping experience can command a higher price, but only if you are marketing the experience and adding value for the buyer. Your product may be “worth” the lowest price a customer can find it for.
Anyone who engages in intellectual property commerce can be valuable and worthwhile
The secret is to use your marketing prowess to show your worth to the appropriate person at the appropriate moment, so that a potential customer’s opinion of you is equivalent to your own.
This entails looking for disconnects in your marketing, such as prioritizing features over advantages, avoiding conversation with your ideal client, or putting your abilities in a position that emphasizes task completion over problem-solving.
Keep in mind that your self-perception determines your worth. Value is centered on the viewpoint of the client
Declaring that you charge what you are worth boosts your self-esteem, but it treats your intellectual property like a commodity, which makes it a poor pricing or marketing approach. Clients searching for the best expert to assist them do not perceive commodity cost to be in line with value.
Your marketing plan will be in line with their demands if you change your focus from what you think you’re worth to realizing and sharing the value you offer. Additionally, it opens the door to increased profitability. The secret to success is to view value from the perspective of the client and provide it in a way that addresses their issues.
In Detail Interiors, a full-service design-based retail showroom located in Pensacola, Florida, is owned by Cheryl Clendenon. In addition, she writes the monthly “Retailer to Retailer” piece for HAT and coaches and advises other small businesses and interior designers.
