Business Corner: Measuring Your Value
How can you effectively measure your value?
Everyone has spiritual gifts, and they can develop their gifts through practice and education. Some individuals have read books, research resources online, attended classes & workshops, etc. to develop their gifts. Many of these approaches have required financial investment and time. An individual that works in field of information systems was required to go to school and/or to have gained specific experience in order to be able to do the job that they are paid for. The organization that hires the information systems professional would not be able to hire someone without compensating them for their time and expertise. Shouldn’t the gifted practitioner also be compensated for the investment of money and time?
The Meaning of FREE
I have found in my experience that events, classes, services, etc. that are offered for FREE do not seem to have any value to many of the participants. There is something about setting a minimum value to things, so that the individuals that register or schedule an appointment will show up and attend. Some new teachers and facilitators like to offer introductions or FREE programs, so that individuals in the community can come and experience what they have to offer. We have found that people will register for FREE programs and sessions, but there tends to be very low percentage that actually shop up and attend. What is the commitment level or value of the offering?
The truth is that the center has several classes and events that are FREE. When these programs are scheduled:
- The Owner takes the time to plan and write the description for the event
- The Marketing Manager takes the time to create the promotion, post and market the event
- The Facilitator takes the time to set up the space and prepare for the attendees
The center has invested both time and money on the event, but the community does not always see the value of what is being offered and they tend not to show up to FREE events.
Pricing Your Value High
There is a philosophy that you get what you pay for. Have you heard this before? Some individuals believe that if someone has set their rates high, then they must be the best or great at what they do. As a business professional, I have always taken a step back and really looked at the product or service compared to the price. Is the increased cost based on the brand, innovation, commitment or something else?
Are brands important to you? Do you shop brands at the grocery store or in your regular routine? Take a moment and think about it. Are you a shopper that prefers to save money and you are happy with the generic brands at the grocery store? I have to be honest. It really depends on what I am shopping for. There are certain items that I only want the name brand and there are other items that the generic seems to meet my needs. You can consider this question for most things in your life: the vehicle you drive, the clothes you wear, the places that you eat, etc. As consumers, we are not all the same. There are different preferences for each of us.
There are some decisions that we make on purchases that are based on innovation. Some consumers are looking for the best of the best when it comes to their vehicles, phones, computers, etc. I have been iphone user since the first one was released. I have been loyal and dedicated to the brand and I tend to use all Apple products in my personal and business life. I am willing to pay top dollar to have the technology and I respect their innovation.
There are organizations that are committed to the environment or supporting causes around the world. One organization that jumps out to me is Bombas socks. They donate a pair of socks for every pair of socks sold. They are committed to a mission and many of their customers shop with them based on their mission.
These can be elements that we choose to consider in paying a higher value for a service or product. Some of the additional elements that a product or service may be priced higher than market is: expertise, experience or cost of product.
Have you ever invested in service that was really expensive and been disappointed in what you received? It is important that you are able to meet the expectations of the individual that is receiving the service or product. Could they have received the same thing at a lower price? Would it have had the same value or more?
It is important to understand the market value of the services and product that you are offering to your clients. You really need to do your research. Take some time to really understand the market value.
- What do other people charge for the same service or product?
- What do they charge in my same community?
- What do they charge in other locations, stores or businesses?
- What expertise or experience do they have compared to me?
You can even take the time to spend time with your spiritual team and to ask them for guidance. There is a balance of being too high, being too low and aligning with the market.
I also consider the clients that I am wanting to attract to my business. It is important that my pricing aligns with who I am attracting. Some additional questions would be:
- What does it cost to provide my service or product?
- What are my overall operation expenses?
- What does the client receive for their investment?
- Would I recommend this service or product to a friend or family member and charge them the same price?
Price Your Value Low
You have to understand your own personal value. There are practitioners that have a difficult time believing in themselves. They have these beautiful and loving hearts. You cannot undercharge for your services and products because your customers will have a very low expectation on the quality of what they are receiving.
It can be difficult finding a balance for you and your business. I have taken the approach that I want to have affordable rates, so that the majority of people can afford to book a session or take a class. There are coaches and mentors that would have you price your services and products high with the idea that you will have less clients, but will receive more revenue. I prefer to make a difference in as many lives as I can.
What is your value?
Are your ready to be a professional reader?
Written by Vialet Rayne, Magical Creator of Discover Your Spiritual Gifts
Vialet has been on a healing path her whole life. She has been called a spiritual guardian that is strongly connected and highly intuitive. A teacher, coach, healer, and spiritual leader that dreams of a peaceful and harmonious world.
Her mission is to provide individuals with the tools and resources to discover their own healing powers within themselves so they may empower their own lives. Vialet's spiritual journey has provided her with everyday life rituals, experiences, and spiritual wisdom that allow her to overcome difficult situations and to create a life that she has always dreamed of.
Vialet wants everyone to discover their spiritual gifts in the tools and rituals that will improve their lives and the lives of their families. Find out more about her here.