This past weekend I overheard a man and his grandson talking about the vintage sportscar he owned. The young man was asking his grandfather why he didn’t drive it.
“I used to drive it to work occasionally,” he said.
“That was years ago,” the young man replied. “What’s the point of owning a car like that if you don’t drive it?”
“But I drive it to car meets.”
‘Car meets?” The grandson was truly baffled at this point. “That’s the only place you go? Why only car meets?”
“So I can show off the car."
“So you drive to a car meet so you can let it sit still while other people look at it?” The grandson’s eyebrows twitched. “That doesn’t make any sense. Why not drive it places where you can enjoy the ride?”
“Because the resale value wouldn’t be as great.”
“But isn’t the value of owning a car like that to enjoy it? How can you enjoy a car if you don’t drive it?”
The conversation went on a bit longer, but there weren’t any resolutions of viewpoints at all.
What caught my ear, particularly, was how these two used the word “value.” Both had their own ideas of the value of owning that car.
The grandfather, for example, had different ideas about experiencing the joy of driving the car over time. When he was working, he drove it to work occasionally. Now retired, he was wary of driving it too much.
The grandson’s idea of the value in that car might change over time as well. Years into the future, that car might represent fond memories of his grandfather. Driving the car, and even its resale value, might mean nothing to him.
Intangible value is a complex thing. It changes over time and by circumstance, even with the same person.
Further, human beings are not cartoon characters. They have a constantly shifting set of emotions.
Change in intangible value, therefore, is constant.
If you’re in high-ticket B2B professional services, you cannot have a "set it and forget it" value conversation with a new client, as valuable as those conversations are on the front end.
You must keep checking in on a client's perception of value, and not just as it relates to your engagement. Factors outside your work might change clients' perceived value of your engagement.
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Are you frustrated by your pricing? Need help articulating your value? Do you need a better way to identify and close your best-fit clients? Do you want to restore the joy you used to have for your business? I may be able to help you.
I’m John Ray, a business consultant and coach, author, and podcaster. I advise solopreneurs and small professional services firms on their two most frustrating problems: pricing and business development. I’m passionate about how changes in mindset, positioning, and pricing change the trajectory of a business and the lifestyle choices of a business owner. My clients are professionals who are selling their expertise, such as consultants, coaches, attorneys, CPAs, accountants and bookkeepers, marketing professionals, and other professional services practitioners. Click here to learn more or contact me directly.
I’m the author of the national bestseller, The Generosity Mindset: A Journey to Business Success by Raising Your Confidence, Value, and Prices. The book covers topics like value and adopting a mindset of value, pricing your services more effectively, proposals, and essential elements of growing your business. The book is available at all major physical and online book retailers.
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