I recently read an article referring to coaching which talked about what your coaching is really worth. The writer referred to an experiment which I thought I’d share with you (shown in italics and quotes below). I feel we could all learn from this, no matter what business you’re in, whether you are selling a product or service – either way we need to know our worth.
This also applies of course to us personally too. How many of us sell ourselves short? Discount our services or even give our products away? Often, we have an assumption others may not be able to afford what we have to offer and question our or ‘its’ worth.
When we reduce our prices what message does that send out to others? Certainly not one that will help us grow our businesses. After all, if we devalue ourselves or our services or products then how can we expect others to value them?
Here is an extract of what I read to illustrate what you’re worth and knowing your worth.
“This weekend I watched an interesting experiment. The team leading the experiment had two cakes next to each other. The first cake was priced at $15. The one next to it was priced at $55.
They asked volunteers to taste each cake and to rate them. Without fail, the volunteers rated the $55 cake much higher than the $15 cake. They said the $55 cake had much more moisture, much more icing, better texture, superior flavour etc. They rated the $55 cake 9/10 average, whereas the $15 only got a 4/10 average.
But here is the thing – both cakes were exactly the same. They were both made with the same ingredients, in the same oven, at exactly the same time. It was only because the second cake was priced so much higher that it was perceived as superior.
And even more interesting, even after the volunteers were informed that the two cakes were exactly the same, they still rated the cake with the $55 far superior to the $15 one.
So what does this mean for you? It implies that you should not be afraid to value yourself properly. In our brains, high prices mean high value. Now, this does not mean you must price inferior products or services highly. It only implies that you must value yourself properly. Are you undervaluing your coaching? Not only are you doing yourself a disservice, but you are actually discouraging potential clients and customers from buying from you and valuing you.”
So, the challenge for this week is to ask yourself – “What do I want to be paid for my services or product?” And then get to work on creating the value for that – whatever it might be.
So, what are you really worth?
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