A few days ago my husband and I went to see a film. Before the movie started he went to buy a small bottle of water. When the cashier told him the bottle of water was $3, he returned the bottle and took back his money. I was aghast ! We had just paid $20 dollars for the movie tickets so $3 was nothing. And this was also the man who never hesitates to spend on holidays. How do you reconcile these two actions?
Two days later we went for a bike ride and I took the opportunity to ask him what was the big deal with spending $3 on water?
His rationale for the difference came down to value. The absolute price of something does not necessarily equate to its value. $3 in absolute terms is not much, but for a bottle of water was a rip off and of no value when the same bottle could be had for 50 cents in a shop a few doors away. But a significant amount of money spent on a holidays delivered immense value for the enjoyment and lasting broadening of ideas that it brought for the whole family.
This discussion triggered another thought. We often find businesses looking for the cheapest option. But the absolute dollar price of something does not necessarily indicate or deliver the best value. A $100 spent on an option that doesn’t deliver what you want, is no saving, if you could have spent $300 and got exactly what you wanted.
Price and value have to intersect. The larger the intersection, the greater the benefit to the client.
Our main focus as businesses should be to demonstrate to the client the value we can bring. If we can do that, our clients will see the value in the price we charge.
After many failures, I have worked out a way to demonstrate value to clients in meetings before they decide to work with us. Demonstrating value before the purchase is the hardest thing to do. So, rather than saying Business Storytelling is impactful, it delivers results and here is a list of companies that I have worked with. I jump in to Value Storytelling which is stories of my experiences, client success and the value is demonstrated. However stories told have to be relevant which requires research. Find a way to demonstrate your value using VALUE STORIES.
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