Value Is Like a Bank Account
Whether working with a client or engaging with a prospect, value is like a bank account. The value you deliver is a deposit, and you can take away value–make withdrawals–on the relationship as well.
The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.
TRANSCRIPT
John Ray: [00:00:01] Hello. I’m John Ray on The Price and Value Journey. I read a post recently about relationships being like bank accounts. We can make deposits that enhance and deepen the relationship. Conversely, we can make withdrawals through actions which chip away or destroy a relationship. The account balance, if you will, varies over time based on our actions and those of the other person, too, of course.
John Ray: [00:00:34] Value is the same way, is it not? We have a value balance, you might say, with every client and prospect. As professional services providers, when we help a client better understand their business or lessen their anxiety about a coming change they might be dreading, we’re making deposits in the value account with that particular client. When we resist the urge to pitch a prospect and instead ask thoughtful questions and listen, we add to the value balance for that person.
John Ray: [00:01:12] On the other hand, we make withdrawals at those stages in a client relationship where when an inevitable mistake occurs, we don’t own up to our part of the goof up. We decrease the value balance with a prospect when we’re taking their business on when we know down deep that they aren’t a great fit.
John Ray: [00:01:34] No value balance stays static for long. It rises or falls based on the value we add or the value we take away. So, what part of client service or business development do you excel at when it comes to adding to the value balance? What parts need some work? The answers to these questions are vital to our businesses as they determine both ability to price and the length and tenure and the quality of our client relationships.
John Ray: [00:02:09] I’m John Ray on The Price and Value Journey. Past episodes of the series can be found at pricevaluejourney.com. And I would be honored if you would subscribe to this series on your favorite podcast app. If you’d like to be in touch with me directly, you can do so by emailing john@johnray.co. And, hey, big news for 2023, I have a book coming out. So, if you’d like to know more about that, feel free to send me a note. Thank you for joining me.
About The Price and Value Journey
The title of this show describes the journey all professional services providers are on: building a services practice by seeking to convince the world of the value we offer, helping clients achieve the outcomes they desire, and trying to do all that at pricing which reflects the value we deliver.
If you feel like you’re working too hard for too little money in your solo or small firm practice, this show is for you. Even if you’re reasonably happy with your practice, you’ll hear ways to improve both your bottom line as well as the mindset you bring to your business.
The show is produced by the North Fulton studio of Business RadioX® and can be found on all the major podcast apps. The complete show archive is here.
John Ray, Host of The Price and Value Journey
John Ray is the host of The Price and Value Journey.
John owns Ray Business Advisors, a business advisory practice. John’s services include advising solopreneur and small professional services firms on their pricing. John is passionate about the power of pricing for business owners, as changing pricing is the fastest way to change the profitability of a business. His clients are professionals who are selling their “grey matter,” such as attorneys, CPAs, accountants and bookkeepers, consultants, marketing professionals, and other professional services practitioners.
In his other business, John is a Studio Owner, Producer, and Show Host with Business RadioX®, and works with business owners who want to do their own podcast. As a veteran B2B services provider, John’s special sauce is coaching B2B professionals to use a podcast to build relationships in a non-salesy way which translate into revenue.
John is the host of North Fulton Business Radio, Minneapolis-St. Paul Business Radio, Alpharetta Tech Talk, and Business Leaders Radio. house shows which feature a wide range of business leaders and companies. John has hosted and/or produced over 1,600 podcast episodes.
Coming in 2023: A New Book!
John’s working on a book that will be released in 2023. 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. For more information, contact John below.
