John Ray Archives - Page 55 of 68

Andrew Arbogast, Arbo’s Cheese Dip

February 1, 2022 by John Ray

Nashville Business Radio

Andrew Arbogast, Arbo's Cheese Dip

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Andrew Arbogast, Arbo’s Cheese Dip (Nashville Business Radio, Episode 39)

Andrew Arbogast, the founder of Arbo’s Cheese Dip, shared his story of founding the company, his military service and how that has served his entrepreneurial journey, where you can find Arbo’s, and much more. Nashville Business Radio is produced virtually from the Nashville studio of Business RadioX®.

Arbo’s Cheese Dip

Arbo’s Cheese Dip was started in 2021 by Andrew Arbogast using his father’s decades-old recipe.

The recipe was perfected over the course of many years until just the right ingredients and balance of flavor were discovered resulting in a masterpiece of truly homegrown cheesy delight.

Their family recipe cheese dip is the new kid on the block. With mouthwatering spices and a flavor that bites back, you’ll forget all about other brands!

Company Website | LinkedIn | Facebook | Twitter

Andrew Arbogast, Founder, Arbo’s Cheese Dip

Andrew Arbogast is a Memphis, Tennessee-based veteran and food entrepreneur. As Founder of Arbogast Foods LLC, he manages the production, distribution and sales of Arbo’s Cheese Dip throughout the Southeast United States and has an aggressive growth plan for his company moving forward.

Growing up in the South with a big family, Andrew developed a passion for food early on. He was known for cooking elaborate meals for his boarding school friends and fraternity brothers, to include full Thanksgiving meals and unique seafood dishes. Although he originally planned to major in Food Science, Andrew also felt called to serve his country following the events of 9/11. He joined the ROTC program at his college, which led to a ten-year Army career.

As an Army officer and Apache helicopter pilot, Andrew moved around the country and served in two, high-tempo deployments- one in Iraq and the other in Afghanistan. He and his family lived in some amazing cities as he cross-trained in various roles and leadership positions. As he transitioned out of the Army in 2017, Andrew was determined to be successful. He linked up with a fantastic mentor via American Corporate Partners and landed a promising job at a Fortune 500 company.

With a job relocation back to his hometown and two promotions in less than three years, Andrew was on a path of growth and stability. On the surface, his professional life seemed ideal. In reality, he was stressed and unfulfilled. He started looking at other companies and opportunities with little enthusiasm until the COVID-19 pandemic hit. While working from home amid all the COVID uncertainties, Andrew was finally able to reflect and realize that he wanted a career that he alone dictated. His passion for food resurfaced, leading to his big idea – to mass produce a delicious, family recipe cheese dip. Arbo’s Cheese Dip launched in early 2021, and Andrew left his steady corporate job to pursue this dream full-time just a few months later.

Andrew loves being able to pursue his passion full time – making money from it is icing on the cake. This entrepreneurial path has also given him a platform to inspire others to take risks and follow their passions. He has made some incredible connections already, including his acceptance into Bunker Labs Veteran’s in Residence accelerator program, Nashville Chapter. The sky is the limit for the #cheesefather and his #cheesefixmafia, and also determined to help others achieve their goals.

Questions and Topics Discussed in this Episode

Scaling a New Business Idea
Pursuing a Non-Traditional Career Path
Using Veteran Status, Community and Connections to Help Propel a New Business
Being told “no”
Cheese Dip? Really? How did you convince others that this idea was worth the risks (and the investment)?
Do you ever get scared that this won’t work out? What are your long-term plans if it does work out?
What are the biggest challenges or frustrations you have experienced launching your own business?
Where is Arbo’s sold in the Nashville area?

Nashville Business Radio is hosted by John Ray and produced virtually from the Nashville studio of Business RadioX®. You can find the full archive of shows by following this link. The show is available on all the major podcast apps, including Apple Podcasts, Spotify, Google, Amazon, iHeart Radio, Stitcher, TuneIn, and others.

Should I Price My Services Lower When I’m First Starting Out?

January 31, 2022 by John Ray

North Fulton Studio

Should I Price My Services Lower When I'm First Starting Out?

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Should I Price My Services Lower When I’m First Starting Out?

I recently received this question from a professional services provider who was just starting out in their practice, and barely had dry ink on their business cards. The premise behind their question was that they are new in business and want to attract clients to “get going.” Here’s a high-level version of a more specific answer I gave them. (In a word, the answer is no.) The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: [00:00:00] And hello, I’m John Ray on The Price and Value Journey. I recently received a question that was along the lines of, Should I price my services lower when I’m starting out? I get this question a lot from new professional services providers, ones that have just started their practice.

John Ray: [00:00:18] It’s an understandable question, but it comes from a faulty assumption. The premise is that lower prices attract customers, and that’s an understandable misconception. It’s one I labored with when I started out. That conception, that idea is wrong.

John Ray: [00:00:38] A couple things here. One is that prices are marketing signals. In the absence of any other indicator, a price is a marketing signal. For example, if I were to offer you a Lexus for $2,000, what would you think? It’s too good to be true, right? That’s part of the problem with pricing in a way that is supposed to be promotional, sometimes it actually drives clients away.

John Ray: [00:01:04] Now, let’s call something else out though. Part of the problem with professional services providers starting out is both fear and confidence. We are afraid and insecure in thinking a buyer will look at us and question our inexperience in the business. The answer to the problem is focusing on the client, discussing and understanding their problems in depth. What is the scope of the issues that their problems are causing? What will the client be able to do, whether it’s greater sales, lower expenses, less aggravation, a better vacation because the problem gets solved? What’s the cost of doing nothing?

John Ray: [00:01:48] You see, questions like this are a value conversation. And a value conversation is a dialogue with a customer which helps ferret out what the solution to their problem is worth to them. When you have value conversations with clients, you’re shifting everything. The comparison is less about price relative to, well, in this case, you’re supposed lack of experience or your newness in business.

John Ray: [00:02:17] Instead, the comparison becomes more in the minds of that client about price relative to the value of the solution. Once you’ve had a thorough value conversation, you may find that you’re not a great fit for this client. That what they really need is something you can’t provide. If so, you’ve done both them and you a favor.

John Ray: [00:02:42] But if you think you can solve the client’s problems, craft options for working together. Offer a good, better, best set of options. The good option should be your very basic – we’ll call it – compact car offering priced at more than what your gut tells you it should be. The best option should be your luxury solution to the problem when you know you can deliver with a price you think is crazy high.

John Ray: [00:03:12] Now, if you offer options after having a deep dive value conversation, the discussion with that client becomes more about the ways and terms to work with you as opposed to your time in business, your experience, what have you. Now, there’s a lot of detail underneath this answer, but that’s the way I answered this particular question on how should I price when I first start out. Have a value conversation, offer options.

John Ray: [00:03:46] I’m John Ray on The Price and Value Journey. If you’d like to give me a question that I can answer here on this podcast, I’m happy to receive it. Just email me, john@johnray.co. 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 The Price and Value Journey — **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 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, Nashville 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 1,100 podcast episodes.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®: LinkedIn | Twitter | Facebook | Instagram

Just Be Helpful

January 28, 2022 by John Ray

North Fulton Studio

Just Be Helpful

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Just Be Helpful

When you come out of corporate to start your own professional services practice, you think you’ll be chosen or referred because of your experience and your qualifications. If that’s your mindset, though, it doesn’t distinguish you or make you memorable. What does? Just be helpful, genuinely and authentically. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: [00:00:00] And hello, I’m John Ray on The Price and Value Journey. When you come out of corporate to start your own professional services practice – well, if you’re like me anyway – you drop in and you think, “What do I need to talk about that matters? Well, it’s the service I offer, right?” Well, that’s not really true. At least that’s what I found.

John Ray: [00:00:23] Nobody is waiting for you to show up to provide business advisory services, or legal services, or marketing services, or accounting and bookkeeping, whatever other business that you might be starting. There’s already plenty of folks out there doing that work. They’ve got their established referral partners and practices. So, how do you make a difference? How do you stand out? How do you make a name for yourself? How do you distinguish yourself in a crowded field?

John Ray: [00:00:56] Now, I think part of the answer, a big part of the answer, is just be helpful. Now, I don’t mean the kind of helpful where you’re offering what amounts to a lead page for some course or service that you offer. That’s not being helpful. That’s marketing a service. What I mean is being helpful without any intent to see something immediate from it, if at all.

John Ray: [00:01:26] When you go out and visit with people, just attempt to learn, to understand, to know about them. When you do a coffee or one-on-one, make it about them and learn what they do. You will distinguish yourself right off the bat. I promise you that this is true because I know.

John Ray: [00:01:46] Quite a few years ago when I came out of corporate to start my own practice, I had a pretty big network. But it wasn’t the kind of network that was oriented toward my local market that I needed to have to be able to support my business. So, I had to go build a different kind of network. And the way I did that was by learning about other people and helping them get to where they needed to be, connecting them with helpful strategic referral partners and, of course, a potential client.

John Ray: [00:02:20] When you do that, you’re showing a real concern for them and their welfare. And over the long term, if you do that and do that consistently, it will pay you back. You won’t know where those reciprocations or those vibrations from the universe – if I can say it that way – where they’re going to come from. But that’s part of the fun of it to me.

John Ray: [00:02:44] Recently, I had a lady who called me who I’ve known for many years, and she called to ask me about a family law attorney for her daughter, who unfortunately was probably headed to divorce court. “Now, John -” she said “- because you know everyone around here, you’re going to know the best fit for my daughter.” Now, we talked a little bit at a high level about her daughter and what this worried mom thinks that she needs. I steered her away, frankly, from a few attorneys I know who would be, probably, I’ll just say not good fits. But then, I gave her a couple of recommendations of others that I thought would work out well for her based on what she told me.

John Ray: [00:03:26] The point of it is that this lady views me as a trusted adviser to her. It has nothing to do with the service I offer. I mean, she obviously wasn’t calling up to ask me about my service and what I sell. But she needed help in a very sensitive situation, and she called me. Now, that’s just one illustration of how you get to be a trusted adviser. She knew that if she called me, I was going to be looking out for her best interest because that’s the experience that she had with me.

John Ray: [00:03:59] Now, in the future, she and her business, well, she may not need my service. But one thing that I can count on from her is that if she hears of anyone that even remotely might need what I offer, she would send them my way with a glowing review.

John Ray: [00:04:15] That’s the reputation you want to develop. That’s the brand you want to have as a professional services provider, whatever service you provide. I’m not saying it’s the quickest way to get there, but what I am saying is it’s the most sure and reliable way to reach the goals that you want to reach in your professional services practice. And I think it’s the most rewarding. Just be helpful.

John Ray: [00:04:41] I’m John Ray on The Price and Value Journey. If you’d like to connect with me, go to johnray.co. You can email me at john@johnray.co. And for past episodes of this podcast, go to pricevaluejourney.com or your favorite podcast app.

About The Price and Value Journey

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.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®: LinkedIn | Twitter | Facebook | Instagram

“What I’m Worth”

January 25, 2022 by John Ray

North Fulton Studio

"What I'm Worth"

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“What I’m Worth”

“I should get paid what I’m worth.” For professional services providers, what we need or think we deserve is irrelevant. Here’s a story that illustrates the way we achieve better pricing, and it involves a value conversation. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: [00:00:00] And hello again. I’m John Ray on the Price and Value Journey. “What I’m worth. I should get paid what I’m worth.” I hear this sentiment and variations on it from professional services providers whom I speak to about their pricing. What I’m worth is dangerous language for a B2B services provider. You see, what I’m worth in isolation can easily get turned into what I need or what I deserve. At an extreme, what I’m worth can justify taking advantage of people.

John Ray: [00:00:40] What you need or think you deserve is irrelevant, certainly to the client, and that’s who pays your fee. What’s relevant is how clients valued the solutions you provide to their problems, their perception of that value. Better pricing for your services starts with solutions, solutions rooted in the value clients derive from the work you do. And that value, by the way, is not just rational. The value customers perceive always involves emotions.

John Ray: [00:01:17] Recently, I had a conversation with an entrepreneur whose business, while growing, has gnawing problems under the surface. Her problems have been causing her to lose focus and sleep. “What would it mean,” I ask her, “to have these problems resolved? All this is obviously weighing on you.” She looked up in a way into someplace where she could see what her business and her life might look like with solutions to the problems that she had outlined. A wave of relief swept across her face. “Wow. I’d be a lot less stressed. I wouldn’t feel bogged down anymore. I’d have the freedom to make this business a lot larger.” I’ll let that vision linger for a moment, and then I asked, “What’s that worth to you?” “Wow,” she said, “I can’t even imagine.” “Well, that wasn’t quite true.”

John Ray: [00:02:21] As our conversation continued, she started formulating tangible answers to that question. And that’s where my value is rooted, not in what I need or what I think I’m worth. What I’m worth has nothing to do with it.

John Ray: [00:02:39] I’m John Ray on the Price and Value Journey. If you’d like to know more, go to JohnRay.co, or if you’d like to send me a note, connect with me directly, email me John@JohnRay.co.

About The Price and Value Journey

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.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®: LinkedIn | Twitter | Facebook | Instagram

Hourly Billing Gone Wrong

January 24, 2022 by John Ray

North Fulton Studio

Hourly Billing Gone Wrong

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Hourly Billing Gone Wrong

Flaws in hourly billing don’t always cheat the client; they often cheat the professional sending out the bill. A story on hourly billing gone wrong from Simon Sinek’s book, The Infinite Game. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: [00:00:00] I’m John Ray on The Price and Value Journey. Here’s a story of hourly billing gone wrong from a book I strongly recommend, The Infinite Game by Simon Sinek.

John Ray: [00:00:12] Sinek writes, “I used to work for a large advertising agency. After my first year at the company, leadership decided to implement time sheets. Unlike a law firm where a lawyer may be billing their clients for the actual number of hours of work, this was a way for the company to keep track of – well, actually, no one really had any idea of the utility of the timesheets. It was just something we were told to do. I managed to get away with not filling out mine for months. If they were tracking how I spent my time, I saw no point in telling the company I worked 100 percent on the one client to which I was assigned.”

John Ray: [00:00:53] “Of course, I got into trouble for not turning in my timesheets. And so, from then on, at the end of every month, I sat down with all my timesheets and filled them out in one go, in at 9:30 a.m., out at 5:30 p.m. In reality, I often came in earlier and left later. But who cares? I recall taking my timesheets to my boss for his signature. He looked them over and commented sarcastically, ‘You’re certainly a very consistent worker, aren’t you?’ And then, he signed them.”

John Ray: [00:01:25] “I have to believe that the timesheets were implemented because something went wrong in accounting. Perhaps a client was over billed for work done and demanded that the agency prove that the senior people who were promised to spend time on their account actually were the ones who spent time on the account or something like that.”

John Ray: [00:01:48] Interesting story from Simon Sinek. The question is, was the problem really in the accounting department? No. Because the problem arose because of a billing method which invites inaccuracies, abuse, and worse. Note that Sinek says his timesheets were fiction because he under billed, not over billed. The flaws in hourly billing don’t always cheat the client. They often cheat the professional sending out the bill.

John Ray: [00:02:21] This is one reason I tell professional services providers that if they are billing by the hour, by definition, they are underpricing their services. You might ask, though, how does under billing with a time based billing method shortchange the client? The problem is simple. When the client gets that bill, they don’t necessarily know that all the hours aren’t billed. An invoice based on time invites questions like, Did this work really take that much time? Why does this person think they’re so special they get to charge this much per hour?

John Ray: [00:02:56] And then, even after being told hours have been shaved off the bill, the client says, “Hmm. Can I trust that the previous bills I paid were right? What about the future ones? Will they try to make it back on me?” All these questions are misdirected. None of them address the most central point, “Did I, as the client, receive more value than what I paid in fees?”

John Ray: [00:03:24] Sometimes clients may start questioning a services provider who’s actually providing great value because the bill focuses attention on inputs which have nothing to do with value received. Hourly billing is nuts because it cheats both the client and the service provider, often, simultaneously.

John Ray: [00:03:48] I’m John Ray on The Price and Value Journey. If you’d like to know more, go to johnray.co or send me an email, john@johnray.co.

About The Price and Value Journey

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.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®: LinkedIn | Twitter | Facebook | Instagram

When “Know, Like, and Trust” Doesn’t Matter

January 22, 2022 by John Ray

North Fulton Studio

When "Know, Like, and Trust" Doesn't Matter

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When “Know, Like, and Trust” Doesn’t Matter

The old cliché about how “people do business with people they know, like, and trust” doesn’t fully explain why clients buy or define their willingness to pay. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: [00:00:00] Hi. I’m John Ray on The Price and Value Journey. When know, like, and trust doesn’t matter.

John Ray: [00:00:07] A neighbor of mine just had a new standby whole home generator installed for his home, replacing an older unit. I was surprised to see this installation for several reasons. To begin with, home standby generators aren’t a common feature of homes in my part of the country. I don’t know anyone else in our neighborhood who owns one. Nationwide, it’s estimated that less than three percent of all U.S. households have a standby electric generator installed.

John Ray: [00:00:40] Further, by all outward appearances, this man would not be a great prospect for a whole home generator salesperson. He’s now retired and I know that he and his wife have considered selling and downsizing, and generators of the size he bought stay with the home. In addition, he’s got a reputation for being cheap, one he gets good naturedly teased about.

John Ray: [00:01:08] Generators aren’t one of those home improvement features which generate a positive return when the house is sold. So, the idea of this thrifty minded guy buying a generator, which costs somewhere between $5,000 and $10,000 depending on the size of the unit, was eyebrow raising for me.

John Ray: [00:01:28] If you make your living selling whole home generators, you might look at this guy and think he’s the lowest likely to buy prospect. You would have been wrong. Maybe my neighbor’s background in the insurance industry makes him risk averse. Maybe he’s had a previous bad experience with an extended power outage. Maybe a recent fall makes him value knowing lights will always be available, so he’ll always be able to see where he’s going. Whatever the reason for his purchase, my neighbor had outcomes in his mind he wanted to achieve. Outcomes not apparent by outward appearances. He’s willing to write a significant check for those outcomes, all visible evidence to the contrary.

John Ray: [00:02:18] For me, I have zero interest in this product. I’m willing to live with the risk that the power may occasionally go out and I will have to go pull out the candles. If you’re the whole home generator salesperson, it doesn’t matter how much I might like and trust you. This is where the old cliché about how people do business with people they know, like, and trust comes up short. Know who I can trust is vital, of course. Yet a customer must be motivated to buy.

John Ray: [00:02:52] As with my neighbor, those motives are not immediately apparent. The only way you would have known of my neighbor’s motivations is to have a value conversation. It’s a dialogue focused on the desires, hopes, dreams, taste, and problems of that client sitting in front of you. It’s their values instead of the features and benefits of whatever you are selling.

John Ray: [00:03:20] In his book, The Secret of Selling Anything, Harry Browne writes, “Everyone is already motivated. The only question is by what.” Your job is to find out what it is that motivates your prospect. Don’t confuse your products with motivations. No one ever buys a product. He buys what the product will accomplish. He buys because there’s something he wants for his life. Your job is to find out what that something is.

John Ray: [00:03:53] As a professional services provider, if you don’t have the patience to have a value conversation, then you don’t understand the client who’s sitting in front of you. You may think you do, but what you think you know may simply be your preconceptions. And if you don’t understand the motivations driving that client, then your pricing will be wrong, guaranteed.

John Ray: [00:04:19] I’m John Ray on The Price and Value Journey. If you’d like to connect with me, go to johnray.co or you can email me directly, john@johnray.co.

About The Price and Value Journey

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.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®: LinkedIn | Twitter | Facebook | Instagram

Confidence and Silencing the Voice in Your Head

January 21, 2022 by John Ray

North Fulton Studio

Confidence and Silencing the Voice in Your Head

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Confidence and Silencing the Voice in Your Head

The biggest problem most professionals have with their pricing starts with a lack of confidence. The solution to this problem starts with a change in perspective. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: [00:00:00] And hello again. I’m John Ray on The Price and Value Journey. Let’s talk about confidence and silencing the voice in your head. What’s the biggest problem most professional services providers have with their pricing? It’s lack of confidence. Hands down, no contest.

John Ray: [00:00:20] Most professional services providers I’ve worked with are secure in the notion that they can solve client problems. That’s usually not the issue. The lack of confidence manifests itself in that smirking little gremlin who stands on your shoulder while you’re in conversation with a possible client.

John Ray: [00:00:40] That prospect asks you about your pricing, and the gremlin starts whispering in your ear, “They’re not going to go for it. They’ll tell you you’re too expensive. You need this business, don’t screw it up now. If you don’t cut the price you came up with, you’ll lose the business.” You hear comments like this in your head and then you fold like the proverbial cheap suit. Whatever pricing you came up with, you backtrack. You can almost hear the cackle of the gremlin when you do.

John Ray: [00:01:17] I recently coached a client who hadn’t raised prices since she started her consulting practice. She priced by the hour – now, that’s another problem altogether. I asked her how she arrived at her hourly price. “It just felt right,” she said. “It felt right to who?” I asked. “Well, I didn’t think I could ask for any more.” Well, those responses from her revealed the problem. The focus is on her as the services provider.

John Ray: [00:01:50] Lack of confidence can be solved by a singular focus on the client. What’s the problem that the client has that you’re solving? How will their life change for the better because of your intervention? What’s the value of the solutions you’ve discussed? This perspective and the work which goes into establishing answers to such questions allows you to value price, to price based on client understanding of the value you deliver.

John Ray: [00:02:25] If there’s a question about how you came up with the price, the answer is centered around a perfectly appropriate answer, your pricing to capture just a little piece of the value your client receives. It’s fair to them. It’s understandable. And it’s a win-win for both sides.

John Ray: [00:02:42] Then, it’s not about you anymore. It’s not about the imposter syndrome or you thinking you’re not good enough. It’s not about your hourly rate or whether you deserve that amount. If you’re pricing conversation is grounded in the value you and the client have agreed the client will receive because of your work, you’ll be amazed at how much confidence you seem to have. And you’ll silence that smirking little gremlin.

John Ray: [00:03:13] I’m John Ray on The Price and Value Journey. If you’d like to connect with me directly, go to john@johnray.co or go to my website, johnray.co. Thanks again for joining me.

About The Price and Value Journey

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.

Connect with John Ray:

Website | LinkedIn | Twitter

Business RadioX®: LinkedIn | Twitter | Facebook | Instagram

The Red Flags of Inadequate Pricing

January 21, 2022 by John Ray

North Fulton Studio

The Red Flags of Inadequate Pricing

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The Red Flags of Inadequate Pricing

In a discovery call I had with a videographer, he revealed that his pricing was inadequate before he disclosed what his prices were. What are those “red flags?” Do any of them apply to your practice? The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: [00:00:00] And hello again. I’m John Ray on The Price and Value Journey. Recently, I was on a discovery call with a videographer. This man had been in business for about five years, and he felt like he needed to make some major changes to his business if he was going to achieve the goals he had set for himself.

John Ray: [00:00:21] About 15 or 20 minutes into the conversation, I told him, “You know, I can tell your pricing is too low.” “How do you know that?” he asked. “I haven’t told you my prices yet.”

John Ray: [00:00:35] In no particular order, I responded, there are several reasons. First, you price by the hour. By definition, a professional services provider, like you, who prices by the hour is underpricing their services. Second, you tell me that all clients are paying the same price. The problem there is that not all clients have the same values. Different clients value your services differently. You’re probably going the extra mile for clients who don’t value that added care you’re giving them and you’re not charging for it.

John Ray: [00:01:10] Third, you’re not offering options. Options are a powerful way to tailor your services to your best fit clients who love what you accomplish for them, and they’re willing to pay you a good price for that. Fourth, you complain that you feel like you’re working too hard for too little money. For professional services providers, like you, that’s always a sign of a pricing problem.

John Ray: [00:01:38] Fifth, you seem to be taking on most projects which come your way. More prospects should be turning you down because of price. Finally, I said, you’re talking a lot about what and how you do what you do instead of the challenges clients have that you solve. What that tells me is that you’re not having solid value conversations with clients at all. A value conversation is the dialogue you must have with a prospective client to understand the difficulties you’ll be helping them overcome. If you understand how your solution to their problems moves the needle for their business, then you’ll be able to set better prices.

John Ray: [00:02:25] He paused and said, “You’re exactly right. I need to work on my pricing.” In about 15 minutes, this videographer had run through just about every red flag I look for when assessing the pricing of professional services providers. If any of these red flags are flying over your practice, you have a pricing problem and your pricing is too low.

John Ray: [00:02:53] I’m John Ray on The Price and Value Journey. If you’d like to know more, go to johnray.co or connect with me directly, email me, john@johnray.co.

About The Price and Value Journey

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.

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Introduction to The Price and Value Journey

January 21, 2022 by John Ray

North Fulton Studio

Introduction to The Price and Value Journey

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Introduction to The Price and Value Journey

I’m launching a podcast, The Price and Value Journey, aimed at solopreneurs and small professional services firms.

As I mention in this introduction, the title of the show describes the journey all of us as B2B services providers are on: building a business 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’ve been following me for a while, you know that I have a particular passion around pricing, as I’m convinced that pricing is the biggest problem most professional services providers have. So this podcast will lean heavily into pricing-related issues.

You’ll hear short commentaries from me—think the audio version of the posts I make on LinkedIn, my blog, and elsewhere. I’ll also offer interviews with leaders in the professional services world.

The goal of this show is simple, to offer help in what all of us are looking for: doing work we enjoy, for clients we love working for, and making more money along the way.

Thanks in advance for your support and feedback! If you’d like to be in touch, contact me at one of the links below.

TRANSCRIPT

John Ray: [00:00:01] Hello everyone. I’m John Ray, and welcome to The Price and Value Journey. That’s the name of the show. But if you’re a solo or small professional services firm, this title describes the journey you’re already on, whether you call it that or not.

John Ray: [00:00:18] When we start out in our business or our practice, you see, we’re trying to demonstrate the knowledge and experience we bring to clients. We’re trying to convince prospective clients of the value that we offer. Over time, hopefully, we grow. Our practice grows beyond friends and family to the contacts and referrals that have come from our marketing efforts.

John Ray: [00:00:42] Now, at a certain point, the activity of our business gets more fevered. We may have to hire a virtual assistant or maybe a full-time staff person, maybe we take on a partner. As we grow, there’s a gap between where we thought we’d be when we started out and the reality on the ground of where we find ourselves.

John Ray: [00:01:05] Maybe we’re not happy with the results of our marketing. Maybe we know we need to work on our branding or our social media game. It could be we need to do better in sales, but we don’t know how to or we just don’t like the idea of selling. Maybe we’ve got too much client turnover. It could be that we’re quite busy or even overwhelmed. And it may be even worse than that, we may feel like we’re working too hard for too little money.

John Ray: [00:01:37] Now, if that’s the case, then we’ve got a pricing problem. Maybe we know our rates or pricing is too low, but we don’t know what to do about it. Or we’re scared, if we’re really honest with ourselves. Maybe we don’t even know that being overwhelmed or too busy in our practice really is a symptom of a bigger problem that our pricing is too low.

John Ray: [00:02:06] Pricing is a particular passion for me, because I’m convinced that pricing is the biggest problem most professional services providers have. It’s not getting new clients or servicing them. It’s getting the best clients at better pricing.

John Ray: [00:02:25] Now, here’s the deal. Changes in pricing are the fastest way to change, not only the bottom line of a business, but the mindset of you, the business owner. The changes we make in our pricing mean the difference between frustration and a newfound enthusiasm for our business. Better clients to work with and working smarter instead of harder. And, of course, a stronger bottom line.

John Ray: [00:02:58] That’s where this show, The Price and Value Journey, comes in. Wherever you are on your entrepreneurial journey, the idea of the show is to share ideas and commentary, which help make you more money doing the work you enjoy doing for clients you love working for. I’ll share, not only what I’ve learned myself, but what I continue to hear and learn from clients that I work with. I’ll give you short commentaries and ideas and extended interviews with leaders in the professional services world.

John Ray: [00:03:37] I’ve been in the world of professional services in some form or role for 40 years. I’ve got plenty of t-shirts on the mistakes I’ve made along the way. I have my own business advisory practice, part of which includes helping professional services practitioners with their pricing. I also have a separate but related business, helping business owners, mostly professional services providers, who want to do their own podcast.

John Ray: [00:04:07] I welcome your feedback on the show. If you’d like to connect with me directly, you can email me at john@johnray.co or just visit my website, johnray, J-O-H-N-R-A-Y, .co. I’m also very active on LinkedIn, so you can connect with me there. My LinkedIn handle is johnray1, that’s J-O-H-N-R-A-Y-1. Thanks for joining me on this journey, The Price and Value Journey.