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There’s Value in Consistency

February 14, 2022 by John Ray

There's Value in Consistency
North Fulton Studio
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There's Value in Consistency

There’s Value in Consistency

Clients and prospects value consistency. There’s not much of a revelation in that statement. What’s interesting, though, is that clients and prospects value consistency so highly that it can show up in odd or even negative ways. Here’s a story to illustrate the point. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

John Ray: [00:00:06] And hello again. I’m John Ray on the Price and Value Journey. Consistency is important, even when it’s negative. Consistency is a trait we must cultivate as professional services providers because it’s so important to our clients. It’s so important for us to be consistent, as consistent as we possibly can in the work that we do on their behalf and just showing up and doing so on a regular basis. Not only though, with our work, but in what we ask of our clients to help bring about their transformation.

John Ray: [00:01:02] I joke with some of my clients that when they hire me, I’m their mother, and I will bug them about what’s needed and what we need to have to keep everything moving along. Consistency is so important that even when the issues are negative, the client values that consistency.

John Ray: [00:01:38] Years and years ago, as it seems, I was a securities analyst with a major regional investment firm. My clients were institutional funds, and I regularly made trips to see them, to update them on the various bank stocks, because that’s the industry I covered, that they were owned and that they were interested in. I remember being in Boston visiting a fund manager, and we were in his office talking. And we were well into the meeting when his secretary opened the door, rushed in with a note, and someone was on the phone for him.

John Ray: [00:03:00] He looked at the note and he said, “Sorry, John. Just a minute. I really need to take this call.” He took the call and listened. He didn’t say much. He just said, “Yes. Yes. Okay. Yes. Thank you,” and concluded the call. And he looked at me, and apologized, and he said, “This is someone whose call I always take. So, thank you for allowing me to do that. It’s not that he’s always correct. In fact, he’s never right. He’s never right about any of the calls or predictions that he makes. Period. But there’s value in that. So, remember that, John, there’s value in consistency.”

John Ray: [00:04:19] So, even when the situation or the circumstances aren’t favorable, there’s value in consistency. Clients value consistency.

 

 

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 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, 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

Tagged With: Consistency, John Ray, Price and Value Journey, professional services, professional services providers, reliability, solopreneurs, value

George Westinghouse and the Value Equation

February 11, 2022 by John Ray

George Westinghouse
North Fulton Studio
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George Westinghouse

George Westinghouse and the Value Equation

The Current War is a movie based on the competition between Thomas Edison and George Westinghouse to determine whose vision of the electrical power delivery system in the United States would be implemented. In the movie, the character of George Westinghouse offers a compelling description of the value equation, which he used to his advantage. It’s a lesson for us as professional services providers. 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. I recently heard some words from George Westinghouse on the value equation. Well, it was probably not George Westinghouse himself, but actually the words put in his mouth. You see, I was watching a movie called The Current War, a movie which tells the story of the race between Thomas Edison and George Westinghouse to sell their competing visions of an electrical grid in the late 1800s. Edison pushed his original vision of direct current, while Westinghouse championed alternating current. Westinghouse’s vision won as alternating current was much more effective and less costly to distribute over long distances.

John Ray: [00:00:55] At one point in this movie, Westinghouse says, “The value of something isn’t what someone’s willing to pay, but the value of something is what it contributes.” This statement is the value equation at work. When a client assesses your service or product, they are judging the contribution your services will make to their business and their life. For them to buy, they must perceive that the benefits they will receive, whether in money earned, time saved, pleasure derived or something else is more than the price they pay. The only person who can determine this value is the client. It’s their perception, their determination of that contribution.

John Ray: [00:01:46] As depicted in the movie, Westinghouse used the value equation to his advantage. After Edison reneged on paying the talented inventor, Nikola Tesla, a promised $50,000, Tesla quit and Westinghouse pounced. He offered Tesla a royalty of $2.50 per AC horsepower, which would amount to much more than the flat $50,000. Tesla accepted and Westinghouse’ vision was on its way to realization.

John Ray: [00:02:22] The actual history is a bit more complicated, but the movie illustrates the point quite well. All Edison saw is that $50,000 was an immense amount of money. His ego kept him from seeing Tesla’s value. Tesla has no perceived value to Edison. Westinghouse, on the other hand, saw that the long-term contribution Tesla could make to his company dwarfed even a royalty payment like the one he proposed. The value which was at stake was immense. The opportunity to build the electrical grid for the entire United States.

John Ray: [00:03:06] That’s the value equation at work, Westinghouse and Hollywood style. It’s utilized by the buyer in every transaction. I’m John Ray on the Price and Value Journey. If you’d like to connect with me, go to Johnray.co or email me John@JohnRay.co.

 

 

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 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, 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

Tagged With: George Westinghouse, John Ray, Price and Value Journey, pricing, professional services, professional services providers, solopreneurs, value, value equation

Pricing and Urgency

February 7, 2022 by John Ray

Pricing and Urgency
North Fulton Studio
Pricing and Urgency
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Pricing and Urgency

Pricing and Urgency

Some clients feel little urgency to engage with you, or maybe they just want samples of what you offer. Others want the transformation you will bring them today, assuming they can’t get it yesterday! Your pricing should reflect the speed of the solutions you deliver. A story on pricing and urgency in this episode. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

And hello again. I’m John Ray on the Price and Value Journey. Recently, I saw a truck with a homemade sign on the back, which said, “I only have second gear. Go around.” It got me thinking about pricing and urgency. Now, this guy had decided there was no compelling need to fix his transmission and his pickup truck. His urgency factor is not just zero, it seems to be less than zero. He’d rather drive over to the hardware store in second gear, of course, and purchase stick on letters to alert drivers who come up behind him. He’s clearly not ready or willing to pay for a new transmission.

The degree of urgency a client possesses for your solution to their problem is a client value. Your pricing should reflect that value whatever it is. If you’re a bookkeeper, for example, there are some clients who want their financials faster than others. There are some who want monthly numbers. Some are content with quarterly. Some clients are satisfied to ride around in second gear using your services to get their financials done yearly just in time for tax return preparation.

If you’re a business or leadership coach, you’ll have clients who call you up exasperated with their situation, and they want a deep dive into your solution as fast as they can get it. There are also some clients, who maybe for budget reasons, are okay with incrementally, over time, enjoying the results you’ll help them retrieve.

Then, there are clients who just want to read your book, or maybe come to a workshop or absorb whatever you post on your blog or social media. They’re content to ride around in second gear, and that’s okay, by the way. Some of those folks will decide at some point that they want to move their business faster, and they will call you to get that new transmission.

Whatever your service’s discipline, your value conversation with a client should always include questions which help gauge urgency. The pricing options you offer, in turn, should reflect the speed of your solutions. And John Ray on the Price and Value Journey. If you like to connect with me further, go to JohnRay.co or email me at John@JohnRay.co.

 

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 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, 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

Tagged With: John Ray, Price and Value Journey, pricing, professional services, professional services providers, sense of urgency, urgency, value

How are You Really Doing?

February 4, 2022 by John Ray

how are you really doing
North Fulton Studio
How are You Really Doing?
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how are you really doingHow are You Really Doing?

“How are you really doing?” I offer a story on how asking this question of a client yielded unexpected answers. This client’s responses disrupted my agenda for the conversation, but led to ways to provide extraordinary value I might not have known without digging deeper. The Price and Value Journey is presented by John Ray and produced by the North Fulton studio of Business RadioX®.

TRANSCRIPT

And hello again, I’m John Ray on the Price and Value Journey. How are you really doing? Chick-Fil-A employees are known for responding with “My pleasure” to the thank you they receive when they hand over the food. It said that Chick-Fil-A founder, Truett Cathy, got the idea from the Ritz Carlton and made the practice standard at his company.

Recently, I was at a Chick-Fil-A, I received my order, and somewhat absentmindedly responded with, “Awesome! Have a great day,” instead of “Thank you.” Our server responded with, “My pleasure,” a response which while fulfilled the company mandate didn’t quite fit the situation. The server’s mistake is hardly isolated. I’ve done it several times myself and more than several times actually responding with the rote script, if you will, which all of us use in our daily lives without thinking too much about it.

So, what would it look like in a conversation with a client or anyone else, for that matter, if you turn that script on its head? What would happen if the conversation started this way?

You: How’s it going today?
Client: Okay. How about you?
You: Great. And how are you really doing?

I did that not long ago, and I could sense that something wasn’t right with this client and I said, “Okay, you’re doing fine. But how’s it really going with you right now?” This client proceeded to tell me how personally dragged down they were with their practice, how they lost enthusiasm for waking up and diving into the day.

My intentions for the conversation suddenly shifted. “Why do you think you feel this way?” I responded. Quite some time later, we ended up in a much different place than I could have originally envisioned when the conversation started. While my agenda was disrupted, the conversation achieved what the client needed at the time – a safe space to unload some emotional baggage.

As advisers, we have our education, certifications and experience. We think what we’re paid for is to have answers. Sure, that’s true, but that’s a baseline. All advisors are supposed to have the answers. The differentiator for you as an adviser is often the questions you’re willing to ask. Sometimes, those questions are uncomfortable or may seem out of context. Sometimes, they don’t fit your script. Yet, the right questions give us the insights we need to understand the problems our clients or prospects have, which are most urgent for them.

Effective questions deepen relationships. Deeper relationships in turn, create more value for you as the professional services adviser. Effective questions will often reveal a few problems, which we can’t solve. That’s what happened in my redirected client conversation. Just having the freedom to express frustrations openly, though, helped relieve some of the stress this individual was carrying around, which they felt they couldn’t share.

Knowledge and answers are our stock in trade is professional services advisers, yet often it’s the quality of the questions which are even more vital. I’m John Ray on the Price and Value Journey. If you’d like to know more, go to JohnRay.co or email me directly, John@JohnRay.co.

 

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 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, 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

Tagged With: John Ray, Price and Value Journey, pricing, probing questions, professional services, professional services providers, value, value to client

Making Connections

February 2, 2022 by John Ray

Making Connections
North Fulton Studio
Making Connections
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Making Connections

Making Connections

Providing thoughtful introductions and making connections between others in your network is a compelling and memorable way to create value for others. Here’s the way, over time, I’ve learned to do it in a way that others appreciate while strengthening your relationships 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: [00:00:00] And hello again, I’m John Ray on The Price and Value Journey. Once I was at an event in which I ran into two people I thought would benefit from knowing each other. Each were in complementary businesses, and so they could possibly be strategic referral partners for each other. They were both great networkers, meaning they would look to help each other as they could. That’s what being a great networker is all about. Most important, I thought they would like each other personally and get to be friends.

John Ray: [00:00:34] As I was introducing them, I suddenly went blank on one of their names. Now, that’s an awkward moment. I’ve just told this person that I want to help them by introducing them to someone they ought to know. And my brain won’t let their name fall out onto my tongue. Fortunately, I was saved by this individual’s name tag, which seemed to call out and say to me, “Look. Look at me. Here, I’m going to help you.” I recovered and the introduction went smoothly. Even so, my brain and I weren’t on speaking terms the rest of the evening.

John Ray: [00:01:13] Now, I’ve mentioned in an earlier episode of this podcast that when you don’t know what else to do in building your business, just be helpful. And one of the ways to be helpful is to make connections, and that’s one aspect of my business I particularly relish. For me, it goes beyond the enjoyment, which comes from making a good connection.

John Ray: [00:01:35] It’s something more. It’s a calling for me. I believe that we are all better, particularly in the often lonely space of entrepreneurship and in a world that’s heavily divided into tribes when we have a greater number of genuinely human and supportive connections with each other.

John Ray: [00:01:56] Connecting people the wrong way, though, is bungling in the name like I almost did. Sending a blind three way e-mail, I think, is often the worst. We’ve all received them, right? You two should know each other and enjoy drive bys, which make you feel like your pocket has been picked clean or something. While someone may have been thinking about you and the other person in the connection, the connector here seems to be doing just enough to try to score brownie points with both parties, and that’s it.

John Ray: [00:02:32] It’s not that all unexpected three way emails are bad, I’ve sent plenty of them, and most have been well received by both parties. I’ve introduced both parties to each other with several sentences of detail on why each should meet the other. In those notes, I’ve explained why I thought they would be good long term connections, and both parties often respond with appreciation for the connection.

John Ray: [00:02:58] What I’ve missed by sending such an email, though, even if both parties value the note, is the deeper personal connection, which comes from talking to both personally. And that’s why now, before I make a three way email introduction, I always call both parties and speak with them first. I tell them about the other individual, their business, and why I think the introduction would be beneficial. I ask for permission to connect them. I’ll let each know that they’ll receive a note from me only after I’ve spoken to the other individual and received permission from them as well.

John Ray: [00:03:43] By placing a call like that, several benefits naturally occur. I’ve made a much more solid introduction because both individuals know I care enough in a world dominated by texting and social media to take the time to make a personal phone call. It gives me the chance to catch up with both individuals myself. I avoid the embarrassment of someone’s business or circumstances having changed such that this connection, which might previously have been a good one, really isn’t anymore.

John Ray: [00:04:20] Finally, I also get the chance to deepen my connection with both parties by hearing about what’s going on in their lives. And I’m able to ask what they need, and understand what I can do to be helpful to them. By making those calls, I’ve not only made a great three way introduction, but I’ve deepened my relationship with each of those individuals. And all three of us are the better.

John Ray: [00:04:53] I’m John Ray on The Price and Value Journey. If you’d like to connect with me directly, you can go to my website, johnray.co, you can email me at 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 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, 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

Tagged With: introductions, John Ray, making connections, Price and Value Journey, pricing, professional services, professional services providers, value

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

January 31, 2022 by John Ray

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

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

Tagged With: confidence, fear, John Ray, Price and Value Journey, pricing, professional services, starting a business, starting out, value, value conversation

Just Be Helpful

January 28, 2022 by John Ray

Just Be Helpful
North Fulton Studio
Just Be Helpful
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Just Be Helpful

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 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

Tagged With: be helpful, John Ray, Price and Value Journey, professional services, professional services marketing, value

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

January 22, 2022 by John Ray

know like and trust
North Fulton Studio
When "Know, Like, and Trust" Doesn't Matter
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know like trustWhen “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 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

Tagged With: John Ray, Price and Value Journey, pricing, professional services, ray business advisors, value, value based pricing, value pricing

Confidence and Silencing the Voice in Your Head

January 21, 2022 by John Ray

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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 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

Tagged With: confidence, John Ray, Price and Value Journey, pricing, professional services, ray business advisors, solopreneurs, value, value pricing

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