Hello, I’m Vivienne Joy, your Mindset Reset Expert and I’m just wondering about how you decide to price your products. We’ve talked about this a lot, and it’s one of the main things I help people with. Most people are selling their time for money, and not selling results. I’m going to repeat that. They’re selling their time for money, which is a bit like when you’ve got a job, and they’re not selling results, which is the expert way.
People buy results. People buy experts. When people buy, it’s because they feel they need it, then they get it and their problem is solved. People don’t buy time, unless of course, the time is the thing they need, like if you were hiring a VA. But even then, if I had the choice of a Virtual Assistant who told me I could have an hour for £30, or someone who could guarantee that my whole email list will be segmented, and tidied, and cleansed, and cleaned for £300, I know which one I would want.
It’s a bit like Solicitors and other professionals who now do a kind of fixed fee based on the end result, because what we want is that end result. If you had an ongoing battle in court, or you had some sort of problem and you needed a solicitor, them telling you they cost £200 an hour would just make your blood go cold because you have no idea how many hours it takes for the solicitor to defend you. What you really want is to be defended to the hills until there’s an outcome and you know that there’s going to be that – that’s the certainty that our brain craves.
Are you charging for your time or the result you give?
So just have a think about it – just have a little mindset reset around how you’re pricing and how you’re talking about your services and products. Are you telling your audience it’s this much money to achieve this, or are you telling them how much it is for a certain amount of your time? In my experience, we always want the end result and it’s not about the time.
The best example I’ve got of this in my own career is when I used to work for a recruitment agency that specialised in sales recruitment. Because we were specialists, we kind of knew everything there was to know about it. I’d been doing sales for a very long time, and so when a company came to me and looked for a sales executive, I interviewed the company to the nth degree and it took me probably an hour and a half to fully investigate, fact find, clarify needs etc, until I literally had a picture of what kind of person and what skill set or experience background they came from, who they were, how long for, and why they would go and work for this company.
So I had a massive story to work with, and it just so happened that I also had a massive database of sales-worthy candidates that wanted jobs, so I could very categorically go through all my notes and pinpoint exactly the right one. I spoke to three candidates and one of them was designed for the job. It was like a match made in heaven and within three hours, we’d arranged the interview, the candidate went that evening and they were offered the job. When I then charged the full fee which was a percentage of the candidate’s salary, the client said to me, “you can’t charge us that many thousands of pounds, you only worked on this for half a day”. I said, “would you rather I had worked on it for three weeks? You had a gap in your sales team and you have missed out on sales…would you rather I sent you twenty people to interview or would you rather I did the best job I could because I’m the expert?”
His response was, “you’ve got a point” and he paid the bill.
It’s all about the outcome!
So there’s an example of how it’s the outcome we want and not the amount of time. If I said to you, “I can help you build your business, you can pay me by the hour, and I’m going to do it for a year because I’m going to give you all these hours”, would you say yeah? Or would you say yes to doing it in six weeks because I’m the expert, I can go straight to what your problems are, straight to what needs fixing – the deep structures of your business. I’m pretty sure you’d choose the six-week option!
There’s just some food for thought there. Happy mindset resetting around how you’re charging for your time.