“Life has its own hidden forces which you can only discover by living.” Soren Kierkegaard
Tuesday: Content and Consistency
Today’s the day you are going to become rich! (But only if you charge for it.)
I’m going to share a thought process with you that was quite an eye opener for me.
This eye opener is extremely obvious… yet, sometimes the simplest things are the most overlooked.
Let’s figure out how to value your time. And by value, I mean price it, charge for it, and collect it.
Often I’ve tried to figure out how to price my time. What is my time worth? I mean I’m pretty cool so it must be worth a lot right? Therefore, I charge accordingly.
But it always bewilders me…
Why do people short change themselves? So, this is the “flip flop” question you need to answer…
Why are you short changing yourself?
My recommendation, you need to consider ALL of your time, this includes… travel time. If you work at “on site” locations such as you travel to somewhere to do your thing… like a lawn care company, you need to factor your time to get there AND return. If you are a wedding planner and you visit site A, B, and C to accomplish Bridezilla’s wishes… you need to wrap your travel time into your pricing.
That’s a fairly obvious pricing concept. But now here’s the eye opener.
You must consider… the USE value vs the CASH value of your product.
I was first exposed to this concept from Wallace Wattles in “The Science of Getting Rich”. And this is the point.
Price something according to the USE value, not just the CASH value. Often we factor the cost of something (cash value) add a mark up (typically our time) and that’s it.
But what is the USE value of the item?
Mr. Wattles says to consider an Eskimo. If you have a priceless painting and trade it for furs you have ripped him off because the priceless painting is worthless because he cannot use it! But if you trade a gun for the furs, he can use the gun to get more furs and in return make more money. The gun has use value to him. PS: this book was written before the internet and I know… he could just sell the priceless painting – but let’s go to the core issue.
USE value is a concept that needs to be recognized in your pricing structure!
Think of a book. It’s bound paper with ink letters. That’s not super expensive to create. However, the ink letters form words and thoughts that you USE. The USE value can be enormous.
This is why when you buy my Infinity Marketing Machine System you are actually making an investment in your USE value. I have created the process by trial and error. However, when I followed the steps myself I can directly attribute over $100,000 in 15 weeks from it’s success. Now, I’m not going to charge $100,000 – but, the use value of the system is much higher than the paper and ink you receive in the mail. It’s a system that works when you must combine your will and dedication to implement.
This is how you recognize the USE value.
Starting today, you need to consider the USE value in your product pricing.
I am a big believer in raising prices. It’s the concept of “getting paid what you’re worth”.
You need to compensate for your cost plus your time – but also consider getting away from a CASH value pricing structure and start dabbling in a USE value for setting pricing a little higher than you have been. You still need to be competitive, but start selling the USE value to your customers and guess what… you can start charging for it!
The hidden benefit to USE value… it helps you attract customers that you want to work with, instead of getting the customer you have to work with.
Why did I pick this for my “Content and Consistency” blog post? I wanted to show you that content is not a chore. It should be useful to your readers. If you found it useful, like the post… that’s how I’ll know it was worth it to create and share!
Tomorrow… come back for my episode on “Midweek Motivation”!
PS: Like my vibe? I want you to join my tribe! start here!
Infinity Marketing Machine Daily Topics:
Monday – Character (Subject Matter Expert)
Tuesday – Content & Consistency
Wednesday – Midweek Motivation
Thursday – Infinity Customers
Friday – Big Money
Saturday – Try This!
Sunday – Week in Review