Tuesday, November 05, 2013

Power Marketing Tip #60: Why settle for what you are worth?

Are you struggling to be paid what you are worth? Why settle for so little?

In my experience very few people are paid what they are worth. There seems to be a great number of people paid less than they're worth and many who're paid more than they're worth.

On which side of that dividing line would you rather be?

If you're like me you might prefer to be paid more than you're worth. How can you make this happen?

First, consider how we decide worth.

Consider these choices:

  1. What is the worth of a hamburger at a family restaurant?
  2. What is the worth of a steak dinner at that same restaurant?
  3. What is the worth of the steak dinner at a fine dining restaurant?
  4. What is the worth of eating the hamburger while chatting with Richard Branson?

Notice that there are two parts that can affect the worth. The core element is the food. By changing the food you can marginally change (increase or decrease) the worth.

The second element is the experience. By changing the experience you can dramatically change the worth.

The ratio of cost to worth is proportionally highly for the core element versus the experience. This means that you'll realize a much better return on your investment by improving the experience.

The lesson is that if you only focus on improving the core element of your product or service then it will be difficult for you to receive more than you're worth. If you want to dramatically increase your price, then make changes in the experience.

If you are in a competitive market and find that prospects and clients view your offering as a commodity you'll feel pressured to compete on price and likely receive less than you're worth.

When faced with a competitive market, change how you deliver your core element to improve your worth in the perception of your clients.

If you want to get paid more than you're worth, focus less on what you sell and more on how you sell.

George Torok Keynote Marketing Speaker Co-author of Secrets of Power Marketing Get your free copy of "50 Power Marketing Ideas" Power Marketing on FaceBook Marketing Zoo on Twitter Share/Save/Bookmark

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