Updated: Apr 13, 2021
The Premium Series
The first step and a fundamental element I see missing time and time again when it comes to charging a premium price = CLARITY.
Clarity doesn’t get talked about much in business and it’s such an important topic when it comes to charging premium prices, that it’s the first part of my next several posts in The Premium Series.
What really is clarity? It’s the difference between “I think” vs. “I know”.
Do you know with certainty what you’re offering to your customers? And even if YOU know, do your CLIENTS understand your offer?
The person who is clear is the one who can charge premium prices.
You must know and be confident about your message and your market.
Businesses that charge premium directly connect with the needs of the client and show how they can solve their problem.
Does the client know exactly what they’re buying?
Why should they choose you?
You cannot be premium if you don’t have clarity. Without it, you may have doubts and will try things like discounts and eventually spiral down in your business.
When I started out, I thought I had to diversify into so many areas like executive coaching, keynote speaking, business coaching etc. and I wasn’t focused.
Guess how much I sold? ZERO!!!
My clients had no idea what my specialty was and were confused about my offer.
Once I understood my offer my business took off!
Now I have Momentum U. I’m fully dedicated to my solid business coaching program. I have a clear offering and my business has skyrocketed. People know what I do and I attract lots of ideal clients!
I recently had a client that changed his whole life, personally and professionally, by finding clarity on what he does, why he does it, and his bigger purpose. This made him confident in his offering and very successful in his business.
Customers come to you when you are confident. Confidence allows you to attract customers and be that premium.
If you don’t have this, the customer won’t even engage with you.
If sales are down, you may have a CLARITY issue. Not attracting the right clients or staff? You may think it’s your operations or equipment, but it could just be clarity.
Being unclear, you may not be getting employees to perform their job. How does that influence your cash flow?
What if your competitors are getting the best people because they have the alignment that you don’t?
I was at a construction job the other day and the workers were feeding an electric line through a condo and had 6 more inches to go and the electrician said to the worker “just pull it through a little more”. The worker pulled it “a little” by his definition. Taking 1 foot out of a 500 foot cable, he pulled so hard that it kinked and damaged the line. The electrician shouted “no, just 6 inches!” And the worker replied, “well...you never said that”.
This is just a simple example of how you must have clarity, even in operations.
What is the cost of not being specific with your operations staff? How much money are you losing? Are there safety concerns that pop up because you were vague with how to do the job? It could be affecting workers comp or insurance.
Employees with high role clarity report high levels of:
Effectiveness, up to 86%
Intention to stay with the company, up to 84%
Increase in productivity, up to 83%
Satisfaction with leadership, up to 75%
How is this showing up in your personal life? Are you having to fill in to cover staff? You could be missing important moments in your family life all because you don’t have this certainty in your business.
Think about this: 97 percent of employees and executives believe lack of alignment within a team impacts the outcome of a task or project. Imagine the impact you will have in all areas of your business just with clarity.
The good news is that YOU CAN CHANGE THIS. It’s a journey and just takes a little effort and practice.
Remember, when you are aligned, it will give you confidence. When you are confident, you can charge premium. It’s all connected!
Stay tuned for more info on charging premium in my next posts.
And, if you want to experience clarity in your business now, let’s talk.
I would love to have a discussion with you and help you become clear and see how it will tremendously impact both your professional and personal life.
Talk soon!
Seth
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Check out www.startthemo.com for more about what we do.
Seth Lewis is a serial entrepreneur and Founder of Momentum U (www.momentum-u.com). Seth and the team help business owners understand the parts of momentum so they can leverage it in their business. His approach is the perfect blend of mindset work combined with a strategy in an 8-week online course that includes LIVE coaching. Seth holds an Executive MBA from Villanova University, is a mentor to MBA students, board member, and author to the upcoming book (Dec 2020) Momentum: The Investment You’ve Been Missing.
Check out my PODCAST HERE
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