May 19, 2025 • 51 mins
In this value-packed episode, Michael Barbarita and Chuki Obiyo reveal why most businesses fall into the destructive trap of competing on price. You'll discover the counterintuitive "Value Elevation Framework" that enables businesses to command premium prices even in challenging economic times. Learn how to position your products and services so customers willingly pay more while competitors continue undercutting each other's prices in a race to the bottom.
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Powerful Business Strategies is broadcast live Mondays at 12 Noon ET Music on W4CY Radio (www.w4cy.com) part of Talk 4 Radio (www.talk4radio.com) on the Talk 4 Media Network (www.talk4media.com). Powerful Business Strategies is viewed on Talk 4 TV (www.talk4tv.com).
Powerful Business Strategies Podcast is also available on Talk 4 Media (www.talk4media.com), Talk 4 Podcasting (www.talk4podcasting.com), iHeartRadio, Amazon Music, Pandora, Spotify, Audible, and over 100 other podcast outlets.
Become a supporter of this podcast: https://www.spreaker.com/podcast/powerful-business-strategies--6198916/support.
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Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicit or implies shall be extended to W four
CY Radio or it's employees are affiliates. Any questions or
comments should be directed to those show hosts. Thank you
(00:20):
for choosing W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here's your host.
(00:47):
President of NeXTSTEP CFO Michael Barbarita and joining Michael for
today's show as an executive moderator is chooky obia.
Speaker 3 (01:00):
Yes, this is shookey and it is truly an honor
for me to engage in today's episode with my good
friend Michael.
Speaker 4 (01:10):
Michael, how are you excellent?
Speaker 3 (01:12):
Chicky?
Speaker 4 (01:12):
My name, my name as Chicky said, my name is
Michael Baberriader Next Step CFO and Next Step CFO is
a fractional CFO and strategic implementation firm. Business owners hire
us to double and triple their profit using business and
financial strategies that their competition isn't doing. And our vision
is to ensure overwhelmed business owners achieve consistent profits that
(01:35):
leads to time, freedom to build a legacy and the
life they desire. And our mission is dedicated to guiding
small business owners to leveraging their time, exploding their profits,
and building a meaningful legacy. This show, Powerful Business Strategies
in our book of the same name, is a step
toward accomplishing that vision and mission. So with that, I'd
(01:55):
like to hand it back to my co author and
moderator for the show, Chicky Obio.
Speaker 3 (02:00):
Absolutely, Michael, thank you so for our longtime listeners. We
switched up the intro just to touch folks. Remember gratitude
is undefeated, but I wanted to just keep you on
your toes. Gratitude is undefeated. Growth is always about the
next step. So look, Michael and I were both affiliated
with a number of different organizations. I currently serve as
a managing director of business Development for Vetterprice, a global
(02:23):
business focused law firm. In addition to that, as I
said earlier, it's truly an honor to collaborate with Michael
to moderate business roundtables and then document insights from these
roundtables as part of our book, Powerful Business Strategies.
Speaker 4 (02:37):
So please note that the views expressed on.
Speaker 3 (02:40):
This show are our personal views based on those very
successful experiences with business owners. My mission as a fearless
moderator is to ask the right questions to help you,
the listener, learn the best strategies that the competition isn't doing.
Speaker 4 (02:56):
With that, back over to Michael, thank you. Check. So,
I want to share something right from the heart because
I see it all the time. Many of you listening
right now are undervaluing what you bring to the market.
You've gotten caught in a trap of thinking that lower
prices are the only way to compete. But I've seen
firsthand time and time again how businesses improve when they
(03:20):
break free from this mindset. Your expertise, your dedication, the
value you create these are worth far more than you're
currently charging. Today's episode isn't just about pricing strategies. It's
about reclaiming your worth in the marketplace, because when you
truly understand your value and learn to communicate it effectively,
(03:43):
you'll be shocked at what customers are willing to pay.
And it's time to stop leaving money on that table
and stop commanding the premium prices that you deserve. So
today we're tackling one of the most destructive myths in business,
the idea that can heating on price is the best
way to win customers. This myth is costing small business
(04:05):
owners millions in lost profits every single year, and I
see it time and time again in my work with
business owners across dozens of industries. They're caught in this
vicious cycle of discounting, watching their market margin shrink while
they worked harder than ever. And what's most frustrating is
(04:26):
that they usually have truly something invaluable to offer, but
they're failing to communicate that value in a way that
justifies premium prices. And here's an important insight about pricing.
For a typical business, a one percent increase in price,
assuming your volume stays the same and assuming you're an
(04:48):
average business, can result in a three to four percent
increase in operating profit. While so even this modest impact
demonstrates how full price it could be compared to other
profit improvement strategies. Yet most businesses are doing the exact opposite.
They're cutting, cutting prices and watching their profits of apporing.
(05:11):
But answer good news with the right approach, almost any
business they command premium prices even in competitive markets, even
during economic downturns. And today we're going to show you
exactly how to do that with what I call the
value elevation framework.
Speaker 3 (05:31):
Michael, Before we dive into that framework, you have to
ask this question, why do you think so many business
owners fall into the discounting fop in the first place.
Speaker 4 (05:43):
Yeah, Yeah, that's the super question. That's really super because
that's the exact problem that we run into all the time.
There are three primary reasons businesses get caught in the
discounting trap. First, they've bought into the myth that customers
primemarily buy on price. The reality is that price is
(06:03):
really the most important factor in these purchasing decisions, and
studies have consistently shown that customers rank factors like quality, reliability, convenience,
and the customer experience overall way above price in importance.
Yet businesses continue to act as their price is the
(06:23):
only thing that customers care about. Secondly, many business owners
don't know how to effectively communicate the value they provide.
They're excellent at delivering their product or service, but they
struggle to articulate why that product or service is worth
a premium price, and they end up focusing on features
rather than outcomes, on what they do rather than the
(06:47):
value they create. You know, I said this at an
earlier show. It's about matching your inside reality with the
outside perception. The inside reality is is that you're providing
all this value, but the outside perception is that you're
just like everybody else. And that's about communicating your value.
(07:09):
That's why this number two is so important. Third, there's
a very real uh, there's a very human fear of rejection.
Raising prices always feels risky. What if the customer says no,
What if they go to another company? This fear keeps
businesses stuck in pricing patterns that often established that are
(07:31):
often established arbortrarily in the first place. And so let
me share a quick example. So a commercial cleaning company
was struggling to maintain profitability, and they were competing primarily
on price, undercutting competitors to win contracts constantly, but this
strategy was backfiring so much they were working harder than
(07:53):
ever while watching their manchions strike to almost nothing. When
they finally analyze their business, they discovered that they actually
had several unique advantages. Their staff had significantly low eternal
within industry averages, they used environmentally friendly cleaning products, and
they had a proprietary quality control system that ensured consistent results.
(08:18):
None of these advantages were being communicated to prospects. Instead,
they were leading with price, effectively training customers to see
commercial cleaning as a commodity where the lowest price wins.
This is an example of where that inside reality did
not match the outside perception, and this happens all the time.
(08:38):
We completely, we completely changed their marketing to focus on
the reliability and peace of mind that comes from having
a stable cleaning crew who know the building, who know
the reduced health risk from their toxic cleaning approach, and
their quality guarantee and quality guarantee on top of it.
(09:01):
That was very specific, by the way, and within six
months they raised their prices by twenty two percent while
increasing their client retention from sixty eight percent to ninety
four percent and this example. Yeah, it's really huge. This
example illustates that fundamental truth over that when you compete
on price, you're essentially telling the market that you offered
(09:22):
that your offer is no different from anyone else that
offers the same thing. You're commoditizing yourself. Our value Evaluation
framework helps you to do just the opposite. It helps
you to Decommodit decommoditize your offerings so that you can
charge what you're truly worth. So let's dive. Let's dive
(09:44):
into the first component of the framework, and that's identifying
and amplifying your true differentiators. Most businesses think they know
what makes them different, but they usually focused on the
wrong things entirely. Wow, So I briefly introduced our value
Elevation framework, and it's a systematic approach to commanding, you know,
(10:07):
premium prices in the marketplace. To keep you up here,
the first component of this framework is what I call
true differentiation discovery. Most businesses think they know what makes
them different, but they typically focus on superficial differentiators like
customers don't actually value or or are easily coffeed by competitors.
(10:28):
So let me give you a quick example. I can
tell you how many I can't tell you how many
times I've heard business owners say things like we provide
excellent customer service, we offer the highest quality, or we
have twenty five years of experience with family owned These
might all be true, but they're also what I call
(10:49):
I hope so marketing things that customers already expect and
that your competitors are likely claiming the same thing, and
the customers saying them to themselves, well, I hope you
have all that stuff. So true differentiation is it about
being slightly better at that what everyone else does. It's
(11:12):
about being meaningfully different in ways that manage your ideal customers.
Here's the process for discovering your true differentiators. First, conduct
what I call simply interviews with your best customers. These
are easy to do, but you've got to do these
things because it's the best way to get feedback directly
(11:33):
from the horse's mouth. And these are traditional satisfaction surveys.
Their in depth conversations focused on understanding the real value
they receive from working with you. Ask questions like what
problem or challenge were you facing that led you to
work with us? Ask what would happen if we disappeared?
(11:55):
To tomorrow, How would it impact you? And what do
we do that you wish other vendors in your life
would do? What more, what's something we do that surprised
you in a positive way. So these questions reveal the
hidden value you're already providing but not but may not
(12:17):
be consciously promoting. By the way talking to a customer
and asking those questions, it also helps create a position
of market dominance for your business, watching a number of
backshows that we have on that second, analyze your competitors
through your customer's eyes. Don't just look at what competitives
(12:38):
say about themselves, study how customers talk about them in reviews,
social media, in forums. What frustrations do they express? What
gaps exist between what competitives promise and what they deliver.
These gaps represent prime opportunities, real good information for meaningful differentiation. Third,
(13:05):
conduct what we call a process audit. This involves mapping
out each step of your delivery process and identifying areas
where you do things completely or do things differently from
industry orbs. Often businesses that have unique approaches that they
that they take for granted, but that could become powerful
(13:26):
differentiators if properly highlighted and here's here's a quick example
of that. So a residential home builder discovered through this
process that, unlike their competitors, they had a dedicated project
manager who stayed with clients from initial design all the
way through final walkthrough. This was something they had always
(13:49):
done but never ever emphasized in their marketing. I see
this all the time. And when and when he repositioned
this as their single point of accountability system, had explained
how we eliminated the communication breakdowns common in home building,
they were able to command a fifteen percent premium over
(14:10):
their competitors.
Speaker 3 (14:12):
Wow, that is a fascinatinating Michael. But once you've identsified
these true differentiators, how do you effectively communicate that the
prospects to referral sources I mean, just say stakeholders, Michael,
in a way that justifies that fremium price and that
(14:32):
you're asking for.
Speaker 4 (14:34):
Well, that's exactly the right question, asked Chicky. Because identifying
differentiators is actually only half the better. You also need
to communicate them effectively. You know, this is what we
did with the whole builder. This brings us to the
second component of our frame, where called valiant translation value.
Translation is the process of converting your differentiators into specific,
(14:58):
measurable benefits that a day with prospects highest priorities. And
here's how it works. First, each differentiator you've identified, ask yourself,
so what, and keep asking so what until you arrive
at benefits that connect directly to things your customers deeply
(15:18):
care about, like saving time or reducing stress, or increasing
security or enhancing status. Are making more money. For example,
if you're differentiator is a proprietary quality control process, the
so what might be fewer defects, But don't stop there.
What the fewer defects mean to the customer. Perhaps it
(15:39):
means fewer warranty claims. Maybe it means less downtime, or
maybe higher customer satisfaction or reduced liability risks. These downstream
impacts are where the real value lies. Second, quantify these
benefits whenever possible. Specific numbers are always more compelling than
(16:03):
general claim So instead of saying our system saves you time,
which is kind of an I hope so statement, say
our clients typically save seven and a half hours per week.
Instead of our approaches our approach reduces costs. Say we
help clients cut overhead by an average of twenty three percent.
(16:24):
And if you don't have exact figures, use ranges or
examples or comparisons to help prospects conceptualize that value. And
the key is moving from big claims to concrete benefits. Third,
translate these benefits into compelling language that becomes your value narrative.
(16:47):
This isn't about clever copywriting. It's about clearly articulating the
unique value you deliver in terms that resonate with your
ideal customer. So let me share a quick example. So,
an IT services company was struggling to differentiate itself in
a crowded market, and through this discovery process, they found
(17:08):
that while competitives focused on reactive problem solving, this company
had developed a proactive monitoring system that prevented problems before
they occurred. And the key was translating this technical differentiator
into business value. And they calculated that the average IT
outage cost their typical client thirty two hundred dollars an
(17:28):
hour in loss productivity and lost time, and this system
prevented an average of three point seven outages per year
with a typical duration of four point two and this
meant that their approach was actually saving clients almost fifty
grand in avoided downtime costs. And when they began leading
(17:50):
with this narrative of value narrative, a proprietary monitoring system
saves the average midsized business forty nine grand annually had
prevented downtown prospective. Maybe of the unders of the value
of the proposition. The company was able to increase their
monthly service fees by thirty five percent while improving their
closing rate. So, once again, this demonstrates our critical truth
(18:14):
that customers don't pay for what you do. They pay
for the outcomes that you deliver. Your job is to
make those outcomes crystal clear and connect them directly to
the things that your ideal customers value the most.
Speaker 3 (18:32):
Michael, So we do have a question from a listener.
In fact, we'll go with this one. It's a good one.
So the key is translating what makes you different into
specific measurable value for the customers.
Speaker 4 (18:46):
That correct, right, Michael, yep, that's fine.
Speaker 3 (18:49):
Right, So how do you identify which customers are most
likely to value your differentiators and then be willing to
pay the premium process for that?
Speaker 4 (18:58):
Yeah, you know, that's great, that's a great quest. Well,
that leads perfectly into the third component of the framework,
which is value based customers selection. So one of the
biggest forsakes businesses make is trying to appeal to everyone,
and the reality is that some customers are naturally more
(19:19):
price sensitive than others, and some will value your specific
differentiators more highly than others. But the key to commanding
premium prices is focusing your efforts on what I call
value buyers. These are customers who priorit types outcomes over price,
and who specifically value the unique benefits that you provide.
(19:41):
So here's how to identify and attract these value buyers. First,
analyze your current customer base and identify which customers are
the most profitable and cause by the way, that stay
with you the longest and cause the fewer headaches and
(20:01):
so look for patterns in these customers characteristics, behaviors, and priorities.
And second, develop detailed profiles of your ideal value buyers,
almost like your customer avatar, if you will, but go
beyond basic demographics to understand their psychographics such as attitudes, aspirations, fears,
(20:22):
and priorities. What keeps them up at night, what are
they trying to achieve, and what do they value most. Third,
refine your marketing message to speak directly to these value
buyers using language that resonates with their specific outcomes and
pain points. When you're interviewing them, pick up the exact
words they're saying. And remember the goal is to appeal
(20:46):
to everyone. It's to strongly appeal to those who most
likely value what makes you unique. Here's an example. So
a financial advisory firm of discuss with their most profitable
clients weren't necessarily the wealthiest. They were business owners who
were built successful companies so we're preparing for eventual exit.
(21:09):
These clients valued the firm's expertise with business transitions far
more than general investment management, and so by refocusing their
marketing specifically on this niche, using language and case studies
that spoke directly to the unique challenges of businesses that
have exits, they were able to attract more ideal clients,
(21:29):
increase their minimum portfolio size by two hudred and fifty
percent and eighteen months.
Speaker 3 (21:34):
That's a powerful example, Michael, And what I just really
resonate with in that example is how focusing on the
right customers can actually transform your pricing power. So to
wrap up this segment, what are two key action items
that you would recommend business owners take right away?
Speaker 4 (21:54):
Well, the first action item is to schedule five exit
interviews with your best current customers in the next two weeks,
and remember to ask questions that uncover the real value
they receive from working with you, not just you know
what they like about your service. Questions like what would
happen if we disappear tomorrow? And what do we do
(22:16):
that you wish other vendors would do often reveals surprising insight.
And then the second action item is to conduct a
competitor analysis, but with a twist, So instead of just
looking at competitors' websites or marketing materials, read the reviews,
both good and bad, and social media commentary to identify
(22:38):
the gaps between what they promise and what customers actually experience.
These gaps represent prime opportunities for meaningful debt differentiation. So
in our next segment, we're going to explore how to
structure your offerings to maximize perceived value and make premium
pricing feel natural and justify to prospects. So before we continue,
(23:01):
let's take a ninety second break. Hey there, business owners,
let me ask you something. Are you tied of blending
in with your competitors, frustrated with slow growth and slim margins.
Well I've got news for you. Everything you've ever learned
about growing your business is wrong. But don't worry. I'm
here to let you in on a secret weapon, your
(23:22):
position of market dominance. It's what sets you apart, makes
you irreplaceable, and has customers lining up at your door.
My name is Michael Barbarrita from Next Step CFO. I
know what you're thinking. Sounds great, Michael, but how do
I find my position of market dominance? Well, that's exactly
why we've created our game changing impleitation program called Next
(23:45):
Step to Market Dominance. In just ninety days, we'll guide
you step by step to a position of market dominance
by uncovering your unique strengths that competitors can't touch, by
crafting a message that resonates deeply with your ideal customer,
by building a strat that turns you into the go
to expert in your field. Now this is in theory.
These are battle testing strategies that have held businesses like
(24:08):
yours double triple and quadruple their revenue. Don't let another
quarter go by struggling to standout. It's time to dominate
your market period. Go to NEXTSTEPCFO dot net forward slash contact.
Fill out the form and in the message section put
the word dominate or call us at seven eight one
(24:29):
three two six three A two two. That's next step
CFO dot net forward slash contact or call us at
seven eight one three two six three A two two.
Welcome back to Powerful Business Strategies. And I remember you
can go to our website, Powerful Business Strategies dot com
to catch any episode that you might miss or if
(24:49):
you're driving uh and you want to actually go back
and listen and take notes, you could do so by
going to Powerful Business Strategies dot com. So the book
before the break we discussed to discover your true differentiators,
translate them into compelling value narratives, and identify customers who
value your unique benefits most highly. And now let's talk
(25:10):
about that fourth component of our value elevation framework called
strategic offering architecture. How you structure and present your offerings
has a profound impact on the perceived value and pricing power.
Most businesses make the critical mistake by presenting their offerings
(25:32):
in ways that naturally lead to price comparisons. They list
features and specifications side by side with competitors and essentially
creating commodities style comparison. Shopping the key to commanding premium
prices and structuring your offers in a way that makes
direct price comparison it's difficult or irrelevant, and there are
(25:53):
four ways to do this. First, create proprietary packages that
combine products and services and experiences in unique ways. So
instead of selling the same generic offering as competitors, developed
some bundling and packaging that solved the specific customer problems
more comprehensively. If you recall, this is one of the
(26:13):
components of a compelling offer that we talked about in
our Compelling Offer episode. So here's an example. Like a
wedding photographer stopped selling standard hourly packages and created three
distinctive collections. One was to call the Complete Story, which
was comprehensive documentation from preparation to reception. The second was
called Timeless Moments, which focused on autistic portraits and key
(26:37):
ceremony moments. Third was Family Legacy and that emphasized multi
generational family documentation. These packages made direct price comparisons with
competitors essentially impossible for any type of comparison whatsoever because
they weren't selling the same thing. Second, develop a proprietary
(27:01):
process or methodology that becomes part of what customers are buying.
This approach just changes a game with your offerings from
a commander commoditized service to a unique system that only
you provide. So, for example, a marketing agency name their
client onboarding process the deep Dive Discovery, and their campaign
(27:26):
development approach was called the Renaissance method. They documented each
step of these processes and included detailed explanations in their proposals,
and this civil shift reposition from being just another marketing agency.
They're having a unique methodology that justified premium pricing. Third,
(27:47):
implement tea in pricing with strategic anchor points. When you
offer multiple service levels, you change the conversation from a
yes or no to which one you know. Research consistently
shows that presenting three options with your preferred option in
the middle significantly increases average transaction value, and that is
(28:11):
why many successful companies use a good, better, best model.
So the key is differential designing your top tier to
be ambitious in both value and price, and this creates
an anchor point that makes your middle tier seem reasonable
by comparison, even if few clients choose the top tier.
(28:34):
Its presence elevates the perceived value of your other offerings.
And fourth, consider shifting to outcome based pricing models. We're appropriate.
So when you price based on results rather than inputs
like time of materials, you align your compensation directly with
the value you create. Everybody get tongue up with time
(28:56):
and materials and all types of measurements forget it value.
This approach could be significant for businesses that constant consistently
deliver strong outcomes. For example, a digital marketing for a
move from charging monthly retainers to a base feed plus
performance incentives tied to lead generation and this this shift
(29:18):
dramatically increase their prices for successful campaigns while demonstrating confidence
in their capabilities.
Speaker 3 (29:24):
Michael, I love the idea of creating unique packages that
make direct price comparisons difficult.
Speaker 4 (29:32):
So good.
Speaker 3 (29:33):
Many businesses might worry that if they price significantly higher
than their competitors, they'll lose business.
Speaker 4 (29:41):
How do you address that fear of raising prices? Yeah,
that's the key to the Kingdom. I think two key
in it. It leads perfectly into our fifth component of
our framework, and that's risk reversal strategies. See, the fear
of raising prices is fundamentally a fear of rejection. What
if testomers say no? This fair is legitimate, but can
(30:03):
be addressed through strategic risk reversals that shifts the risk
of the transaction from the buyer to the seller. We
have a whole show on this, and when you charge
premium prices, customers naturally have higher expectations and greater concerns
about making a mistake. Your job is to systematically eliminate
(30:24):
these concerns by demonstrating confidence in your value. And here
are three powerful risk reversal strategies. First, offer results based
guarantees that promise specific outcomes rather than merely satisfaction. For example,
instead of a generic satisfaction guarantee, a digital marketing company
(30:44):
for might guarantee a minimum of twenty five qualified leads
in the first ninety days, and we'll continue working at
no additional costs until we deliver them. Now, these performance
guarantees demonstrate confidence in your ability to deliver value, the
perching decision less risky for the customer, and they also
(31:04):
shift the conversation for price outcomes which is exactly where
you wanted. Second, provide proof of concept options that allow
prospects to experience your value firsthand before committing to a
larger engagement. And this might be a paid assessment, a
trial period, or maybe even a scale down initial project.
(31:28):
For example, a business consultant who created a strategic roadmap
session as an entry point for new clients. This two
day in intensive session delivered immediate value while showcasing the
consultant's expertise and approached so over eighty percent of clients
who who experienced this session went on to engage in
(31:52):
comprehensive consulting relationships. And Third, new social proof strategically to
build credibility and reduce perceived risk. This goes beyond generic
testimonials to include detailed case studies, specific metrics from client results,
and testimonials that directly address common objections. For example, if
(32:14):
prospects typically worry about implementation challenges, include testimonials as specifically
mentioned how smooth the implementation process was, and if they're
concerned about ROI, showcase detailed before and after metrics from
similar clients. These risk reversal strategies create a powerful foundation
(32:38):
for premium pricing by addressing the fundamental concerns that make
prospects hesitate when considering higher priced options. And I'll share
a quick success story a custom home builder. A customer
home builder client implemented these strategies that raise their prices
by thirty four percent while increasing their close rate twenty
(33:00):
two percent to forty one percent. Closing often a phased approach,
beginning with a paid design consultation. They provide a detailed
case study showing the long term value or quality construction,
and often a comprehensive warranty that far exceeded industry standards
and was specific. The combination of these risk for versal
(33:23):
strategies make their premium pricing feel like the safer choice,
not the risky one.
Speaker 3 (33:29):
Michael, you are connecting some really important dots here for
business owners. So let's take a question from the listener.
And there's also something candidly that I'm curious about. So
you talked about how to set and justify premium pricing,
but what about communicating these premium prices effectively?
Speaker 4 (33:54):
Well, Choky, that listener identify a critical piece of a puzzle.
The six component of our work addresses exactly that challenge.
Value centric price presentation. Many businesses undermining their pricing power
through poor price presentation. They apologize for their prices, present
them tentatively, or introduce them before establishing full value. These
(34:16):
approaches practically invite price objections and negotiations, So there are
four key principles for presenting prices with confidence. First, established
comprehensive value before revealing outcomes. Walk prospects through all the benefits, outcomes,
and differentiators that they'll receive before discussing investment. This creates
(34:38):
a context of value that frames the price appropriately. Second,
use value based language when discussing pricing. Replace cost focused
terms like price, cost or expense with value oriented terms
like investment value or returns. This little subtle shift reinforces
(34:59):
that they're buying outcomes, not just paying for services. Third,
present pricing with absolute confidence. Your tone, body language, and
word choice should convey complete conviction in your value. Never
apologize for premium pricing or suggest flexibility before the prospect
(35:19):
has even responded, and you could say things like the
investment is only x, whops that weren't only four. Anticipate
value based answers to price objections when prospects say that
that's more than we budgeted, be prepared with responses that
focus on value, not justifications for your pricing. For example,
(35:41):
I understand many of our clients initially thought the same
thing until they experience the ROI our approach delivers the client.
The average client seeds a three point two time return
on this investment within twelve months. Notice many of our
clients initially thought the same thing, So let me share
(36:04):
a quick example. An IT implementation from was consistently getting
pushback on their project fees despite delivering excellent results. When
we analyzed their sales process, we discovered that they were
presenting prices early in conversations, often in response to direct
questions from prospects. We restructured their approach to first establish
(36:26):
the cost of the problem implementation failures, system downtime, security
vulnerabilities before presenting their solution and associated investment. By establishing
that the average failed implementation costed their typical client two
hundred and seventeen K in direct and indirect costs, their
own fees from seventy five to ninety five K suddenly
(36:49):
seemed reasonable and even prudent. And additionally, they learned to
present these fees confidently as your investment rather than apologetically
as our fee. Within three months, price objections decreased by
fifty eight percent, and their and the average their average
project value increased by twenty two percent. Michael.
Speaker 3 (37:13):
One of the things that you do a really good
job with these examples, and I hope our listeners are
taking cues and I think they are, is to provide
the specific impact of the results, right, you know, going
from you know, price subjections decreasing, you know, from you
by fifty eight percent for example, it's very specific.
Speaker 4 (37:29):
So here's something.
Speaker 3 (37:30):
That's even just more fascinating to me at least, I
mean just the language, right, So it's fascinating how much
the language and timing around pricing conversations impact the perception.
So to wrop up this segment, Michael, what are two
key action items that business owners should implement right away?
Speaker 4 (37:49):
Well, the first action is to restructure your offerings into
proprietary packages with names that highlight your unique approach or methodology.
Great at least three package levels. Remember a good, better,
best scenario that we talked about. The second action item
is to develop at least one powerful risk reversal in
the next thirty days. This could be a results base guarantee,
(38:09):
a proof of concept option or a compelling case study
that showcases specific, measurable results for clients similar to your
target prospect. Remember, risk reversals is about shifting the risk
from the buyer to the seller to build confidence in
your premium pricing. In our next segment, we'll discuss how
(38:30):
to implement these strategies effectively address potential challenges and create
a culture of value within your organization. So before I
continue this discussion, we're going to take a ninety second break. Hey,
their business owners, let me ask you something. Are you
tied of blending in with your competitors, frustrated with slow
growth and slim margins? Well, I've got news for you.
(38:51):
Everything you've ever learned about growing your business is wrong.
But don't worry. I'm here to let you in on
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you apart, makes you irreplaceable, and has customers lining up
at your door. My name is Michael Barbarrita from Next
Step CFO. I know what you're thinking. Sounds great, Michael,
(39:14):
But how do I find my position of market dominance? Well,
that's exactly why we've created our game changing impleitation program
called next step to market dominance in just ninety days.
Will guide you step by step to a position of
market dominance by uncovering your unique strengths that competitors can't touch.
By crafting a message that resonates deeply with your ideal customer,
(39:36):
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
These are battle tests and strategies that have helped businesses
like you as double, triple, and quadruple their revenue. Don't
let another quarter go by struggling to standout. It's time
to dominate your market period. Go to NEXTSTEPCFO dot net
(39:58):
forward slash contact. Fill out the form and in the
message section put the word dominate or call us at
seven eight one three two six three A two two.
That's next step CFO dot net forward slash contact or
call us at seven eight one three two six three
A two two. Welcome back to powerful business strategies. So
(40:20):
somebi we've covered discovering your truth differentiators, translating them into
valuable benefits, selecting ideal customer, structuring compelling offers, implementing risk
reversal strategies, and presenting prices effectively. Now, let's discuss the
final component of our value elevation framework, and that's internal
(40:41):
value alignment. And this critical element ensures that your entire
organization consistently supports and reinforces your premium pricing strategy. Now,
many businesses implement new pricing approaches only to have them
under undermined by team members who just than a stand
or believe in the value being delivered. And your team
(41:03):
must be completely aligned around your value proposition and confident
in your pricing strategy. So here are three key steps
to creating this alignment. First, educate your team on the
full value you deliver. Many team members, especially those who
are not directly involved in sales, don't fully understand the
outcomes customers receive or why they choose your business over alternatives.
(41:29):
Share customer success stories, testimonials, and case studies with your
team regularly, so that's a sink in. For example, a
manufacturing company began their monthly all hands meeting with a
customer impact spotlight where they shared specific examples of how
their product made a meaningful difference for a customer. And
these stories build pride among the team members and reinforced
(41:51):
the real value that they were creating daily. Second involved
team members in identifying and enhancing value. People closest to
customers often have the best insights into the what customers
truly value, yet many businesses never tap this knowledge. Create
structured opportunities for team members to share these insights and
(42:13):
suggest ways to increase value. And the third align compensation
with value creation rather than cost reduction or volume. When
team members are rewarded primarily for cutting costs or increasing volume,
they'll naturally focus on those metrics, and sometimes at the
expense of value creation. Consider implementing bonuses tied to customer outcomes, retention,
(42:37):
customer retention, or other value based metrics. For instance, a
professional services firm restructure the bonus system to include client
retention and expansion metrics alongside traditional production targets, and this
shift encouraged professionals to focus on delivering ongoing value rather
than just billable hours. Supporting the first premium pricing strategy.
Speaker 3 (43:03):
Michael, those are excellent points about internal alignments, and you
and I we've seen businesses where the sales team is
trying to justify premium prices while operations is cutting cordinators
to reduce costs. I mean sort of that constructive tension
that sometimes it's not so constructive, right, But what about
managing this shift with existing customers, Like, how do you
(43:26):
raise prices without losing valuable clients?
Speaker 4 (43:31):
That's a critical that's a critical question. If we'rementing premium
pricing strategies with new prospects, it's relatively straightforward, but transitioning
existing customers requires a more nuanced approach. Here are four
strategies for effectively raising prices with current customers. First, improve
your improve before you increase. So the four raising prices
(43:57):
identify ways to enhance the value you provide, or give
them a little history lesson on the value you provide.
This might involve adding services, improving processes, or providing additional resources.
When the price increase follows visible value enhancement, customers are
far more likely to accept it. Secondly, segment your approach
(44:23):
based on customer value and price sensitivity. Not all customers
should receive the same increase or the same communication. Consider
factors like longevity, profitability, growth potential, and strategic value when
determining increased prices and approaches. Third, communicate increases in value
(44:47):
in terms of value, not cost. So many businesses justify
price increases by citing a rising costs Well, this approach
inevitably positions price as a burden rather than reflect and
of value. So instead of instead frame increases in terms
of ongoing enhance value that customers received, for instance, rather
(45:08):
than saying we're raising prices due to increased operating costs,
which I see all the time, by the way, saying
our enhanced service platform now provides you with twenty four
to seven access and faster response times, reflecting our continued
investment in delivering exceptional results for your business, just a
total different way to deliver. And then, fourth, consider grandfathering strategically.
(45:33):
In some cases, it makes sense to maintain current pricing
for existing customers while implementing new pricing for new customers.
And this approach honors the loyalty of long term clients
while gradually transitioning your business to more profitable pricing. I
will be careful. Don't want to create permanent pricing disparities
(45:55):
that become difficult to manage. Consider time limited grandfathering or
based increases that eventually bring all customers to appropriate pricing levels.
And you know what, check, I didn't think we had
time for compliments, but I think we do brilliant.
Speaker 3 (46:12):
Yeah, so it's great that we have time for compliments.
And Michael, there are three compliments. Effectively, these are business
owners spotlights that we dedicate our time to. So first
carry climates and she is with Great Partnership Solutions. Great
Partnership Solutions empowers growth minded professionals and visionary leaders with
(46:36):
the leadership development, practical skills, and confidence to achieve purposeful results.
Through personalized coaching, interactive workshops, and hands.
Speaker 4 (46:46):
On support, they help to bridge that.
Speaker 3 (46:48):
Gap between intention and action.
Speaker 4 (46:53):
Next. Gary phil Weber.
Speaker 3 (46:56):
Gary phil Webber is a seasoned insurance expert with over
two decades of experience, and he has built a reputation
for delivering tailored solutions that empower individuals and small businesses
to achieve.
Speaker 4 (47:10):
Their financial goals.
Speaker 3 (47:11):
I mean, Michael, that's something you and I know quite
a bit about, right, helping business goals. As a retirement
specialist at Property Insurance Benefits, he crafts comprehensive plans that
enable clients to retire on their own terms. Leverage his
extensive experience and knowledge in health insurance, in Medicare and
(47:37):
in Medicaid, so effectively, clients get access his proven track
record of success and Garretts truly established himself as a
trusted authority.
Speaker 4 (47:46):
In the industry. And you could connect with Gary on
linked In.
Speaker 3 (47:51):
And then last but not LEAs is Casey Hamilton Casey
is with Exact Match Marketing. This is a really intriguing
organization and operation. Right. What they do is they help
agencies double their MRR without spending money. And get this,
(48:12):
you've got to be ready to really thrive in what
they call a cookie less future. You can empower your
marketing and engage with clients in real time with their
real time search monitoring services. It's truly the future of
marketing in a win again business is called Exact Match Marketing.
Speaker 4 (48:35):
Michael back over to you. Thank you, Chicky. That was great.
As we wrap up today's episode on commanding premium prices,
let's summarize the key elements of the value elevation framework. First,
true differentiation discovery identify what generally makes your business unique
in ways that matter to your customers, to customer interviews,
competitive analysis and process on it. Second, value translation, converting
(48:58):
your differentiators into specific, measurable benefits that resonate with your
prospect's highest priorities. Quantifying these benefits whenever possible. Third, value
based customer selection, focusing your efforts on customers who naturally
value your unique benefits and are willing to pay premium
prices for superior outcomes. Four Strategic offering architecture, structuring your
(49:23):
offerings in ways that make price comparison comparisons difficult or
relevant through proprietary packages, methodologies, and tiered pricing. Fifth is
your risk reversal strategy, shifting risks from the buyer to
the seller through results based guarantees, proof of concept options,
and strategic social proof. Six. Value centric price presentation, communicating
(49:48):
prices effectively by establishing value first using value based language,
presenting with confidence, and being prepared for objections. And Finally,
internal value align ensuring your entire organization consistently supports and
reinforces your premium pricing through education, involvement, and aligned compensation.
(50:12):
Remember that premium that commanding premium prices isn't about charging
more for the same thing everyone else offers. It's about
delivering exceptional value and communicating that value effectively, and structuring
your offerings in ways that make your premium pricing feel
natural and justified. Implementing these strategies require courage and conviction.
(50:34):
You'll likely face moments of doubt, especially when competitors continue
discounting or prospects questioning your pricing. In these moments, remember
the most successful businesses aren't those that compete on price.
They're the ones that compete on value and confidently charge
what they are worth. So to get a copy of
(50:59):
the book Powerful Business Strategy, simply go to our website
www dot NEXTSTEPCFO dot net. It's totally complimentary and until
next Monday at noon Eastern time for Chucky Obio. My
name is Michael Barbarita, and remember, don't keep doing what
your competition is doing.
Speaker 2 (51:19):
You have been listening to Powerful Business Strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on W four CY Radio with your host Michael
Barbarita of Next Step CFO and moderator Chugy Obio
The topics and opinions expressed in the following show are
solely those of the hosts and their guests and not
those of W FOURCY Radio. It's employees are affiliates. We
make no recommendations or endorsements for radio show programs, services,
or products mentioned on air or on our web. No
liability explicit or implies shall be extended to W four
CY Radio or it's employees are affiliates. Any questions or
comments should be directed to those show hosts. Thank you
(00:20):
for choosing W FOURCY Radio.
Speaker 2 (00:27):
Welcome to Powerful Business Strategies, where you will find out
that everything you have ever learned about growing your business
is wrong. Finally, a show where you'll learn the right
way to grow your business by learning business and financial
strategies that your competition isn't doing. And now here's your host.
(00:47):
President of NeXTSTEP CFO Michael Barbarita and joining Michael for
today's show as an executive moderator is chooky obia.
Speaker 3 (01:00):
Yes, this is shookey and it is truly an honor
for me to engage in today's episode with my good
friend Michael.
Speaker 4 (01:10):
Michael, how are you excellent?
Speaker 3 (01:12):
Chicky?
Speaker 4 (01:12):
My name, my name as Chicky said, my name is
Michael Baberriader Next Step CFO and Next Step CFO is
a fractional CFO and strategic implementation firm. Business owners hire
us to double and triple their profit using business and
financial strategies that their competition isn't doing. And our vision
is to ensure overwhelmed business owners achieve consistent profits that
(01:35):
leads to time, freedom to build a legacy and the
life they desire. And our mission is dedicated to guiding
small business owners to leveraging their time, exploding their profits,
and building a meaningful legacy. This show, Powerful Business Strategies
in our book of the same name, is a step
toward accomplishing that vision and mission. So with that, I'd
(01:55):
like to hand it back to my co author and
moderator for the show, Chicky Obio.
Speaker 3 (02:00):
Absolutely, Michael, thank you so for our longtime listeners. We
switched up the intro just to touch folks. Remember gratitude
is undefeated, but I wanted to just keep you on
your toes. Gratitude is undefeated. Growth is always about the
next step. So look, Michael and I were both affiliated
with a number of different organizations. I currently serve as
a managing director of business Development for Vetterprice, a global
(02:23):
business focused law firm. In addition to that, as I
said earlier, it's truly an honor to collaborate with Michael
to moderate business roundtables and then document insights from these
roundtables as part of our book, Powerful Business Strategies.
Speaker 4 (02:37):
So please note that the views expressed on.
Speaker 3 (02:40):
This show are our personal views based on those very
successful experiences with business owners. My mission as a fearless
moderator is to ask the right questions to help you,
the listener, learn the best strategies that the competition isn't doing.
Speaker 4 (02:56):
With that, back over to Michael, thank you. Check. So,
I want to share something right from the heart because
I see it all the time. Many of you listening
right now are undervaluing what you bring to the market.
You've gotten caught in a trap of thinking that lower
prices are the only way to compete. But I've seen
firsthand time and time again how businesses improve when they
(03:20):
break free from this mindset. Your expertise, your dedication, the
value you create these are worth far more than you're
currently charging. Today's episode isn't just about pricing strategies. It's
about reclaiming your worth in the marketplace, because when you
truly understand your value and learn to communicate it effectively,
(03:43):
you'll be shocked at what customers are willing to pay.
And it's time to stop leaving money on that table
and stop commanding the premium prices that you deserve. So
today we're tackling one of the most destructive myths in business,
the idea that can heating on price is the best
way to win customers. This myth is costing small business
(04:05):
owners millions in lost profits every single year, and I
see it time and time again in my work with
business owners across dozens of industries. They're caught in this
vicious cycle of discounting, watching their market margin shrink while
they worked harder than ever. And what's most frustrating is
(04:26):
that they usually have truly something invaluable to offer, but
they're failing to communicate that value in a way that
justifies premium prices. And here's an important insight about pricing.
For a typical business, a one percent increase in price,
assuming your volume stays the same and assuming you're an
(04:48):
average business, can result in a three to four percent
increase in operating profit. While so even this modest impact
demonstrates how full price it could be compared to other
profit improvement strategies. Yet most businesses are doing the exact opposite.
They're cutting, cutting prices and watching their profits of apporing.
(05:11):
But answer good news with the right approach, almost any
business they command premium prices even in competitive markets, even
during economic downturns. And today we're going to show you
exactly how to do that with what I call the
value elevation framework.
Speaker 3 (05:31):
Michael, Before we dive into that framework, you have to
ask this question, why do you think so many business
owners fall into the discounting fop in the first place.
Speaker 4 (05:43):
Yeah, Yeah, that's the super question. That's really super because
that's the exact problem that we run into all the time.
There are three primary reasons businesses get caught in the
discounting trap. First, they've bought into the myth that customers
primemarily buy on price. The reality is that price is
(06:03):
really the most important factor in these purchasing decisions, and
studies have consistently shown that customers rank factors like quality, reliability, convenience,
and the customer experience overall way above price in importance.
Yet businesses continue to act as their price is the
(06:23):
only thing that customers care about. Secondly, many business owners
don't know how to effectively communicate the value they provide.
They're excellent at delivering their product or service, but they
struggle to articulate why that product or service is worth
a premium price, and they end up focusing on features
rather than outcomes, on what they do rather than the
(06:47):
value they create. You know, I said this at an
earlier show. It's about matching your inside reality with the
outside perception. The inside reality is is that you're providing
all this value, but the outside perception is that you're
just like everybody else. And that's about communicating your value.
(07:09):
That's why this number two is so important. Third, there's
a very real uh, there's a very human fear of rejection.
Raising prices always feels risky. What if the customer says no,
What if they go to another company? This fear keeps
businesses stuck in pricing patterns that often established that are
(07:31):
often established arbortrarily in the first place. And so let
me share a quick example. So a commercial cleaning company
was struggling to maintain profitability, and they were competing primarily
on price, undercutting competitors to win contracts constantly, but this
strategy was backfiring so much they were working harder than
(07:53):
ever while watching their manchions strike to almost nothing. When
they finally analyze their business, they discovered that they actually
had several unique advantages. Their staff had significantly low eternal
within industry averages, they used environmentally friendly cleaning products, and
they had a proprietary quality control system that ensured consistent results.
(08:18):
None of these advantages were being communicated to prospects. Instead,
they were leading with price, effectively training customers to see
commercial cleaning as a commodity where the lowest price wins.
This is an example of where that inside reality did
not match the outside perception, and this happens all the time.
(08:38):
We completely, we completely changed their marketing to focus on
the reliability and peace of mind that comes from having
a stable cleaning crew who know the building, who know
the reduced health risk from their toxic cleaning approach, and
their quality guarantee and quality guarantee on top of it.
(09:01):
That was very specific, by the way, and within six
months they raised their prices by twenty two percent while
increasing their client retention from sixty eight percent to ninety
four percent and this example. Yeah, it's really huge. This
example illustates that fundamental truth over that when you compete
on price, you're essentially telling the market that you offered
(09:22):
that your offer is no different from anyone else that
offers the same thing. You're commoditizing yourself. Our value Evaluation
framework helps you to do just the opposite. It helps
you to Decommodit decommoditize your offerings so that you can
charge what you're truly worth. So let's dive. Let's dive
(09:44):
into the first component of the framework, and that's identifying
and amplifying your true differentiators. Most businesses think they know
what makes them different, but they usually focused on the
wrong things entirely. Wow, So I briefly introduced our value
Elevation framework, and it's a systematic approach to commanding, you know,
(10:07):
premium prices in the marketplace. To keep you up here,
the first component of this framework is what I call
true differentiation discovery. Most businesses think they know what makes
them different, but they typically focus on superficial differentiators like
customers don't actually value or or are easily coffeed by competitors.
(10:28):
So let me give you a quick example. I can
tell you how many I can't tell you how many
times I've heard business owners say things like we provide
excellent customer service, we offer the highest quality, or we
have twenty five years of experience with family owned These
might all be true, but they're also what I call
(10:49):
I hope so marketing things that customers already expect and
that your competitors are likely claiming the same thing, and
the customers saying them to themselves, well, I hope you
have all that stuff. So true differentiation is it about
being slightly better at that what everyone else does. It's
(11:12):
about being meaningfully different in ways that manage your ideal customers.
Here's the process for discovering your true differentiators. First, conduct
what I call simply interviews with your best customers. These
are easy to do, but you've got to do these
things because it's the best way to get feedback directly
(11:33):
from the horse's mouth. And these are traditional satisfaction surveys.
Their in depth conversations focused on understanding the real value
they receive from working with you. Ask questions like what
problem or challenge were you facing that led you to
work with us? Ask what would happen if we disappeared?
(11:55):
To tomorrow, How would it impact you? And what do
we do that you wish other vendors in your life
would do? What more, what's something we do that surprised
you in a positive way. So these questions reveal the
hidden value you're already providing but not but may not
(12:17):
be consciously promoting. By the way talking to a customer
and asking those questions, it also helps create a position
of market dominance for your business, watching a number of
backshows that we have on that second, analyze your competitors
through your customer's eyes. Don't just look at what competitives
(12:38):
say about themselves, study how customers talk about them in reviews,
social media, in forums. What frustrations do they express? What
gaps exist between what competitives promise and what they deliver.
These gaps represent prime opportunities, real good information for meaningful differentiation. Third,
(13:05):
conduct what we call a process audit. This involves mapping
out each step of your delivery process and identifying areas
where you do things completely or do things differently from
industry orbs. Often businesses that have unique approaches that they
that they take for granted, but that could become powerful
(13:26):
differentiators if properly highlighted and here's here's a quick example
of that. So a residential home builder discovered through this
process that, unlike their competitors, they had a dedicated project
manager who stayed with clients from initial design all the
way through final walkthrough. This was something they had always
(13:49):
done but never ever emphasized in their marketing. I see
this all the time. And when and when he repositioned
this as their single point of accountability system, had explained
how we eliminated the communication breakdowns common in home building,
they were able to command a fifteen percent premium over
(14:10):
their competitors.
Speaker 3 (14:12):
Wow, that is a fascinatinating Michael. But once you've identsified
these true differentiators, how do you effectively communicate that the
prospects to referral sources I mean, just say stakeholders, Michael,
in a way that justifies that fremium price and that
(14:32):
you're asking for.
Speaker 4 (14:34):
Well, that's exactly the right question, asked Chicky. Because identifying
differentiators is actually only half the better. You also need
to communicate them effectively. You know, this is what we
did with the whole builder. This brings us to the
second component of our frame, where called valiant translation value.
Translation is the process of converting your differentiators into specific,
(14:58):
measurable benefits that a day with prospects highest priorities. And
here's how it works. First, each differentiator you've identified, ask yourself,
so what, and keep asking so what until you arrive
at benefits that connect directly to things your customers deeply
(15:18):
care about, like saving time or reducing stress, or increasing
security or enhancing status. Are making more money. For example,
if you're differentiator is a proprietary quality control process, the
so what might be fewer defects, But don't stop there.
What the fewer defects mean to the customer. Perhaps it
(15:39):
means fewer warranty claims. Maybe it means less downtime, or
maybe higher customer satisfaction or reduced liability risks. These downstream
impacts are where the real value lies. Second, quantify these
benefits whenever possible. Specific numbers are always more compelling than
(16:03):
general claim So instead of saying our system saves you time,
which is kind of an I hope so statement, say
our clients typically save seven and a half hours per week.
Instead of our approaches our approach reduces costs. Say we
help clients cut overhead by an average of twenty three percent.
(16:24):
And if you don't have exact figures, use ranges or
examples or comparisons to help prospects conceptualize that value. And
the key is moving from big claims to concrete benefits. Third,
translate these benefits into compelling language that becomes your value narrative.
(16:47):
This isn't about clever copywriting. It's about clearly articulating the
unique value you deliver in terms that resonate with your
ideal customer. So let me share a quick example. So,
an IT services company was struggling to differentiate itself in
a crowded market, and through this discovery process, they found
(17:08):
that while competitives focused on reactive problem solving, this company
had developed a proactive monitoring system that prevented problems before
they occurred. And the key was translating this technical differentiator
into business value. And they calculated that the average IT
outage cost their typical client thirty two hundred dollars an
(17:28):
hour in loss productivity and lost time, and this system
prevented an average of three point seven outages per year
with a typical duration of four point two and this
meant that their approach was actually saving clients almost fifty
grand in avoided downtime costs. And when they began leading
(17:50):
with this narrative of value narrative, a proprietary monitoring system
saves the average midsized business forty nine grand annually had
prevented downtown prospective. Maybe of the unders of the value
of the proposition. The company was able to increase their
monthly service fees by thirty five percent while improving their
closing rate. So, once again, this demonstrates our critical truth
(18:14):
that customers don't pay for what you do. They pay
for the outcomes that you deliver. Your job is to
make those outcomes crystal clear and connect them directly to
the things that your ideal customers value the most.
Speaker 3 (18:32):
Michael, So we do have a question from a listener.
In fact, we'll go with this one. It's a good one.
So the key is translating what makes you different into
specific measurable value for the customers.
Speaker 4 (18:46):
That correct, right, Michael, yep, that's fine.
Speaker 3 (18:49):
Right, So how do you identify which customers are most
likely to value your differentiators and then be willing to
pay the premium process for that?
Speaker 4 (18:58):
Yeah, you know, that's great, that's a great quest. Well,
that leads perfectly into the third component of the framework,
which is value based customers selection. So one of the
biggest forsakes businesses make is trying to appeal to everyone,
and the reality is that some customers are naturally more
(19:19):
price sensitive than others, and some will value your specific
differentiators more highly than others. But the key to commanding
premium prices is focusing your efforts on what I call
value buyers. These are customers who priorit types outcomes over price,
and who specifically value the unique benefits that you provide.
(19:41):
So here's how to identify and attract these value buyers. First,
analyze your current customer base and identify which customers are
the most profitable and cause by the way, that stay
with you the longest and cause the fewer headaches and
(20:01):
so look for patterns in these customers characteristics, behaviors, and priorities.
And second, develop detailed profiles of your ideal value buyers,
almost like your customer avatar, if you will, but go
beyond basic demographics to understand their psychographics such as attitudes, aspirations, fears,
(20:22):
and priorities. What keeps them up at night, what are
they trying to achieve, and what do they value most. Third,
refine your marketing message to speak directly to these value
buyers using language that resonates with their specific outcomes and
pain points. When you're interviewing them, pick up the exact
words they're saying. And remember the goal is to appeal
(20:46):
to everyone. It's to strongly appeal to those who most
likely value what makes you unique. Here's an example. So
a financial advisory firm of discuss with their most profitable
clients weren't necessarily the wealthiest. They were business owners who
were built successful companies so we're preparing for eventual exit.
(21:09):
These clients valued the firm's expertise with business transitions far
more than general investment management, and so by refocusing their
marketing specifically on this niche, using language and case studies
that spoke directly to the unique challenges of businesses that
have exits, they were able to attract more ideal clients,
(21:29):
increase their minimum portfolio size by two hudred and fifty
percent and eighteen months.
Speaker 3 (21:34):
That's a powerful example, Michael, And what I just really
resonate with in that example is how focusing on the
right customers can actually transform your pricing power. So to
wrap up this segment, what are two key action items
that you would recommend business owners take right away?
Speaker 4 (21:54):
Well, the first action item is to schedule five exit
interviews with your best current customers in the next two weeks,
and remember to ask questions that uncover the real value
they receive from working with you, not just you know
what they like about your service. Questions like what would
happen if we disappear tomorrow? And what do we do
(22:16):
that you wish other vendors would do often reveals surprising insight.
And then the second action item is to conduct a
competitor analysis, but with a twist, So instead of just
looking at competitors' websites or marketing materials, read the reviews,
both good and bad, and social media commentary to identify
(22:38):
the gaps between what they promise and what customers actually experience.
These gaps represent prime opportunities for meaningful debt differentiation. So
in our next segment, we're going to explore how to
structure your offerings to maximize perceived value and make premium
pricing feel natural and justify to prospects. So before we continue,
(23:01):
let's take a ninety second break. Hey there, business owners,
let me ask you something. Are you tied of blending
in with your competitors, frustrated with slow growth and slim margins.
Well I've got news for you. Everything you've ever learned
about growing your business is wrong. But don't worry. I'm
here to let you in on a secret weapon, your
(23:22):
position of market dominance. It's what sets you apart, makes
you irreplaceable, and has customers lining up at your door.
My name is Michael Barbarrita from Next Step CFO. I
know what you're thinking. Sounds great, Michael, but how do
I find my position of market dominance? Well, that's exactly
why we've created our game changing impleitation program called Next
(23:45):
Step to Market Dominance. In just ninety days, we'll guide
you step by step to a position of market dominance
by uncovering your unique strengths that competitors can't touch, by
crafting a message that resonates deeply with your ideal customer,
by building a strat that turns you into the go
to expert in your field. Now this is in theory.
These are battle testing strategies that have held businesses like
(24:08):
yours double triple and quadruple their revenue. Don't let another
quarter go by struggling to standout. It's time to dominate
your market period. Go to NEXTSTEPCFO dot net forward slash contact.
Fill out the form and in the message section put
the word dominate or call us at seven eight one
(24:29):
three two six three A two two. That's next step
CFO dot net forward slash contact or call us at
seven eight one three two six three A two two.
Welcome back to Powerful Business Strategies. And I remember you
can go to our website, Powerful Business Strategies dot com
to catch any episode that you might miss or if
(24:49):
you're driving uh and you want to actually go back
and listen and take notes, you could do so by
going to Powerful Business Strategies dot com. So the book
before the break we discussed to discover your true differentiators,
translate them into compelling value narratives, and identify customers who
value your unique benefits most highly. And now let's talk
(25:10):
about that fourth component of our value elevation framework called
strategic offering architecture. How you structure and present your offerings
has a profound impact on the perceived value and pricing power.
Most businesses make the critical mistake by presenting their offerings
(25:32):
in ways that naturally lead to price comparisons. They list
features and specifications side by side with competitors and essentially
creating commodities style comparison. Shopping the key to commanding premium
prices and structuring your offers in a way that makes
direct price comparison it's difficult or irrelevant, and there are
(25:53):
four ways to do this. First, create proprietary packages that
combine products and services and experiences in unique ways. So
instead of selling the same generic offering as competitors, developed
some bundling and packaging that solved the specific customer problems
more comprehensively. If you recall, this is one of the
(26:13):
components of a compelling offer that we talked about in
our Compelling Offer episode. So here's an example. Like a
wedding photographer stopped selling standard hourly packages and created three
distinctive collections. One was to call the Complete Story, which
was comprehensive documentation from preparation to reception. The second was
called Timeless Moments, which focused on autistic portraits and key
(26:37):
ceremony moments. Third was Family Legacy and that emphasized multi
generational family documentation. These packages made direct price comparisons with
competitors essentially impossible for any type of comparison whatsoever because
they weren't selling the same thing. Second, develop a proprietary
(27:01):
process or methodology that becomes part of what customers are buying.
This approach just changes a game with your offerings from
a commander commoditized service to a unique system that only
you provide. So, for example, a marketing agency name their
client onboarding process the deep Dive Discovery, and their campaign
(27:26):
development approach was called the Renaissance method. They documented each
step of these processes and included detailed explanations in their proposals,
and this civil shift reposition from being just another marketing agency.
They're having a unique methodology that justified premium pricing. Third,
(27:47):
implement tea in pricing with strategic anchor points. When you
offer multiple service levels, you change the conversation from a
yes or no to which one you know. Research consistently
shows that presenting three options with your preferred option in
the middle significantly increases average transaction value, and that is
(28:11):
why many successful companies use a good, better, best model.
So the key is differential designing your top tier to
be ambitious in both value and price, and this creates
an anchor point that makes your middle tier seem reasonable
by comparison, even if few clients choose the top tier.
(28:34):
Its presence elevates the perceived value of your other offerings.
And fourth, consider shifting to outcome based pricing models. We're appropriate.
So when you price based on results rather than inputs
like time of materials, you align your compensation directly with
the value you create. Everybody get tongue up with time
(28:56):
and materials and all types of measurements forget it value.
This approach could be significant for businesses that constant consistently
deliver strong outcomes. For example, a digital marketing for a
move from charging monthly retainers to a base feed plus
performance incentives tied to lead generation and this this shift
(29:18):
dramatically increase their prices for successful campaigns while demonstrating confidence
in their capabilities.
Speaker 3 (29:24):
Michael, I love the idea of creating unique packages that
make direct price comparisons difficult.
Speaker 4 (29:32):
So good.
Speaker 3 (29:33):
Many businesses might worry that if they price significantly higher
than their competitors, they'll lose business.
Speaker 4 (29:41):
How do you address that fear of raising prices? Yeah,
that's the key to the Kingdom. I think two key
in it. It leads perfectly into our fifth component of
our framework, and that's risk reversal strategies. See, the fear
of raising prices is fundamentally a fear of rejection. What
if testomers say no? This fair is legitimate, but can
(30:03):
be addressed through strategic risk reversals that shifts the risk
of the transaction from the buyer to the seller. We
have a whole show on this, and when you charge
premium prices, customers naturally have higher expectations and greater concerns
about making a mistake. Your job is to systematically eliminate
(30:24):
these concerns by demonstrating confidence in your value. And here
are three powerful risk reversal strategies. First, offer results based
guarantees that promise specific outcomes rather than merely satisfaction. For example,
instead of a generic satisfaction guarantee, a digital marketing company
(30:44):
for might guarantee a minimum of twenty five qualified leads
in the first ninety days, and we'll continue working at
no additional costs until we deliver them. Now, these performance
guarantees demonstrate confidence in your ability to deliver value, the
perching decision less risky for the customer, and they also
(31:04):
shift the conversation for price outcomes which is exactly where
you wanted. Second, provide proof of concept options that allow
prospects to experience your value firsthand before committing to a
larger engagement. And this might be a paid assessment, a
trial period, or maybe even a scale down initial project.
(31:28):
For example, a business consultant who created a strategic roadmap
session as an entry point for new clients. This two
day in intensive session delivered immediate value while showcasing the
consultant's expertise and approached so over eighty percent of clients
who who experienced this session went on to engage in
(31:52):
comprehensive consulting relationships. And Third, new social proof strategically to
build credibility and reduce perceived risk. This goes beyond generic
testimonials to include detailed case studies, specific metrics from client results,
and testimonials that directly address common objections. For example, if
(32:14):
prospects typically worry about implementation challenges, include testimonials as specifically
mentioned how smooth the implementation process was, and if they're
concerned about ROI, showcase detailed before and after metrics from
similar clients. These risk reversal strategies create a powerful foundation
(32:38):
for premium pricing by addressing the fundamental concerns that make
prospects hesitate when considering higher priced options. And I'll share
a quick success story a custom home builder. A customer
home builder client implemented these strategies that raise their prices
by thirty four percent while increasing their close rate twenty
(33:00):
two percent to forty one percent. Closing often a phased approach,
beginning with a paid design consultation. They provide a detailed
case study showing the long term value or quality construction,
and often a comprehensive warranty that far exceeded industry standards
and was specific. The combination of these risk for versal
(33:23):
strategies make their premium pricing feel like the safer choice,
not the risky one.
Speaker 3 (33:29):
Michael, you are connecting some really important dots here for
business owners. So let's take a question from the listener.
And there's also something candidly that I'm curious about. So
you talked about how to set and justify premium pricing,
but what about communicating these premium prices effectively?
Speaker 4 (33:54):
Well, Choky, that listener identify a critical piece of a puzzle.
The six component of our work addresses exactly that challenge.
Value centric price presentation. Many businesses undermining their pricing power
through poor price presentation. They apologize for their prices, present
them tentatively, or introduce them before establishing full value. These
(34:16):
approaches practically invite price objections and negotiations, So there are
four key principles for presenting prices with confidence. First, established
comprehensive value before revealing outcomes. Walk prospects through all the benefits, outcomes,
and differentiators that they'll receive before discussing investment. This creates
(34:38):
a context of value that frames the price appropriately. Second,
use value based language when discussing pricing. Replace cost focused
terms like price, cost or expense with value oriented terms
like investment value or returns. This little subtle shift reinforces
(34:59):
that they're buying outcomes, not just paying for services. Third,
present pricing with absolute confidence. Your tone, body language, and
word choice should convey complete conviction in your value. Never
apologize for premium pricing or suggest flexibility before the prospect
(35:19):
has even responded, and you could say things like the
investment is only x, whops that weren't only four. Anticipate
value based answers to price objections when prospects say that
that's more than we budgeted, be prepared with responses that
focus on value, not justifications for your pricing. For example,
(35:41):
I understand many of our clients initially thought the same
thing until they experience the ROI our approach delivers the client.
The average client seeds a three point two time return
on this investment within twelve months. Notice many of our
clients initially thought the same thing, So let me share
(36:04):
a quick example. An IT implementation from was consistently getting
pushback on their project fees despite delivering excellent results. When
we analyzed their sales process, we discovered that they were
presenting prices early in conversations, often in response to direct
questions from prospects. We restructured their approach to first establish
(36:26):
the cost of the problem implementation failures, system downtime, security
vulnerabilities before presenting their solution and associated investment. By establishing
that the average failed implementation costed their typical client two
hundred and seventeen K in direct and indirect costs, their
own fees from seventy five to ninety five K suddenly
(36:49):
seemed reasonable and even prudent. And additionally, they learned to
present these fees confidently as your investment rather than apologetically
as our fee. Within three months, price objections decreased by
fifty eight percent, and their and the average their average
project value increased by twenty two percent. Michael.
Speaker 3 (37:13):
One of the things that you do a really good
job with these examples, and I hope our listeners are
taking cues and I think they are, is to provide
the specific impact of the results, right, you know, going
from you know, price subjections decreasing, you know, from you
by fifty eight percent for example, it's very specific.
Speaker 4 (37:29):
So here's something.
Speaker 3 (37:30):
That's even just more fascinating to me at least, I
mean just the language, right, So it's fascinating how much
the language and timing around pricing conversations impact the perception.
So to wrop up this segment, Michael, what are two
key action items that business owners should implement right away?
Speaker 4 (37:49):
Well, the first action is to restructure your offerings into
proprietary packages with names that highlight your unique approach or methodology.
Great at least three package levels. Remember a good, better,
best scenario that we talked about. The second action item
is to develop at least one powerful risk reversal in
the next thirty days. This could be a results base guarantee,
(38:09):
a proof of concept option or a compelling case study
that showcases specific, measurable results for clients similar to your
target prospect. Remember, risk reversals is about shifting the risk
from the buyer to the seller to build confidence in
your premium pricing. In our next segment, we'll discuss how
(38:30):
to implement these strategies effectively address potential challenges and create
a culture of value within your organization. So before I
continue this discussion, we're going to take a ninety second break. Hey,
their business owners, let me ask you something. Are you
tied of blending in with your competitors, frustrated with slow
growth and slim margins? Well, I've got news for you.
(38:51):
Everything you've ever learned about growing your business is wrong.
But don't worry. I'm here to let you in on
a secret weapon position of market dominance. It's what sets
you apart, makes you irreplaceable, and has customers lining up
at your door. My name is Michael Barbarrita from Next
Step CFO. I know what you're thinking. Sounds great, Michael,
(39:14):
But how do I find my position of market dominance? Well,
that's exactly why we've created our game changing impleitation program
called next step to market dominance in just ninety days.
Will guide you step by step to a position of
market dominance by uncovering your unique strengths that competitors can't touch.
By crafting a message that resonates deeply with your ideal customer,
(39:36):
by building a strategy that turns you into the go
to expert in your field. Now this is in theory.
These are battle tests and strategies that have helped businesses
like you as double, triple, and quadruple their revenue. Don't
let another quarter go by struggling to standout. It's time
to dominate your market period. Go to NEXTSTEPCFO dot net
(39:58):
forward slash contact. Fill out the form and in the
message section put the word dominate or call us at
seven eight one three two six three A two two.
That's next step CFO dot net forward slash contact or
call us at seven eight one three two six three
A two two. Welcome back to powerful business strategies. So
(40:20):
somebi we've covered discovering your truth differentiators, translating them into
valuable benefits, selecting ideal customer, structuring compelling offers, implementing risk
reversal strategies, and presenting prices effectively. Now, let's discuss the
final component of our value elevation framework, and that's internal
(40:41):
value alignment. And this critical element ensures that your entire
organization consistently supports and reinforces your premium pricing strategy. Now,
many businesses implement new pricing approaches only to have them
under undermined by team members who just than a stand
or believe in the value being delivered. And your team
(41:03):
must be completely aligned around your value proposition and confident
in your pricing strategy. So here are three key steps
to creating this alignment. First, educate your team on the
full value you deliver. Many team members, especially those who
are not directly involved in sales, don't fully understand the
outcomes customers receive or why they choose your business over alternatives.
(41:29):
Share customer success stories, testimonials, and case studies with your
team regularly, so that's a sink in. For example, a
manufacturing company began their monthly all hands meeting with a
customer impact spotlight where they shared specific examples of how
their product made a meaningful difference for a customer. And
these stories build pride among the team members and reinforced
(41:51):
the real value that they were creating daily. Second involved
team members in identifying and enhancing value. People closest to
customers often have the best insights into the what customers
truly value, yet many businesses never tap this knowledge. Create
structured opportunities for team members to share these insights and
(42:13):
suggest ways to increase value. And the third align compensation
with value creation rather than cost reduction or volume. When
team members are rewarded primarily for cutting costs or increasing volume,
they'll naturally focus on those metrics, and sometimes at the
expense of value creation. Consider implementing bonuses tied to customer outcomes, retention,
(42:37):
customer retention, or other value based metrics. For instance, a
professional services firm restructure the bonus system to include client
retention and expansion metrics alongside traditional production targets, and this
shift encouraged professionals to focus on delivering ongoing value rather
than just billable hours. Supporting the first premium pricing strategy.
Speaker 3 (43:03):
Michael, those are excellent points about internal alignments, and you
and I we've seen businesses where the sales team is
trying to justify premium prices while operations is cutting cordinators
to reduce costs. I mean sort of that constructive tension
that sometimes it's not so constructive, right, But what about
managing this shift with existing customers, Like, how do you
(43:26):
raise prices without losing valuable clients?
Speaker 4 (43:31):
That's a critical that's a critical question. If we'rementing premium
pricing strategies with new prospects, it's relatively straightforward, but transitioning
existing customers requires a more nuanced approach. Here are four
strategies for effectively raising prices with current customers. First, improve
your improve before you increase. So the four raising prices
(43:57):
identify ways to enhance the value you provide, or give
them a little history lesson on the value you provide.
This might involve adding services, improving processes, or providing additional resources.
When the price increase follows visible value enhancement, customers are
far more likely to accept it. Secondly, segment your approach
(44:23):
based on customer value and price sensitivity. Not all customers
should receive the same increase or the same communication. Consider
factors like longevity, profitability, growth potential, and strategic value when
determining increased prices and approaches. Third, communicate increases in value
(44:47):
in terms of value, not cost. So many businesses justify
price increases by citing a rising costs Well, this approach
inevitably positions price as a burden rather than reflect and
of value. So instead of instead frame increases in terms
of ongoing enhance value that customers received, for instance, rather
(45:08):
than saying we're raising prices due to increased operating costs,
which I see all the time, by the way, saying
our enhanced service platform now provides you with twenty four
to seven access and faster response times, reflecting our continued
investment in delivering exceptional results for your business, just a
total different way to deliver. And then, fourth, consider grandfathering strategically.
(45:33):
In some cases, it makes sense to maintain current pricing
for existing customers while implementing new pricing for new customers.
And this approach honors the loyalty of long term clients
while gradually transitioning your business to more profitable pricing. I
will be careful. Don't want to create permanent pricing disparities
(45:55):
that become difficult to manage. Consider time limited grandfathering or
based increases that eventually bring all customers to appropriate pricing levels.
And you know what, check, I didn't think we had
time for compliments, but I think we do brilliant.
Speaker 3 (46:12):
Yeah, so it's great that we have time for compliments.
And Michael, there are three compliments. Effectively, these are business
owners spotlights that we dedicate our time to. So first
carry climates and she is with Great Partnership Solutions. Great
Partnership Solutions empowers growth minded professionals and visionary leaders with
(46:36):
the leadership development, practical skills, and confidence to achieve purposeful results.
Through personalized coaching, interactive workshops, and hands.
Speaker 4 (46:46):
On support, they help to bridge that.
Speaker 3 (46:48):
Gap between intention and action.
Speaker 4 (46:53):
Next. Gary phil Weber.
Speaker 3 (46:56):
Gary phil Webber is a seasoned insurance expert with over
two decades of experience, and he has built a reputation
for delivering tailored solutions that empower individuals and small businesses
to achieve.
Speaker 4 (47:10):
Their financial goals.
Speaker 3 (47:11):
I mean, Michael, that's something you and I know quite
a bit about, right, helping business goals. As a retirement
specialist at Property Insurance Benefits, he crafts comprehensive plans that
enable clients to retire on their own terms. Leverage his
extensive experience and knowledge in health insurance, in Medicare and
(47:37):
in Medicaid, so effectively, clients get access his proven track
record of success and Garretts truly established himself as a
trusted authority.
Speaker 4 (47:46):
In the industry. And you could connect with Gary on
linked In.
Speaker 3 (47:51):
And then last but not LEAs is Casey Hamilton Casey
is with Exact Match Marketing. This is a really intriguing
organization and operation. Right. What they do is they help
agencies double their MRR without spending money. And get this,
(48:12):
you've got to be ready to really thrive in what
they call a cookie less future. You can empower your
marketing and engage with clients in real time with their
real time search monitoring services. It's truly the future of
marketing in a win again business is called Exact Match Marketing.
Speaker 4 (48:35):
Michael back over to you. Thank you, Chicky. That was great.
As we wrap up today's episode on commanding premium prices,
let's summarize the key elements of the value elevation framework. First,
true differentiation discovery identify what generally makes your business unique
in ways that matter to your customers, to customer interviews,
competitive analysis and process on it. Second, value translation, converting
(48:58):
your differentiators into specific, measurable benefits that resonate with your
prospect's highest priorities. Quantifying these benefits whenever possible. Third, value
based customer selection, focusing your efforts on customers who naturally
value your unique benefits and are willing to pay premium
prices for superior outcomes. Four Strategic offering architecture, structuring your
(49:23):
offerings in ways that make price comparison comparisons difficult or
relevant through proprietary packages, methodologies, and tiered pricing. Fifth is
your risk reversal strategy, shifting risks from the buyer to
the seller through results based guarantees, proof of concept options,
and strategic social proof. Six. Value centric price presentation, communicating
(49:48):
prices effectively by establishing value first using value based language,
presenting with confidence, and being prepared for objections. And Finally,
internal value align ensuring your entire organization consistently supports and
reinforces your premium pricing through education, involvement, and aligned compensation.
(50:12):
Remember that premium that commanding premium prices isn't about charging
more for the same thing everyone else offers. It's about
delivering exceptional value and communicating that value effectively, and structuring
your offerings in ways that make your premium pricing feel
natural and justified. Implementing these strategies require courage and conviction.
(50:34):
You'll likely face moments of doubt, especially when competitors continue
discounting or prospects questioning your pricing. In these moments, remember
the most successful businesses aren't those that compete on price.
They're the ones that compete on value and confidently charge
what they are worth. So to get a copy of
(50:59):
the book Powerful Business Strategy, simply go to our website
www dot NEXTSTEPCFO dot net. It's totally complimentary and until
next Monday at noon Eastern time for Chucky Obio. My
name is Michael Barbarita, and remember, don't keep doing what
your competition is doing.
Speaker 2 (51:19):
You have been listening to Powerful Business Strategies finding out
that everything you ever learned about growing your business is wrong.
Tune in next week and every week at noon Eastern
time on W four CY Radio with your host Michael
Barbarita of Next Step CFO and moderator Chugy Obio
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