In my 7 years as a Marketing Consultant, I have observed that there is a distinct difference between Price and Value! Price is how much something cost. Value, on the other hand, can be objective and subjective depending on the individual or circumstance, like the adjectives Good and Great! Let me explain. Value sometimes relates to the monetary worth of a product or service, such as a market price. But if we consider Value, in this case, as more than a fair return or equivalence in goods – (i.e bartering services or money for something exchanged), then when your products or services to others are defined as Great and not just Good, your worth is realized.
Let me further explain. Good, comes from understanding how your worth translates to customer value and Great comes from choosing to engage in those things that you add the most ROI for the exchange of your involvement. In my opinion, the difference between a Good entrepreneur and a Great one is knowing the value you add to opportunities, situations, business collaborations or the industry you are in and leveraging it. When done correctly, Value supersedes the moment and extends your Brands worth well beyond your social media campaign or marketing tactics. The authors of “Good to Great” and “Built to Last” drive this point home when they write….
“Greatness is not a function of circumstance. Greatness, it turns out, is largely a matter of conscious choice, and discipline.” ― James C. Collins, Good to Great: Why Some Companies Make the Leap... and Others Don't
“Having a great idea or being a charismatic visionary leader is “time telling”; building a company that can prosper far beyond the presence of any single leader and through multiple product life cycles is “clock building.” ― James C. Collins, Built to Last: Successful Habits of Visionary Companies
In my line of work “clock building” translates to brand building. Brand building is fundamentally based on the objective and subjective value you add. Like the quotes above suggest, the GREAT entrepreneur chooses to be a part of opportunities where they add the most value and ROI. So....... here is why understanding Value is valuable to the entrepreneur?
- Identify your target customer- Who am I adding value to?
- Find your niche and stay in your lane- Where am I needed most?
- Articulate the problem you solve to others- How am I helping the bottom line?
- Set your price and negotiate business terms – How will my involvement increase the ROI?
It is this awareness of what you bring to the table and the problem you solve for others that can be timeless, and a GREAT brand building piece to consider that will become valuable to both you and others. So… what’s your product or service worth?