What is Your Value?

Pause for a moment and ask yourself this question

If a client wanted NOTHING from you but your talent, your work ethic, your creative mind…what exactly would an hour of your time be worth?

…not hypothetically, an actual number!

Understanding this, you will take your business to the next level and raise your personal bar of professionalism, - but you must have an answer. 

Salespeople are uncomfortable about this question, some see it as it’s bragging, or self-absorbed. At the beginning of most of my seminars, I ask this question, “What would you charge someone for one hour of you consulting time?”  Sadly, I have had people say ten or twenty dollars an hour.  You are worth much more than that, the conclusion you come to is critical. 

Take a moment to analyze your last two new clients.  

• How much time did you invest to acquire the clients?

• What was the cost of acquisition?

• What is the lifetime value of that relationship?

Now the first few orders.

• The research,

• The vendor calls

• Gather or producing the art 

• Follow-up

• Close the sale

• Collecting your money

You sell a two-thousand-dollar order and made 32% or $320.00, and you’ve determined that you’re worth $100.00 and hour and you spent 6 hours or $600.00 worth of your time, creates a $280.00 deficit - not so good. 

Salespeople who analyze their personal hourly value (not many), rarely take into consideration ALL the time they spend working.  Think about the many times you’ve:

• Worked weekends

• Early mornings

• Late evenings

• Holidays

• Birthdays

• Anniversaries 

Doing this is a must some of the time, but is it ever accounted for in the equation?

The truth, many have no real idea how many hours they work during the week.  Why are these numbers  regarding about hourly value, what does it all mean and who cares?  You should. 

• When was the last time you charged for your time?

• Creative

  • Clever taglines or copy

  • Packaging design

  • Photography

• Consulting 

  • Kitting

  • Fulfillment

• Samples

• Art

• Specs, or virtuals

These and others, are valuable services, aren’t they valuable?

Years ago, my friend Ric MacPherson posed this question of identifying my hourly value, I had no idea.  After thinking, reviewing, and analyzing my work habits, I sadly determined that I was working for about the same pay as if I were flipping burgers at the local diner. In retrospect it was one of the best business gifts I had ever received.  Asking the question and thoughtfully determining my true value, gave me a launch point on a more profitable, less stressful path.  I was successfully helping clients launch new products, aiding in brand development, helping with client and employee moral; I needed to get paid for my work.  Clients started seeing me differently, appreciating the value I bought and miraculously, I started getting paid for what I was delivering.  

Knowing the actual dollar amount and stating it!

• During my initial discussions

• On my proposals & quotes

• Invoices

• Website and social media channels

This newfound insight helped me determine which projects to take and/or pass on, I focused on the PROFITABLE clients verses the client with the “…I know this isn’t a big order, but they get bigger, so sharpen your pencil…” line – those days were over.

I encourage readers to constantly analyze all aspects of their businesses; define the key metrics that work for you – the key here - always seek improvement. 

Remember, your personal & professional perception, you can’t expect clients to figure it out – they won’t. When you attend an educational workshop, meet with a consultant, read a trade magazine, network with peers, your value increases, each time – if you apply the information.  With this additional knowledge you become a greater asset to your client, you now can exercise that information and help the client achieve greater success.  Show clients through your own marketing efforts what you are doing to increase their value. TELL THEM, SHOW THEM and DEMONSTRATE and SHARE new ideas, technology, concepts and how it will benefit them.

I write about this because I BELIEVE that each of you, irrespective of your own perceptions, are worth much more than you give yourself credit.  

However, you become complacent and petrified at the notion that maybe, just maybe, you could get paid for your time and creativity.  You can. It is the most precious commodity you have, once it’s gone…it’s gone.  There is no bank for time.

Take the time to evaluate what your time is worth.  Create the same exercise for your sales staff.  Have tools in-place to help grow their book of business ensuring their longevity and profitability with your company.  They’re worth it!  YOU’RE worth it!

As always….continued good selling. CQ