Price is what you pay, value is what you get

“Price is what you pay, value is what you get”

– Warren Buffet

This is one of my favourite quotes, by the world’s most successful investors of our time, Warren Buffet.

This week I received six new enquiries, of which three were new blood (not existing clients). Each of the three new prospects were quoted a service fee to work through their borrowing capacity.

Of the three, two of them paid and engaged my services, and the third decided to go elsewhere for free. Funny enough the third person that walked was quoted a discounted rate given she was referred by a good client of mine.

Whilst I admit I don’t charge all new clients, as a general rule I now quote a service fee for new blood where they have been elsewhere, or if I think there’s a bit of work involved.

Those who accept my terms of business are the obvious choice as ideal clients, not because of the fee (as this is negligible), but because they value my time.

Time is your most valuable commodity. Use it or lose it!

This morning I called a window tinting business for a job I needed done at home.
The guy on the phone said “that will cost you $350 so you may want to try a local guy who will likely do it cheaper”. He even gave me the other window tinting business name.

Really? Why would you say that. I was prepared to pay $350 as I don’t know any different.
But after calling the other business, I was quoted $180 so I booked the job.

Crazy isn’t it?  The first person didn’t bother to find out my hot buttons (time poor, quality of work) and was quick to assume I am price sensitive. His loss!

The moral of the story is this: Never assume.
Don’t ever devalue your worth.
If you believe you add value to your customers’ life and solve their problems, then place value on it.
No ifs or buts about it!

Time is your most valuable commodity.
Use it or lose it.

 

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