Do you have a “looking for a deal” mindset or a “looking for value” mindset?
I was involved in a conversation the other day where someone asked my wife about purchasing a standup paddle board, and if by attending an event she recommended they could get a good deal. This conversation piqued my interest because the person asking is a successful business owner and someone with a positive mindset.
I believe they asked the wrong question. As a successful entrepreneur they should not ask if they can get a deal. They should ask whether by attending an event they can find a standup paddle board that provides them with the highest value.
This is an important distinction. When we look for a deal, what we are looking for is either a reduced price or for someone to add something to the pot as a sweetener. A two for one deal for example or a 20% discount.
When you go through your day with a “looking for a deal” mindset you cannot simultaneously cultivate a “looking for the highest value mindset”. High value relates to something enriching, rewarding and beneficial or valuable. It’s something with a high return on investment.
One of the principles we live by at Claris Consulting is the high value / high return on investment principle. For example, if a client invests $10,000 with us we want to turn the $10,000 invested into $100,000 worth of value for the client. This ROI mindset permeates all our interactions and conversations.
If you are going through your professional life looking for a deal you are not looking for, creating and communicating value. The people you interact with pick up on this subtle clue and in turn try to get a deal from you. They look for a deal with regard to your fees, and in turn your revenue and profit goes down.
If you want to increase your fees, revenues, and or profitability, you should stop focusing on getting a deal and start focusing on providing extraordinary value to the people that matter most to you and that are willing to pay you a commensurate fee for the high value you undoubtedly provide.
This week, invert your mindset. Start thinking about how you can create and communicate extraordinary value in each conversation you have. When you focus on the value of your high return on investment ideas, products or services, your revenue, profitability and performance will go up.