Know Your Value part 3: Where does it come from?

I have been writing a series on knowing your value and owning your worth. Honestly, this was the BEST piece of advice ever given to me, but the road to doing it was not easy. I can, if interested, talk about the market, your product or service, your target market and pricing based on those things, but I think many of us have heard that before. Here are three things I had to really work on to know and charge my worth.

1-my self esteem. Self-esteem, simply put, is the relationship you have with YOURSELF. It is how you think and FEEL about  the things you say and do. What you charge is based on this. What I realized early on was I did not have SELF-esteem and had OTHER esteem. I depended on others to tell me if what I was doing was good; I needed their opinions, and most devastating to knowing my worth, I needed their approval.

2-my values: Looking at my values was incredibly important to knowing my worth. Without critically looking at my values about relationships, helping others, being in business, service, etc. I really struggled with what I charged. We often think we know what we value, but without a clear VISION of our lives and success it is difficult to measure if your values align or need to change.

3-the stories of my past that impacted my present: I realized that I grew up trained to “love a sale”, that “everything goes on sale”, that if it’s “meant to be it will be discounted”, or “it’s just too expensive”. Changing that story was critical. I had to literally take the time to rewrite it.

 

Now I still believe as a business woman that there are ways and price points to introduce people to what you have to offer, BUT (and yes this is a big BUT!) you have to be strategic about HOW you are doing that, and have a plan for the increases/special offers/discounts/sales. If you are just starting at a lower price point because you told yourself you are “new in the market” you probably need to work on the three things above. If you constantly set a price and did not plan to discount or sale in the price setting session you planned, then you also probably need to work on the three things above.

 

Ok, I could go on and on! Work on knowing your worth. You are worth it.

Ann Evanston, MA, has been named by About.com as one of the Top Six Marketing Consultants, Feb 2011. She is an international speaker, consultant and coach specializing in the Influence Factor.

 

  • http://castlejones.wordpress.com Brenda Jones

    One of the reasons I turned my last business back to “hobby” status is to take price-setting out of the equation.  The market was saturated with the same products and when I tried to charge my value, I couldn’t compete, or at least didn’t know how to get others to see the difference.  I love my new company because they set prices for me.  Yet, I can tell you right now that on the last day of the month, several of our consultants on FB will be offering some kind of “deal” to help drive month-end sales.  They devalue themselves and our product in one status message by doing this the last day of every month.  If I was a FB follower ready to order, I can guarantee I’d wait for the month-end special.  I will offer specials and deals, but in ways that maintain my value. 

    I’ve said before that I am the one in my way and this post pretty much sums it up.  I’ve recently learned that our power as women is related to where Venus is in our chart.  What I found for me was this: “Adding salt to the sand, she is often filled with self-doubt about her
    personal worth so she’s inclined to play down her efforts even more.” I read that to my good friend and business partner and her first reaction was “I hate that about you.”  It fit (past-tense) me like a glove.  Even at the top of my pre-baby field, I always doubted my expertise.  It’s not an excuse, but it provided some insight for me.  I am beginning to stand more comfortably in my power and acknowledge my value and purpose and it’s already changing things for me.  It’s a tough road, but I know I can do it.  I’ve loved this series.

  • http://MagnoliaJazz.com/blog Robbie Schlosser

    Hi Ann,
    Thank you for discussing “knowing your value” in this series.  As you stressed early in the SNCC training, this is a crucial foundation in the system you teach, and I found those conversations MOST illuminating.  I still do, actually, and I re-examine “my values” regularly. 

    How I value myself is distinct from the value I provide to others, although each influences the other.  I believe I can measure my worth in many ways, including money, so setting my fee can involve SOME flexibility.  These days, and maybe always, everyone is looking for a bargain, so negotiating that bargain invites SOME flexibility, too.  Nevertheless, the fee is the fee.
    Robbie

  • http://brandymychals.com Brandy Mychals

    Great advice – love it! I too was raised to “love a sale” but have also learned to pay for what I value :-) My favorite part is your last sentence – thank you for the encouragement. You are worth it too…but you know that, right? :)

    Brandy

  • http://www.jilliantoddblog.com Jillian Todd

    Ohhhh, boy, is this timely or what?  I have been struggling with OTHER WORTH, specifically my husband’s opinion of my business and what I should charge just to “get people in the door”. I understand his stress, but I have been buying into it for too long.

    Recently I put the blinders on and have recommitted to MY VISION of what
    I want my business to look like. I am starting to focus on what I
    believe my talent, my love of my clients and my offerings are worth–to
    me first, then to my market. On the other side of the scale, I still believe, however, I need to be careful not to price myself in a way that takes me out of competition altogether. I am revisiting my pricing based on that as well. I know it is a delicate balance, but I finally believe I can walk that “tightrope”.

    You also pointed out something I hadn’t thought about: the “on sale” mentality. I will be literally rewriting that too!  It is a good limiting believe to look at, and one that lives in the blindspot of business owners. 

    Jillian
    Jillian Todd Portrait Couture
    http://www.jilliantodd.com
    http://www.jilliantoddblog.com

  • http://www.aliciadunams.com Alicia Dunams

    You can know your worth, and charge your worth, but it needs to be aligned with the current marketplace. There is such a thing as pricing yourself out of the marketplace, or your current target market. 
    The good news is that the marketplace provides a large spectrum: You can buy your handbag from Payless Shoe Source, Hermes, or somewhere in between. So it’s a matter of setting your price in line with your target market. If you want to raise your prices you may have to target a higher net-worth audience (or there’s always payment plans!) [I like the handbag metaphor as an example, as there are some women who can buy a Hermes cash, and some woman who will put the bag on their credit card and take 5 years to pay it off. At the end of the day, they are getting the same bag, just by different means.]
    I think your worth in the “marketplace” depends on the service/outcome you provide. Your self-esteem, values, and stories creates your own self worth, extremely important, yet the service/outcome you provide must be a significant factor in the equation as well.

    Alicia Dunams
    Publisher, Speaker, Creator of Bestseller in a Weekend
    http://www.bestsellerinaweekend.com

  • Jen Sako

    Yes!  Knowing your worth is very important.  I am a big believer in giving to get, but if you want me to do something specific for you, then we need to talk about signing an agreement outlining performance and payment.  That is what business is.  Otherwise, pick my brain all you want.  Anyway, this is what helps me.

  • Jen Sako

    Yes!  Knowing your worth is very important.  I am a big believer in giving to get, but if you want me to do something specific for you, then we need to talk about signing an agreement outlining performance and payment.  That is what business is.  Otherwise, pick my brain all you want.  Anyway, this is what helps me.

  • Maridel Bowes

    Without truly knowing our worth, we end up limiting ourselves without even realizing it. And yes, it is a process and does take work, but NOTHING ELSE CAN BE SUBSTITUTED FOR IT…NOTHING! This is what is so critical to understand and what you are are clearly conveying. The three things you talked about all bring a kind of clarity that take us away from what others think of us and tunes us in to what we, ourselves, think of who we are and why we are here. Once that is the central reference of our lives, everything shifts. Thanks for addressing the heart of the matter.

  • http://www.academicallstartutoring.com Molly Perry

    Since I opened a new tutoring business up just over a year ago, I have struggled with price point.  I want to break into the market by offering a good value.  Yet, I don’t need to offer bargains or I will reduce the value of my business.  Fine line, isn’t it!  Good food for thought.

  • http://www.thereflectivewriter.com/blog/ Judy Stone-Goldman

    This one hits home for me! I believe so much in telling our stories and using that reflective process to understand and ultimately grow. Zeroing in on how this affects self-worth and business is a fabulous piece. As for self-esteem, that’s been a long process for me, as I think it is for many women, and I think it continues to evolve with maturity. Whether in business or “just” in life, values, self-esteem, and personal stories affect every aspect of how we behave, feel, and respond. This has been a great series.

    Judy Stone-Goldman
    The Reflective Writer
    http://www.thereflectivewriter.com/blog/
    “My cat owns me, my clutter stymies me, my writing frees me.
    Word maven loves–and learns from–ordinary life.”

  • http://www.susan-berland.com/ Susan Berland

    Been working a long time on self-esteem and I think it’s a life long project. My self-esteem was so destroyed it is something I continually improve. Knowing my worth is critical and I’ve moved so far in that area, it’s incredible (and so am I). And I’ve done a lot of work on my values as well. #3 is a new one for me. Never heard it before and I’m going to have to chew on it for a while. I totally see it’s value in what you are talking about as well as in many other areas of life.

    You are a wise woman, Ann Evanston!

    Susan Berland
    A Picture’s Worth
    http://www.susan-berland.com

  • http://www.lauriehurleyonline.com Laurie Hurley

    This is a huge lesson for anyone in business, new or old, that has a product or service to sell. If you value yourself and are confident about yourself and what you are offering, pricing is easier. Really simple for me to stand firm on my tutoring rates, more difficult for other things I do that are new to me. The whole “approval” thing plays is huge. If I approve of me, that is all that matters.

  • http://www.alaracastell.com Alara Castell

    I totally resonate with this post. I often talk to my clients about this when it even comes to their own life and not just their business. We truly have to love ourselves first, feel and see that we are worthy and really face our past. 

    The past is really what I work on with my clients. The pain, the thoughts, and so much more that was put upon us in the way that we think and act today. A lot of that holds us back.

    I know for myself I had to do a lot of work. Even recently I discovered something from high school was still in me and until I let go I was holding myself back.

    All that you share is needed when being an entrepreneur. Love this and thank you for writing it. It’s always a great reminder.

    xoxo
    Alara

  • http://www.fierceover50.com Julie Labes

    After reading you last post on this subject i told David that I not going to drop my prices over the phone any more  i have done this many times and then the people don’t even show up for the meeting which then made me feel even less valued. I plan to tell them, that is the cost, you are paying for the fact that i am very good at what i do and have over 30 years experience.. After all they think nothing of paying more for a plumber or piano tuner…

    Julie Labes: The Fun-Loving, Feisty, Fearless, Frisky, Fierce Over 50 Traveler