Feb 6, 2023
You might assume that you need to keep your prices stable and grow your client base in order to become profitable. But what if the reality is actually the exact opposite, and you’re underestimating your value and increasing your workload?
In this compelling interview, join Meny as he speaks with well-regarded pricing expert and business advisor Patty Block about the way to assess your value, understanding which clients are worth pursuing, how to avoid the awkward silence after you mention your prices, why charging by the hour is often a mistake, how to identify and overcome limiting beliefs, why it’s better to tell a story than to talk about features, and much more.
Patty Block is a business advisor and pricing expert. She is the founder of The Block Group and has experience as a business owner, lobbyist, political consultant, and non-profit executive. Patty’s passion is to empower women business owners to turn up their power to price, sell, and run their businesses on their own terms.
[00:01 - 08:08] Opening Segment
- Patty’s background and experience empowering women business owners
- Beating the broken cookie effect
- Pricing is key to success and understanding your value is essential
- Women tend to undervalue themselves, focus on serving others, and over-deliver
[08:09 - 25:44] Overcoming Fear and Reframing Limiting Beliefs
- Fear of rejection often keeps people from charging enough
- Limiting beliefs can prevent people from building a team and training them
- Value-based pricing is recommended to help understand the value being brought to the buyer
- Three types of value: extrinsic, intrinsic, and perceived
- Patty introduces the SNAP System
[25:45 - 42:09] Learn How to Sell with Stories and Build Value
- Don't wait until someone expresses interest; plan ahead and prepare stories and questions
- Ask strategic questions to qualify whether the buyer is a good fit
- Marketing raises visibility, business development builds relationships, and sales close deals
- Features and benefits don't work well; focus on building value with stories
- Using business storytelling to differentiate yourself and make sure it is relevant for the buyer
[42:10 - 48:38] Closing Segment
- Stand your ground when it comes to the sales process
- Patty on the rapid four-questions
- Q&A: How to know in advance if a person is likely to do the job they're hired to do
Want to connect with Patty? Follow her on LinkedIn, and Facebook. Head to The Block Group to conquer your revenue roadblocks!
Key Quotes:
“My mission is helping women business owners beat the broken cookie effect so that they can run their business with more joy where they're generating more revenue with less.” - Patty Block
“If you believe that you need more clients to generate more revenue for your company to be more profitable, that is a limiting belief.” - Patty Block
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