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7. Value | Soul of Sales - The Nine Universal Laws

March 10, 20238 min read

Many years ago I was told to value your service and at that time I just brushed the statement away.

A few years later I saw a comment on Facebook from a friend who was facing somewhat a challenging situation with the service she offers through her business. She certainly was upset as the client was undervaluing her but at the same time appreciating her work.

Now, that is a strange place to be in; it is like helping someone get up when they have fallen down and once you have picked them up you simply push them back down. To cut a long story short she stuck to her guns and behold the client agreed to continue working with her without further negotiations. This is a simple lesson in having belief and trust in the value you give through your work.

Remember if you have to walk away then do so and never do it arrogantly. Be respectful at all times and do your best to maintain a genuine relationship. Let go of your ego and judgement.

According to a study by McKinsey & Company, companies that prioritize customer experience have higher revenue growth, lower customer churn rates, and are better positioned to win in their markets.

Value refers to the importance, worth or usefulness of something, whether it is a service, product or idea. It means that as a service provider or business owner, it is important to understand and appreciate the value of the services you offer to your clients. This includes recognizing the skills, time, effort, and expertise that go into providing your services and the benefits they bring to your clients.

It is important of valuing your service and not allowing others to undervalue it. Despite facing challenging situations where clients may not appreciate the value of your work, be reasonable yet persistent and stick to your guns. This shows that it is important to have confidence in your abilities, trust in the value you offer, and not compromise on your worth. Yes, always have room for negotiation but avoid falling into a trap of a loss-win situation.

It is important to note that valuing your service does not mean being arrogant or disrespectful. Instead, it is about maintaining a genuine relationship with your clients, being respectful at all times, and letting go of your ego and judgement. If a situation arises where you have to walk away, do so respectfully and professionally. This means leaving the door open for future opportunities and maintaining a positive relationship with your clients.

Valuing your service is an essential aspect of building a successful business or career. When you value your service, you demonstrate to your clients and customers that you believe in the quality and value of the work you provide. This, in turn, can help you attract and retain clients, increase your rates or fees, and build a positive reputation in your industry.

Valuing your service is especially important due to the emphasis placed on building strong relationships and providing exceptional customer service. For example:

  1. In Japan, the concept of "omotenashi" (hospitality) is highly valued. This means that businesses and service providers are expected to provide exceptional customer service and anticipate the needs of their customers.

  2. A study by the National University of Singapore found that valuing customer feedback and incorporating it into service improvements can lead to higher customer satisfaction and loyalty.

  3. In the UAE, businesses that provide exceptional customer service are often recognized and rewarded through initiatives such as the Dubai Government Excellence Program.

  4. According to research by the Service Quality Institute, valuing your service and providing exceptional customer service can lead to higher customer retention rates, increased revenue, and positive word-of-mouth referrals.

By valuing your service, you can build a strong reputation, attract loyal customers, and ultimately achieve success in your business or career. To further elaborate on the importance of valuing your service, here are some additional insights and strategies:

  1. Define your value proposition: To effectively communicate the value of your service, you need to have a clear understanding of what sets you apart from your competitors. Define your unique value proposition and use it as a foundation for all your sales and marketing efforts.

  2. Focus on building relationships: In many Eastern cultures, building strong relationships with clients is a top priority. Invest time in getting to know your clients and understanding their needs and expectations. This can help you tailor your service to their specific needs and build a loyal customer base.

  3. Deliver on your promises: When you make promises to your clients, it's important to follow through and deliver on those promises. This helps build trust and credibility, which is essential for building long-term relationships with clients.

  4. Continuously improve your service: In a competitive marketplace, it's essential to continuously improve your service to stay ahead of the competition. Get feedback from your clients and use it to identify areas for improvement.

  5. Never be afraid to walk away: While it's important to value your service, it's also important to recognize when a client is not a good fit. If a client consistently undervalues your service or is difficult to work with, it may be time to walk away. Doing so respectfully and professionally can help preserve your reputation and maintain positive relationships with other clients.

The definition of value can vary depending on the context in which it is used. Generally speaking, value refers to the worth, usefulness, or importance of something.

In personal terms, value can refer to one's own beliefs, principles, or priorities, and the importance that is placed on these things. In business, value often refers to the perceived benefit or usefulness that a product, service, or brand provides to its customers or clients. This can be measured in terms of customer satisfaction, loyalty, or willingness to pay for the product or service.

A study by the Society for Human Resource Management found that employees who feel valued by their employers are more likely to stay in their jobs, with 67% of employees ranking "feeling appreciated" as very important to their job satisfaction.

Overall, value is a subjective concept that can vary based on individual perspectives and circumstances. Here's a framework on how to show value to your client in sales:

  1. Understand the customer's needs: The first step in showing value in sales is to understand the customer's needs, challenges, and pain points. This can be done through asking questions, active listening, and conducting research. By understanding the customer's specific needs, you can tailor your value proposition to meet their specific requirements.

  2. Demonstrate how your product or service solves their problem: Once you have a clear understanding of the customer's needs, you can demonstrate how your product or service solves their problem. This can be done by highlighting the unique features, benefits, and capabilities of your product or service and how they address the customer's specific needs.

  3. Provide evidence and social proof: Providing evidence and social proof can help to demonstrate the value of your product or service. This can be done by sharing case studies, testimonials, and customer success stories. By providing concrete examples of how your product or service has helped other customers, you can build credibility and trust with the potential customer.

  4. Highlight the return on investment (ROI): Demonstrating the return on investment (ROI) of your product or service is a powerful way to show value. This can be done by calculating the cost savings, productivity improvements, or revenue growth that the customer can expect to see from using your product or service. By providing a clear ROI, you can help the customer understand the long-term value of your product or service.

  5. Differentiate from the competition: Finally, it's important to differentiate your product or service from the competition. This can be done by highlighting unique features, benefits, or capabilities that are not offered by competitors. By demonstrating how your product or service is different and better than the competition, you can show value and stand out in a crowded marketplace.

By following this framework, you can effectively demonstrate the value of your product or service to potential customers, build trust and credibility, and ultimately close more sales.

A study by Bain & Company found that increasing customer retention rates by just 5% increases profits by 25% to 95%. According to research by Harvard Business Review, companies that create exceptional customer experiences see higher customer satisfaction rates, increased customer loyalty, and increased revenue growth.

Valuing your service is an essential aspect of building a successful business or career. By focusing on building strong relationships, delivering on your promises, continuously improving your service, and knowing when to walk away, you can build a reputation for excellence and attract loyal customers.

In conclusion, understanding and communicating the value of your product or service is a critical component of successful sales. By identifying your unique value proposition, building strong relationships with clients, delivering on your promises, and continuously improving your service, you can establish a reputation for excellence and attract loyal customers.

In addition, knowing when to walk away from clients who undervalue your service can help you maintain a positive reputation and focus on building relationships with clients who recognize and appreciate your value. Ultimately, by valuing your service and the needs of your clients, you can build a successful and fulfilling career in sales.

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Rohit Bassi

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