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E142: Learning the Art of Value Pricing with Jeff Venn
This episode was recorded at an exclusive event called PodMAX where founders had an opportunity to share their stories and knowledge.
Special guest host Rocky Lalvani leads the conversation down a path of insights, solutions, and collaboration.
Join us for our next event at www.podmax.co
Jeff Venn is the Founder of Create Studios, a digital marketing agency, Founder of Converge, a community for young entrepreneurs. But what he’s most proud of are his successes on the inside – having escaped the rat race and being abundant in the things that matter most to him – control over his time, having a fulfilling work-life harmony, and the opportunity to inspire young entrepreneurs to dream bigger than they ever thought possible.
Here are some power takeaways from today’s conversation:
Episode Highlights:
The Concept of Value Pricing
Are you charging for the value you deliver? It’s difficult to run a profitable business when you’re just charging by the hour because you end up with very thin margins. And so, you have to understand the art of pricing and be able to charge by the value you deliver. If you under-charge, you end up with customers who are in pain. Whereas if you appropriately charge and you bring value, you tend to attract customers that respect you and pay you as well.
The Value of Coaching and Mentorships
Coaches and mentors are phenomenal because they do two things.
Coaching and mentorship provide massive value. But you have to be willing to listen and be willing to implement.
Work On Your Business, Instead of Working In Your Business
You need to have clarity on what you want. A lot of times, your first hires are like friends, you just bring someone in and then throw the work over to him. But as you get past one or two people, writing down position agreements is very beneficial. Have those little dashboards and goals for each team member gets people so much more invested. It gives a lot of clarity because once again it’s not fair to assume that everybody can work as fast as you. Employees should know what their expectations are then you can appropriately judge them against those expectations.
Then, you’ve got to start letting go of control and begin to trust others. It does take a leap of faith. Business owners struggle with giving up that control. But once you do that, you’re avoiding burnout. Second, it can empower others. And if you just let them make mistakes and go at their own pace, you'll find the results will really surprise you.
Resources Mentioned:
www.createwebstudios.com
www.weconverge.io
www.jeffvenn.com
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By Erik Cabral
5
5151 ratings
This episode was recorded at an exclusive event called PodMAX where founders had an opportunity to share their stories and knowledge.
Special guest host Rocky Lalvani leads the conversation down a path of insights, solutions, and collaboration.
Join us for our next event at www.podmax.co
Jeff Venn is the Founder of Create Studios, a digital marketing agency, Founder of Converge, a community for young entrepreneurs. But what he’s most proud of are his successes on the inside – having escaped the rat race and being abundant in the things that matter most to him – control over his time, having a fulfilling work-life harmony, and the opportunity to inspire young entrepreneurs to dream bigger than they ever thought possible.
Here are some power takeaways from today’s conversation:
Episode Highlights:
The Concept of Value Pricing
Are you charging for the value you deliver? It’s difficult to run a profitable business when you’re just charging by the hour because you end up with very thin margins. And so, you have to understand the art of pricing and be able to charge by the value you deliver. If you under-charge, you end up with customers who are in pain. Whereas if you appropriately charge and you bring value, you tend to attract customers that respect you and pay you as well.
The Value of Coaching and Mentorships
Coaches and mentors are phenomenal because they do two things.
Coaching and mentorship provide massive value. But you have to be willing to listen and be willing to implement.
Work On Your Business, Instead of Working In Your Business
You need to have clarity on what you want. A lot of times, your first hires are like friends, you just bring someone in and then throw the work over to him. But as you get past one or two people, writing down position agreements is very beneficial. Have those little dashboards and goals for each team member gets people so much more invested. It gives a lot of clarity because once again it’s not fair to assume that everybody can work as fast as you. Employees should know what their expectations are then you can appropriately judge them against those expectations.
Then, you’ve got to start letting go of control and begin to trust others. It does take a leap of faith. Business owners struggle with giving up that control. But once you do that, you’re avoiding burnout. Second, it can empower others. And if you just let them make mistakes and go at their own pace, you'll find the results will really surprise you.
Resources Mentioned:
www.createwebstudios.com
www.weconverge.io
www.jeffvenn.com