So who defines what your product is worth, anyway?

If you go back far enough, you’ll find all levels of trade and exchange, ranging from gold, animals, servitude, and more. In more modern times, we use paper, metal, and digital bits as currency to exchange for the things we want.

Business happens because at one point it was agreed between people that a thing had certain value and could be traded for other valuable things.

At its essence, you might say that the value of something is determined by what someone is willing to exchange for it. But is that all there is to it?

Knowing how to price your product can be very complex, so in today’s episode we’re going to talk about evaluating the value of your product and who actually determines what your product is worth.

062: How to Define Your Product’s Value (Spoiler: You Can’t)

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We’ve had an incredible first season of Invisible Details and we’re very proud of what we’ve created. Whether you’ve been listening since the beginning or just started recently, thank you! We hope you’ve received an incredible amount of value from our show.

In today’s episode we’ll explain a little bit about why we’re pausing the show and some of the exciting things we have coming up.

129: Invisible Details is Going on Pause

Logo? Check. Mission statement? Check. Target audience? Website? Check and check.

The external components of a brand are fairly easy to spot. You can get a sense of what you need to have in place with a quick Google search or a trip down our podcast archive.

It’s not that the obvious things are unimportant. On the contrary, every facet of what brings a brand to life holds great value.

There are also many unseen parts of a brand, and it’s a journey we like to take to find those invisible details. These are the things that keep the clock ticking and locked in time.

What is it that makes McDonald’s a stand-out brand in the fast food industry? What should you be reminding yourself (and employees) of as often as you can? What do you need to have written down and solidified so you aren’t caught off guard?

We’ll answer these three questions and more on today’s show where we talk about some practical things your brand needs that may not be as apparent.

128: 5 Not-So-Obvious Things Your Brand Needs

When your business is not yet financially viable, you have to have something that pays the bills. Running a business is not cheap, plus with the fact that you need to keep the lights on at home, there has to be a means of income somewhere.

Not everyone has the luxury of being able to work on their business full time. Many people support their business ventures by working a day job or bringing in finances by some other means.

For some, this may work quite well. They enjoy their day job and it provides them the peace of mind that their expenses will be covered so they can work on their business on the side without concern. (This is one of the cornerstones of overlapping; be sure to check out the book at OverlapBook.com)

For others, their day job is one they dread every single day. It drains them and is a continual source of frustration. They may feel trapped, either because of the paycheck or the seeming lack of work elsewhere.

When you feel stuck in your day job and you feel like it controls you, you are doing a disservice to your business and passion.

So what would it look like to take control of your day job? What steps could you take to not only improve the job you have now, but perhaps even the company you work for? What sort of mindset would you need to transform yourself from getting burnt out at work to thriving and being fulfiled at your day job?

On today's episode, we talk about what it might look like to support your business with a day job (you don't hate!), how a simple mindset shift could change your actions and behaviors toward your day job, and why your business probably should be put on pause until you get your day job situation in order.

127: Taking Control of Your Day Job

When learning to ride a motorcycle, one of the earliest things they teach you is to always keep your eyes focused on where you want to go.

“Don’t look too long to the left or to the right unless you want to go there,” the instructor says. “Your eyes will lead the bike to that point.”

It doesn’t even matter if your head is pointed straight forward. If your eyes wander too far away from where you want your motorcycle to be, your body slowly starts to lean in that direction, and it can obviously lead to devastating results.

Doing anything professionally requires much of the same focus. Too much deviation from your goal, too much sidelong glances at what others are doing and you might find yourself straying away from your objective.

If you’re truly helping people and you run your brand off the road, who suffers the most? The same people you’re trying to help.

Finding success doesn’t mean you have to be the best in the world. 

On today’s show we’ll be talking about what it means to define your own success, ways to practice putting your customers first, and why slow sustained growth is better than a flash-in-the-pan success.

126: You Don’t Need to Be the Best

There is an interesting divide in businesses around the world when it comes to their various practices. Many companies seem to want to do anything it takes to make money, while others take pride in having some level of virtue and wanting to do the “right thing”.

The “right thing” can be incredibly subjective, not to mention controversial. If one business says they are doing something ethical, does that necessarily mean that any similar company doing the opposite is not?

The values of a company determine its direction. They define what you will and will not do as a business or a brand.

It’s one thing to set these values internally, but it’s another completely to make them a focused part of your external brand.

In today’s episode we’ll be talking about what it means to define your brand’s ethics, where ethics should sit in regard to the public, and how you can help consumers become more mindful when it comes to the things they buy.

062: How to Define Your Product’s Value (Spoiler: You Can’t)

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