Fun Business Fun Money Podcast
EP 017 – Redefining value: Are you REALLY too expensive?
How many times have you bought something and thought it was great value? Or maybe it wasn’t worth what you paid AT ALL?
What you consider great value can be someone else’s idea of expensive.
In this coaching episode I pick apart the concept of value, what giving it and receiving it looks like, and how your money archetypes influence your perception of value.
TRANSCRIPT
Hey there, and welcome back to another fun-filled episode of the Fun Business Fun Money podcast!
I’ve got a nice juicy topic for you today on redefining value, as well as some insights on what ‘enough value’ actually means (its probably not what you think!)
This is a slightly longer coaching episode. As you may know each week there are TWO episodes, one is a quick tip, tool or tactic that you can implement right away, and the other is a coaching episode like this one, where we dive a bit deeper into a specific area of business, money, life, fun, all the good things.
Before we get into that though, I want to remind you to go take my Sacred Money Archetypes quiz!
I don’t know about you but I love a quiz, its kind of like a game to see how well they think they know me. From what people have said about the Sacred money archetypes quiz, its like I can somehow see inside you and sum up all of your relationship with money in an easy to understand package.
I can’t actually read your mind, its all in the archetypes!
So go take the quiz! Its free, its quick, you’ll smash it out in less than 10 minutes, and in exchange you’ll get some fascinating insights into your relationship with money.
That’s particularly relevant today because we’re talking about VALUE, and that may trigger all kinds of thoughts and feelings within you.
What YOU think is great value is probably very different to what someone ELSE considers great value. The difference between the two perceptions is your money archetype, which I also refer to as your money personality.
You’ll find the link to the quiz in the description of this episode, and in the show notes, its deirdreamies.com/take-the-quiz – yes I know my name isn’t easy to spell and thats a tricky url, hence why the link is in the description and the show notes!!
In a nutshell, value is an energetic exchange.
Its a perception which rooted in your money beliefs. Its not simply about the money, the cost, the investment, the price, whatever you call it.
That aspect is influenced by your experiences with money in the past, as I said before something could be cheap AND expensive depending on who you’re talking to.
Money is simply part of the transaction that generates the value.
Value itself takes two forms – giving value, and receiving value.
We offer our products or services, and we receive money for it.
We pay money, and we get something in exchange for it.
The perceived value in either transaction is ultimately what we take away from it as a business owner or a customer.
Lets look at GIVING VALUE in more detail.
When you’re deciding what to offer clients or customers, either in terms of a package, services or products, you have to decide what you’re willing to GIVE. Whats the level of value that you want to include?
Now if you’re a service provider like me, the value isn’t always obvious because you can’t hold it in your hands. You have to experience it, its the knowledge you gain, its the growth you see now, or months or even years down the track.
Because of that it can be quite difficult to decide how much value to include in your offer.
🤔 How many face to face hours?
🤔 How much email or messenger support?
🤔 Do I create resources?
🤔 Do I include videos or audios?
🤔 What kind of bonuses do I include?
It can be a LOT to deal with, so its really important to take a step back and make sure you’re not about to overwhelm your clients with an epic tsunami of stuff, just so you can feel better about what you charge for it.
For some business owners the actual package or products may not be in your control, the price is the price and its set by someone else. But you still have to decide how much value you’re willing to give in terms of your time and your energy.
If we look at it in terms of the Sacred Money Archetypes, a Nurturer is more likely to want to love on their clients and often overdeliver on service and attention. A Connector will want to include plenty of face-to-face interaction to enhance the relationship.
On the flip side of that, if you’ve got a low Connector or Nurturer score, the idea of creating long term relationships and giving so much value may have you thinking thats CRAZY TALK!
Rulers, Accumulators and Mavericks usually just want the info, straight up, so they can get on with the next big thing on their goal list. The small talk and nurturing can get in the way of their progress on that.
We also need to consider value from the perspective of RECEIVING it.
There will be things you’ve invested in in the past – courses, programs, books, audiobooks, coaches, mentors, memberships, university degrees, even new CLOTHES – all things that you might not have used to its fullest, never used at all, or just regretted spending the money on because it wasn’t what you thought it might be.
Its easy to think they weren’t good value.
There will also be some of those same things that you’ve invested in that you’ve had IMMENSE value from, you’ve thrown yourself into it and implemented it.
I’d love to know what you’ve invested in and its completely blown your mind with how much value you’ve got from it. And I especially want to hear it if its a funny story! Send me a DM on Facebook or Instagram, I’m @funbusinessfunmoney on both platforms.
The thing is, there is no right or wrong in ANY of this.
If you’re the one GIVING value, then what you offer is determined by you, your energy, your skills and the time you’re willing to give to it.
If you’re the one RECEIVING value, what you get from it may be completely different from someone else who has paid for the same thing. We all have different expectations, different experiences.
No matter what your experience of it, its all part of your journey from wherever you were before you bought it, to where you are now.
I’ve actually lost count of the amount of money I’ve invested in my own personal growth over the past 10 years, I’m sure I could make up a number that sounds impressive, but in the end its completely irrelevant.
What matters is the VALUE I’ve received from that investment of money.
A great example is a PR course I paid for a few years ago. Its about getting your blogs, articles and other work out there, published by major websites and magazines, getting yourself on podcasts and other PR type things.
I was excited to check it out and get started, I dived into it straight away.
And I stopped immediately, literally TEN MINUTES into the first video! Even now, 3 years later, I’ve only gotten maybe halfway through it.
Do I consider it good value? Absolutely I do!
What happened at the time, in that first 10 minutes of the first video, was a massive wake up call. I could see all the things I’d been holding back on over the previous 2 years, playing small, and ALL the gaps I had in my own business where I was leaving money on the table.
Now, I know I’m going to finish that course at some point and implement it because its exactly the stuff I can use to propel my business forward and reach a ton of people I’d not otherwise reach.
But I also realised I couldn’t do that until I got crystal clear on my offers, my message, my brand and a whole bunch of other stuff.
I couldn’t in good conscience put myself out to the world and increase visibility with more PR, knowing all of that was going to be an issue the more clients I worked with.
At the other end of the scale, there was a coaching membership I invested in at about the same time that sounded AMAZING. I was excited about that one too, and of course I dived right in.
But it wasn’t at all what was promised. There was no community, no support from the mentor, just a whole lot of ego, bragging and competition. There were some good concepts in the training videos, but it was also really confusing and overwhelming.
I stuck with it for a few months, trying to get what I needed from it and blocking out the noise, but ultimately called it quits and cut my losses. In some way I wish I could have gotten my money back from it, but I wasn’t confident enough to ask.
That membership cost about the same as the PR course, but the value in each of them, from my perspective, was very different.
One is something that feels right and aligned with who I am, what I’m doing, and where I’m going.
The other is something that SOUNDED right but was ultimately all wrong for who I am, what I’m doing, and where I’m going.
Can you see the difference in how the value is interpreted?
How do you know if or when its time to let go of something you’ve invested in, and perhaps NOT got the value from it?
This is where your money personality comes in.
If you’re an Accumulator you’ll likely have done ALL the research before you invest in something. You’ll leave it to the last minute to sign up for it, and even then maybe still have regrets about the money because it involves spending rather than saving it.
You wonder if its a good investment for the value you get from it, even before you’ve given it a proper chance.
If you’re a Maverick you might be the first to sign up for something because it makes perfect sense to you, but then you’ll rebel against doing the actual work because thats how you roll!
You want the cliff notes version, or the street cred for simply being a part of that thing. The value is in taking risks, throwing down money and rebelling against the very thing you’re there to learn.
If you’re a Nurturer you’ll make sure you join every live session, you’ll watch all the training videos, and feel sad when its over because you enjoyed the experience of learning and growth.
Guilt can creep in about investing in yourself, if its not benefitting others then maybe you’re being ‘selfish’, you’re taking something away from another person or area of your life. The value is often about being part of something, you get to feel all the feels and allow yourself to be nurtured as well.
Thats just 3 examples, all very different experiences from taking the exact same action. Whatever your personality, the value you give, or the value you get is completely defined by you.
If you don’t yet know your money archetype, aka your money personality, go take the quiz! It may just give you the insights you need around what value means to you.
That’s what will help shift your thinking and your energy around the money you pay for things AND the money you earn.
The link is in the description and in the show notes, or head on over to deirdreamies.com/take-the-quiz
Thats what I have for you today! I hope that helps with redefining value for you.
Take care, have fun giving AND receiving value, and I’ll catch you in the next episode!
Have you taken the Sacred Money Archetypes quiz yet?
Click here and go do it! It’ll take less than 10 minutes to find out YOUR money archetypes and how they influence your perception of value.
