The first step to developing confidence is to reflect on the benefits you offer. You can think of your confidence as a formula:
C = B – F
(Confidence equals your awareness of benefits minus fees)
The more benefits you are aware of offering in relationship to the fees you charge, the more confidence you will have that you offer a good deal. There are two categories of benefits: monetary and nonmonetary.
Monetary Benefits
One of the easiest ways to develop confidence in your ability to offer value is to identify your monetary benefits. Monetary benefits are easy to measure in the confidence formula described above.
For example, if you are a CPA who saves a client $20,000 in taxes and you charge $6,000 for your services, then you know that, at minimum, you offer $14,000 worth of value. Whenever possible, you should try to quantify value in terms of money.
Nonmonetary Benefits
However, many types of benefits cannot be measured in terms of money. A psychologist may help someone improve self-esteem. A physician may help patients improve their health. An insurance agent may offer clients peace of mind. A lawyer may protect clients from getting sued. An architect may give clients the joy of living in a beautiful environment. While these benefits have great value, it is difficult to measure them in terms of money.
A useful technique for evaluating the nonmonetary benefits you offer is to examine the elements of your service that create benefits. As we mentioned earlier, professionals are often not aware of the benefits of their services. Professionals tend to focus on doing a good job for their clients without reflecting on the specific benefits they offer. To be genuinely confident that you offer a good deal, you need to deconstruct the benefits of your service into two main components: your personal qualities and your systems. We will examine each of these components in upcoming posts.
For more marketing tips, check out our book Selling in Your Comfort Zone.