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You Charge What To Do That?
"What is a cynic? A man who knows the price of everything and the value of nothing." - Oscar Wilde
As entrepreneurs, we're all in ‘business' to do ‘business'. This is just a basic fact of life and I know absolutely no one who has started his or her own company in order to deliberately lose money! While this (unfortunately) might be the case when the bottom line ‘bottoms' out, all business owners start off with high expectations and resolutions on how they'll become successful.
So, we venture off on the long and sometimes arduous journey to build our network of solid, paying clients to keep our business viable, and then WHAM! We get hit with a dose of cold, harsh reality when one of our first potential clients says those dreaded words... "You charge WHAT to do THAT?" As you're scrambling to find the right words to justify why your price is set at what it is, you've just lost your credibility in one fell swoop. Want to know why?
It's NEVER about the price! And it's all about Value!
Are you shocked to read that line? You shouldn't be. Early on in the start-up phase of my business a very effective seminar leader/guru suggested that I read Jeffrey Gitomer's "Little Red Book of Sales Answers", because ultimately we entrepreneurs are our ‘own' salespeople and need to know how to ‘sell' our business effectively. That has to be one of the best pieces of advice I've received and I devoured this book! And along the way I learned that it's never about the ‘price' you charge - it's about the ‘value' you have to offer to your prospective clients that matters more.
Here are two compelling aspects you need to know to overcome price objections.
1. You need to tune in to the station called "WII-4M" - the station that clients listen to - the ‘what's in it for me" direct hotline that gets them listening to you. You need to find out first what area they REALLY need your services most for i.e. what stress relief you can provide them with by solving some of their dilemmas. This involves listening to what your clients are telling you what they detest most about doing in their business, determining whether you can provide a service to help them, and then telling them that you'll take care of it - and mean it! It's called ‘listening' and you need to learn to do it well.
2. It's all about two factors - being a great listener and building trust. You need to convey your sincere desire to help your clients and stand by the words you use. Never make false promises and then not deliver because that will kill your credibility faster than a speeding silver bullet to the heart. Follow up on sales calls/emails promptly. The longer you wait, the wider the door opens for a competitor to come marching in and woo your potential client away.
I love the phrase from the movie "Field of Dreams" where they say, "If you build it, they will come." If you cultivate a practice of being open, honest and trustworthy with all people whom you come into contact with, the clients WILL come. Plus if you follow it up by providing consistently great service coupled with reliability, they'll tell THEIR friends and business colleagues as well.
Plus once you've established yourself as a "get it done right the first time" person, price will NEVER be an issue. You will have indelibly inked your name and business in the minds of your satisfied customers forever, which in turn, will bring you increased sales and more personal satisfaction into your company's worth.
So, the next time someone says "You charge WHAT to do THAT?" respond quite firmly and say, "Yes, I do charge that and here's the value I bring along with that price."
The bottom line of your business will be kicking up its heels... and wearing a lovely ‘black' outfit minus the ‘red' dancing shoes!
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