1. Monetize your worth. How much are your services worth to a prospect? The answer lies in what I call “dollarizing.” Dollarizing involves seeing where a business is now in terms of their goals, and where they want to be at a given time in the near future. For example, in my business I’ll ask a prospect a series of questions, including:
How many clients do you have now?
How many do you want to have?
What is the average amount of money that you expect to make in one year with each new client?
Then we figure out the gap. If they have 10 clients but their goal is to have 50 and each new client is worth $1,000, then that gap ends up being $40,000. If I were to charge $5,000 for my coaching program for one year, their ultimate return on investment (ROI) ends up being a whopping $35,000—not too shabby when they view it in these terms!
When you actually figure this out with them on paper, it can be very impactful in determining a value for your business that you can justify to the prospect.
Now, determine how you can use dollarizing in your own business so you can figure out the ROI for, or dollar value provided to, your own clients and customers.
2. Validate your results. By this point, you’re probably thinking, “but how do I get my prospect to believe that I can deliver on the value I promise?” In the example above, I can state with confidence that I’m going to be able to help this prospect multiply his or her business to 50 clients because I have proof. I’ve done it time and time again with my current and past clients and I have their testimonials to back it up.
These client testimonials—captured in writing and on video—are accessible on my website. They validate the value I bring to the table. Prospects can watch or read them and feel confident that if someone else can have great results, they can too.
Some businesses provide names and contact information of past clients, with their permission, to prospects. And in the era of social review sites like Yelp and Angie’s List, your customers are probably providing testimonials about your business you may not even be aware of!
When gathering testimonials from past clients, it’s helpful to actually ask them about their ROI in working with you. Ask them to address the specific benefits they received (financial or otherwise) in order to create a worthwhile testimonial.
3. ROI may mean more than money. Instead of money, ROI could mean better health, increased energy, more time, better quality of life, etc. Essentially, you’ll want to paint a picture of what your clients will receive as a result of working with you. How will working with you make a difference in their life enough to justify the cost of working with you?
An example of a non-financial ROI is the experience of one of my coaching clients. Although she massively increased her revenue after our work together, she also experienced a monumental shift in her relationship with her husband that ultimately saved her marriage. That’s because part of my promise to my clients is that when we work together, they will make huge breakthroughs in their business—and their life. Together we worked on her mindset to transform her business, but that work spilled over into other parts of her life. The testimonial that she gave on stage during one of my live events moved me and the audience to tears. I’d say her investment in coaching was not only significant, but life-changing and when prospects see this, they want the same for themselves.
Practice positioning what you offer in terms of ROI. Practice breeds confidence, and practice can help make your message clearer. Before long, you’ll find that clients will be happy to invest in your service because they recognize the benefits they’ll earn back. Ultimately, prospects want to know that they’re getting more value than what they’re paying for.