Sent by Jonathan Stark on October 23rd, 2018
Almost nothing we buy has a bottom line dollar value return on investment.
What’s the ROI on your morning latte? What’s the ROI on owning a dog? What’s the ROI of a Disney vacation?
And yet, once we’ve bought it, we know whether it was worth it to us or not.
Ask yourself this:
How do you decide if that coffee or dog or vacation is worth it before you buy?
Which is exactly how your clients make purchasing decisions. It’s completely subjective. Different from one person to the next, even for the exact same product.
So let’s say you’re a wedding photographer. If you wanted to value price a wedding shoot, you would start by having The Why Conversation with the happy couple.
You’d ask them things like:
Why hire a professional wedding photographer? Why not have your guests shoot it on their phones? Why not shoot it yourself? Why not have your cousin’s husband who does amateur landscape photography shoot it?
By answering questions like these, the client will be letting you know why they want to hire an expert, what their desired outcomes are, and roughly how much those outcomes are worth to them.
Then and only then do you have what you need to value price the project.