Ditching Hourly

Hello, and welcome to Ditching Hourly. I'm Jonathan Stark. A member of my mailing list, Bobby Jones, wrote in with a question about value pricing educational programs. Bobby wrote, Jonathan, came across you recently. Great resources. Woo. I was wondering, I'm a speaker that works with schools. Recently, I've created a mentorship program I ran in five schools, and it went awesome. How can I value base when they don't see a monetary ROI? Thanks, Bobby. Great question. My first thought would be, unless you enjoy doing sales, I wouldn't bother value pricing educational programs. Things like workshops, training courses, mentorship, coaching, and so forth can all be packaged, priced, sold, and delivered quite nicely as productized services or even as products. Okay, but what if you do enjoy the sales process and want to value price something that doesn't have a clear monetary ROI? So here's what to do. First, meet with the prospect to have a sales interview. Second, use the why conversation to uncover the buyer's underlying motivation. Third, get them to define a success metric for their desired outcome, like what would a home run look like. Fourth, look for cues that would indicate a ballpark range for what the desired outcome might be worth to them. So a tip here would be to capture any numerical references, even if they're relative or non-monetary. Once you have the business numbers, the success metric, and the buyer's underlying motivation, you should be able to do a back-of-the-napkin calculation to estimate the value, in other words, what the engagement might be worth to the buyer. Then, set three prices based on the value and define a scope that you'd be happy to deliver for each option based on the price. Note, you can see the show notes for a link to my value pricing calculator if you don't know how to do that. All right, that's it for this week. I'm Jonathan Stark, and I hope you join me again next time for Ditching Hourly. Bye. Hey, Jonathan again. Do you have questions about how to improve your business? Things like value pricing your work instead of billing for your time, or positioning yourself as the go-to person in your space, or maybe productizing your services so you never have to have another awkward sales call or spend hours writing another custom proposal. Book a one-on-one coaching call with me and get answers to these questions and others in the time it takes you to get ready for work in the morning. Best of all, you're covered by my 100% satisfaction guarantee. If at the end of the call you don't feel like it was worth it, just say the word and I'll refund your purchase in full. To book your one-on-one coaching call, go to jonathanstark.com slash call, C-A-L-L. That URL again is jonathanstark.com slash call. Hope to see you there.