Commercial Imposter Syndrome - The Need To Understand Your Own Value
Value is in the eye of the beholder
They say the perceived value of something is subjective and varies from person to person. It is suggested this is why value-based pricing is so hard: trying to convince your client that the service they are getting from you is of great value.
But, what if I said one of the biggest challenges professionals face isn't convincing their client they're getting great value for service, but rather the need to convince themselves that they are providing great value?
It has been my experience that most partners, principals, directors etc suffer from what I call 'commercial imposter syndrome'. This is to say, they understand their professional value but have no idea of the commercial value they provide. That's not a problem, until you realise that these are the very same people who are setting the price of the service being offered.
So for this BD Tips Wednesday post, I thought I would do a post on '3 Tips to Understanding Your Own Value'.
3 Tips to Understanding Your Own Value
1. Take Stock of Your Skills and Achievements
Self-worth starts with self-awareness. Get a piece of paper and a pen and make a list of your key skills, experiences and achievements.
Be specific, don’t just write “good at problem-solving”; and note the measurable results you’ve delivered for your clients. This record not only reinforces your sense of value, but also gives you tangible examples to draw on when negotiating your fees.
2. Identify What Makes You Different
Understanding your value also means knowing what others in your industry are doing so you can determine how you are doing things better. Research your market; know your client expectations (tip, ask them!); and your competitors’ offerings.
Ask yourself: “What is it I do differently to the rest?”
Is it your speed?; Your depth of expertise?; Your ability to make complex things simple?
This will help you position yourself realistically, while avoiding the trap of undervaluing your services out of fear or guesswork.
Being clear on your differentiators also allows you to communicate them with confidence and justify your pricing decisions.
3. Get Comfortable Saying No
When you understand your value, you stop chasing every opportunity; especially those that don’t respect your worth.
Saying “no” to underpaid work or misaligned projects isn’t about arrogance, it’s about protecting your time, energy and reputation for the right opportunities.
Bonus tip: Seek Feedback
Ask trusted peers, clients or mentors for feedback on the value you provide. Often, others see strengths you’ve overlooked. The challenge? Believing them. Resist the urge to downplay compliments and/or ingore feedback about your weaknesses.
Final Thought
Understanding your value is an ongoing process, not a one-off exercise. The more you can define, articulate and stand by your worth, the more aligned opportunities you’ll attract and the less you’ll need to justify yourself to others.
In the end though, if you don’t understand your value you cannot expect your clients to.
Further Reading
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