Laden...
Dear John,
Your success is completely dependent upon the way you think. When I tell this to a senior executive in a FORTUNE 500 company he gets it – on an intellectual level
Lawyers come closer to understanding the actual truth about how thinking holds you back. A litigator knows that the facts and the law will only get her so far. To prevail, she must appeal to the emotions of a jury. She must make the panel believe this could happen to them if justice is not done.
Thoughts influence feelings and feelings influence decisions.
Let’s examine your thoughts as they relate to value.
How do you feel about money?
If you are like most people, you are conflicted when it comes to money. You feel great when you have it because money offers you options. Money gives you the ability to do more things. Money helps enable your sense of freedom (when you have more options, you feel freer).
Yet as a society, we demonize people who earn lots of money. We call them greedy. We often believe they have “cheated” their way to wealth. We use terms like “dirty money” and “filthy rich.”
The truth: All money earned is based upon perception of value.
Who Recognizes Value?
Baseball players earn huge salaries based upon their ability to: 1). Help a team attract fans, 2). Sell merchandise, 3). Win games
Those are three things baseball team owners value. That’s why some players get paid huge money. Notice performance on the field was the third element of the equation.
Baseball players create value through the way they handle themselves and through their performance.
When you own a business, you provide a product or service for a certain value.
Say you sell toilet paper. Everyone needs what you sell. Some people are not sensitive to what they use on their bottom when cleaning themselves – my grandmother famously told us a story about how they used old newspaper for this purpose during the Great Depression.
Other people, who have sensitive bottoms, take great care in what they use for this purpose. Frequency and thoroughness are also a consideration.
If you make soft toilet paper, you can charge a premium, and people with sensitive bottoms will gladly pay a dollar more for a better booty-cleaning experience.
You must be certain you communicate this value clearly or people will think you are simply charging more for crap (pun intended).
When you think of your service, you need to focus on HOW you communicate your value and the AUDIENCE for that message.
If you are a business lawyer, you need to demonstrate your value to entrepreneurs who lead businesses with revenue more than $5 million.
If you sell generators you need to demonstrate your value to contractors who use power tools on a job site.
Think about the value you provide and communicate with the people who assign a premium to that value.
Value vs. Spend
Now let’s combine both types of thinking and see how they impact your behavior.
You want to have a great weekend with your family so you decide to take them to Walt Disney World. ® There are 4 of you so tickets for the 3 days will cost close to $600. A hotel room for the two nights will cost $400, and food will cost at least another $800. Throw in gas and misc. expenses, and you’re looking at $2,000, minimum if you drive to The Happiest Place on Earth.
When you return home, you have dozens of great photos and many, many fantastic memories. You and your kids have developed an even deeper bond and your kids tell their friends about this experience for weeks afterward.
You receive nothing tangible (except maybe blisters from all the walking and a sunburn). But you’d do it again in a heartbeat.
Your perception of value was influenced by goals you had for the trip: Great memories and great stories to tell friends – and the result – fulfilling that expectation.
Contrast this with a trip to the movies. It costs $70 for tickets, another $30 for snacks. Parking is annoying. The movie fails to live up to the hype and you hate yourself for spending that $100.
What if you changed the expectation for the movies and made it the same as the trip to Disney? What if the goal was to enjoy your time with your family, make a few memories, and have a good story to tell? Would you act differently?
Sure.
You’d take Uber or Lyft to the movies and spend $30 to avoid the parking issue. You’d have a nice dinner at a casual restaurant first – Cheesecake Factory – your wife’s favorite place. You’d order the Farmhouse Cheeseburger and take a photo trying to fit it in your mouth – with the signature fried egg dripping down on to your shirt. Your kids would laugh hysterically and post the photo on Snapchat and Instagram.
Then you’d go to the movies and make fun of the dopey former professional wrestler trying to sell you on the fact that he is a superspy who speaks three languages. On the way home, you’d joke about better titles for the picture and you’d vow to tell everyone you know about the great night you had even though the movie was crazy stupid.
The value in the night at the movies has to do with perception. If you perceive it as a fun night out with people you love, the quality of the movie doesn’t matter.
Translate this to Your Business
As a lawyer, when someone walks into your office you must help them understand the value you provide. Frame the “night at the movies” just like the “trip to Disney.” The value is in your ability to improve their condition, remove uncertainty, and help them achieve a desirable outcome.
The financial investment is of lesser importance than those four factors – if you present the value appropriately.
As an entrepreneur, your business is built to help you live the lifestyle you desire. This means setting a standard for the type of clients you are willing to accept and not lowering that standard at all. That’s the value in owning a business.
If you struggle with this mindset or if you struggle with presenting value to your clients, I want to help. There are a couple of ways I do this:
One-on-one Direct Mentoring
This is a private relationship with me. I coach you through all aspects of value creation and presentation. We work together for a set period of time and you receive a minimum TEN TIMES RETURN on your investment.
I mentor lawyers on business strategy, client attraction and practice management. You can find those offerings here.
I work with entrepreneurs and sales professionals on revenue and profit growth as well as the mindset necessary for success. Those coaching options are here.
Lawyers: Special Offer for this Week Only
If you are a lawyer and you want to unlock the secret to presenting value and making more money from the same client base, attend this event:
Dave Lorenzo’s Law Firm Value Fee Maximizer
This is a one-day event designed to help you present fees exactly as I describe above. When your clients engage you they will think they’ve gone to Disneyland.
Join me in Miami on May 19, 2017. Breakfast and lunch are included and the fee is unbelievable reasonable – if you act now.
Regards,
Dave Lorenzo
David V, Lorenzo
888.444.5150
Host of the Business Strategy Show:
Four Minute Fixation
Owner & Founder:
Valtimax Consulting
Professionals invest in me for help with:
- Leadership Development
- Business Strategy
- Law Firm Management
- Productivity Improvement
- Relationship-Based Marketing Initiatives
- Buying/Selling a Business or Professional Practice
- Private Problems They Cannot Share With Anyone Else
Call for help: 888.444.5150
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