Today, I’m interviewing my friend Patty Block. Patty and I are talking about something very, very near and dear to the hearts of all entrepreneurs. And that is pricing and the dynamics that go into why you may be undercharging and what you can do going forward. What’s the mindset shifts that you might have to make. What are the realizations that you want to have as you consider pricing for your services and how does that complement the work that you do. And how that might affect the result that your clients ultimately get when they work with you. You’ll really enjoy this conversation and I can’t wait to hear your takeaways. Enjoy.
Patty shares her insights:
- So, let me share a story with you. When I was growing up, my mom used to make these fabulous cookies. The whole house smells good. It was warm. The cookies were gooey kind of makes your mouth water. And, my whole life I watched my mom eat the broken cookies but it wasn’t until I was a teenager that I even thought to ask her – ‘Why do you only eat the broken cookies? Do they taste better?’ And, she laughed and said ‘No, I eat the broken cookies so you can have the whole ones.’And not too long ago, I saw this really shocking statistic 62% of women rely on their business for their primary income and 88% of those businesses bring in less than $100,000 a year. And, all of a sudden, this image of my mom eating the broken cookies popped into my head and that I realized that’s what, we as women, are doing we’re bringing that spirit of self sacrifice into our businesses. And, it’s creating kind of an artificial glass ceiling. There is no glass ceiling in your business. And yet, sometimes we act like there is. And, especially, if we’ve come out of a corporate career, where there is a glass ceiling.
- Sure, and I think, probably, the biggest challenge for me – I’m a planner. So, I want all my ducks in a row. I want everything ticked and tied, before I start something. And, life doesn’t work that way. And, frankly, business doesn’t work that way. And that was a really hard thing for me to let go of. So one of the programs that I took so I have experienced that many, many people have where I took my old approach. Everything has to be planned and ready. And, I built some online courses and then I couldn’t sell them. And didn’t find a way to get people engaged and part, and ultimately realized, I was providing what I thought they needed. Not what they wanted. And, that was a hard pill to swallow because of course I put a huge amount of time and energy and money into building these courses. But I have subsequently learned a better way to do this, which is to start with market research. And it took me some time to trust that process, but it was eye opening.
- So my whole business model shifted in an unexpected way and an unplanned way, based on the feedback and the request from my audience. And, that really got me unstuck. So, I think that being open to that. Not seeing it as a threat market research is not a criticism of you. The information you gather and the feedback you get is a gift. And, seeing it in that way, and then putting it to use and creating things that are not only relevant for my audience but necessary. And, my recognizing this disconnect with why are we creating a glass ceiling in our business and limiting what we can do when that works against us and we have this feast and famine cycle. So, how can we get out of that cycle? How can we really move forward on a consistent basis and that’s how I developed my programs…
Patty Block helps women business owners who are experts in their fields fine-tune their operations and scale their revenue for strategic growth. As their trusted advisor, she brings a unique perspective, having experienced and solved many of the same complex issues women face, as leaders, as moms, daughters and sisters. A few years ago, Patty came across a shocking statistic: 62% of women rely on their businesses for their primary income, yet 88% of these businesses generate less than $100,000 in annual revenue. Her mission is teaching women how to generate more revenue with less stress, by reimagining pricing and selling. Patty raised three fantastic kids, all of whom are business owners and also work in Patty’s company (she essentially raised her own workforce!)
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