The Power of Value: Discover the secret to unlock your financial destiny in the market place
The Power of Value: Discover the secret to unlock your financial destiny market place
Benjamin S C Ugoji
“Ask yourself what creates value for your customers.”
For any money or profit you need to make in any marketplace, you’ll be paid according to the value of contribution you make to your clients, customers or those in your tribe or constituent as the case may be. It’s a question of meeting the overarching need of the customer in terms of the value you supply to meet their needs, desires, aspirations or demand.
There is the need to consistently ask yourself the value you create for your customer. It’s not what you believe to be the value you’ve created for the customer, but what your customer call value. You need to find out what your clients call value.
“Value is the relative worth, vitality, importance or financial benefit that is assigned by the buyer to the product or service sold.”
“Value is worth”
Your product or service may cost more but that is because it is worth more.
Therefore, you sell on value not on price. The idea here stems from the SIVA model, where you have to think of your product or service in terms of the way your customer measure value.
In the SIVA model, of marketing the 4P’s of marketing namely: product, proposition, price and place are replaces by solution, information, value and access respectively.
In a nutshell:
Solution replaces product
Information replaces proposition
Value replaces proposition
Access replaces place
You simply put yourself in the position of the customer.
This article wil look at the way value impacts your profitability in the marketplace and hence your enhance your financial destiny. It also suggests ways to make you more valuable in the marketplace so as to improve your outlook financially.
The law of income – determines your outcome
The key to unlock how valuable you are in any marketplace depends entirely on you. It depends on your understanding of the laws of income and taking proactive actions to set these laws to work for your benefits as well as other people’s benefit.
The law of income states that:
“You will paid in direct proportion to the value you deliver according to the marketplace.”
Four factors determine your value in the market place and they are as follows:
The supply and demand factors are akin to meeting the needs of the customers with your products or service. The quality has to do with the effectiveness of your solution to meet the needs of the customers. The quantity has to do with the number of customers you affect in the market place.
Of all four attributes thre one with the biggest challenge for most people is the quantity. The quantity factor simply means how much of your value you do actually deliver in the market place.
The key question for you as a person is to ak yourself consistently how you can add more value in your chosen market place to deliver the above four factors in terms of your product or services
Ways to become more valuable – the seed to money and wealth
“Progress always requires change. Growing to the next level always requires changing your mind. You may know it intuitively but you need to make that the idea fundmental to the way you “do” life.”
- John Maxwell, Author and Leadership Expert
What does the above statement mean?
Simply this: If you want to live on a new level you have to think on a new level.
Thinking on a new level will provoke you to think of new ways you can become more valuable in terms of who you’ve become – you identity and destiny. You also need to think about what you can do with this new knowledge and also wahy you can deliver in terms of empowering others using your skillset in your given environment.
People or individual who became wealthy have found ways to take hidden values, ideas, information, systems and organise them in a way that would enable more people to use them. As a result of this value they’ve created for other people they began to create tremendous economic empires.
You can explore ways to be valuable in your chosen marketplace by considering one or more of the following options:
• Having more skills
• More aptitude
• More ability
• More intelligence
• A capacity to do things few people can do
• Think creatively and contribute in a massive scale
If you implement any of the above options in a concrete and realistic manner in terms of the value you bring to the market place in terms of product (s) or services (s) you sell you can earn more than you thought possible.
More by this Author
Each and everyone of us has been given a particular talent or ability. The onus is for us to discover our God given talents and put them to work so as to add value to our lives and other lives.
Everyone experiences fear as one moves out of his/her comfort zone. The ability to makes progress is determined by how we hold fear. This article explains how.
- 8Compare and Contrast -Efficiency and Effectiveness: two sides of a coin differentiated by thought process
This article seeks to point out the difference between efficiency and effectiveness and their implication as managerial tools for enhancing productivity.