Overcoming the Broken Cookie Effect

You might assume that you need to keep your prices stable and grow your client base in order to become profitable. But what if the reality is actually the exact opposite, and you’re underestimating your value and increasing your workload?

In this compelling interview, join Meny as he speaks with well-regarded pricing expert and business advisor Patty Block about the way to assess your value, understanding which clients are worth pursuing, how to avoid the awkward silence after you mention your prices, why charging by the hour is often a mistake, how to identify and overcome limiting beliefs, why it’s better to tell a story than to talk about features, and much more.

Transcript

[00:01 – 08:08] Opening Segment

• Patty’s background and experience empowering women business owners

Beating the broken cookie effect
• Pricing is key to success, and understanding your value is essential

• Women tend to undervalue themselves, focus on serving others, and over-deliver

[08:09 – 25:44] Overcoming Fear and Reframing Limiting Beliefs

• Fear of rejection often keeps people from charging enough

• Limiting beliefs can prevent people from building a team and training them

• Value-based pricing is recommended to help understand the value being brought to the buyer

Three types of value: extrinsic, intrinsic, and perceived
• Patty introduces the SNAP System

[25:45 – 42:09] Learn How to Sell with Stories and Build Value

• Don’t wait until someone expresses interest; plan ahead and prepare stories and questions

Ask strategic questions to qualify whether the buyer is a good fit
• Marketing raises visibility, business development builds relationships and sales close deals

• Features and benefits don’t work well; focus on building value with stories

Using business storytelling to differentiate yourself and make sure it is relevant for the buyer

[42:10 – 48:38] Closing Segment

• Stand your ground when it comes to the sales process

• Patty on the rapid four-questions

Show notes

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Guest Bio

Patty Block

Patty Block teaches women business owners who are experts in their fields how to turn up their power to price, sell and run their business on their own terms.
This means fine-tuning their operations and scaling their revenue for strategic growth.
Patty has approached each step in her career with an entrepreneurial spirit: from successfully operating a business as a lobbyist and political consultant, to serving as the Charitable Foundation Director for First Interstate Bank of Texas, to gaining years of experience as Director of Operations at a leading international school.
Her experience comes full-circle with The Block Group, turning roadblocks into building blocks for women-owned businesses.
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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