Business

The Harvard-backed method for increasing the value of your service—with just your words.

Or... How to write about your business so that you can raise your prices!
(Based on Harvard Business Review research)

So you have a great product. A clever name. Prime customer service (not to be confused with Amazon Prime customer service—has anyone ever had to deal with them? Please no.) 

But you need more cashflow. What can you do to increase the value of your business without changing a single thing about the way you operate?

You change your words. 

How you talk about your business IS your business. Until clients stumble doe-eyed through your front door, all they know about your business is what you tell them. No more. And not a cent less.

What are they learning from the words you slapped on a Weebly site at 3 a.m. while licking Dorito crumbs off your keyboard?

They should be able to understand, within seconds...

    • What you sell (product development)
    • How much it’s worth (pricing & value)
    • Who buys it (customer segmentation)

When your ideal client is slowly twining her mouse cable around her neck in Cubicle 6B, dying for a vacation and reading YOUR website, she’s weighing the perceived value against your asking price.

You have payroll to cover, a mortgage, groceries to buy. Your asking price is only flexible to a certain degree. To win the battle between price and value taking place in Cubicle 6B right now, lowering your price is not the answer. 

But raising the perceived value is the answer.

So what in the name of tequila is perceived value and how do you increase it? 

I’m so glad you asked, friend. Sit down.

 *pats barstool next to me a little too eagerly* 

It’s lesson time. 

An amazing Harvard Business Review article came out in 2016 that—in my humble opinion—should have been on the front page of every newspaper on the planet. 

The argument was: 

What people value in their purchases is not a list of ingredients or features. 

It’s how those features make them feel. But even more importantly, we aren't talking about how they feel about the features.

It’s how they feel about themselves that matters.  

The writers then identified a pyramid of 30 key "Elements of Value" that people love to get from their purchases—things they're willing to pay more money for. Some of the elements are obvious, like quality, saving time, and reducing hassle. Those are the functional elements of value. 

As you climb the pyramid, the elements get more complex—and important. The emotional elements of value include things like reduced anxiety, providing access (private clubs, anyone?), and wellness. 

Taking it a step further? The life-changing elements of value are the ways your clients' lives are transformed by working with you. 

(Hint: this is where your Destination Story gets its power)

All this to say, people don't care about your business. They care about how your business changes them.

All right, lose the righteous indignation. All I’m saying is that everyone is busy. They’re thinking about whether or not the babysitter is judging the contents of their fridge, or whether they’ll be seated next to a single hottie on their next flight. They have jobs, and bills, and family, and friends to think about. 

They simply don’t have time to be worried about your business unless it can help them. 

Here’s an example of this: 

You’re so proud of your 1,157 5-star TripAdvisor reviews. And they’re great for business! But the only reason people actually care about those reviews is that they reduce perceived risk. 

Lots of TripAdvisor reviews make people feel safe, like they’ve made a good purchase (reducing risk) by booking with you. ("If a guy named Noob_3000 can handle this Costa Rican zip line, you better believe I can!”)

One of the world’s top copywriters, Don Miller, argued recently that the more of the Elements of Value you can work into your copy, the higher people will value your product or service.

My recommendation is to work through these Elements like a checklist. Brainstorm ways your business provides these elements to your clients. Then, walk through your website, sales pages, service descriptions, and marketing materials to communicate that.  

I even created a simple worksheet to make it easier.

Important note: you don’t need to use the NAMES of the elements (i.e., “My product reduces risk and provides therapeutic value!”). You simply need to communicate that your product accomplishes these changes for your client. 

The pyramid has four layers, moving from the easiest to provide and communicate (Functional Value) to the most difficult (Social Impact Value).

Most products and services provide several of these elements to customers. They have lots of overlap, so don’t be afraid to layer and combine!

 
Downloaded from HBR.ORG. article by: Eric Almquist, John Senior, and Nicolas Bloch

Downloaded from HBR.ORG. article by: Eric Almquist, John Senior, and Nicolas Bloch

 

Here’s a list with some quick examples of copy that communicates each (or an explanation and link to a brand that does it well).

FUNCTIONAL VALUE

The basic, functional value of your service. (The obvious layer)

For example: You provide an airport shuttle for your guests if requested. Sharing how it saves customers time conveys an element of value in your copy.

Copy: "Don’t spend your travel day at the mercy of a bus schedule! Tell us when your flight is and we’ll schedule a shuttle to get you to Heathrow exactly when you need to be there—no hours at the bus station needed."

Other elements of Functional Value:

  • Informs

  • Sensory Appeal

  • Variety

  • Quality

  • Organizes

  • Integrates

  • Reduces Cost/Saves Money

  • Avoids Hassles

  • Reduces Effort

  • Saves time

  • Simplifies

  • Makes money (If you’re not in B2B, a referral program with cash payouts could be a way to add value here)

  • Reduces risk (hello, travel insurance!)

  • Connects (Think: co-working spaces, networking opportunities)

EMOTIONAL VALUE

Emotional value is SO MUCH MORE IMPORTANT than you think. Many businesses quit after advertising their functional value, but brands that stick know the goods lie in emotional value.

For example, brands that people will fight you over usually have atmospheric levels of Badge Value. Think Supreme. Vivienne Westwood. People spend more on these well-known brands because they recognize that the business values the same things they do, and that sporting Vivienne Westwood clothes advertises their own concern for Vivienne’s causes.

  • Wellness

  • Therapeutic Value

  • Entertains

  • Attractiveness

  • Provides Access

  • Reduces Anxiety 

  • Rewards Me

  • Nostalgia

  • Design/Aesthetic

  • Badge Value

LIFE-CHANGING

Moving to the more complex—but also more rewarding—level, these elements are ways that your service will transform the person’s life not only for the time they’re with you, but long after. If you can convey (and deliver, obviously) even one or two of these well, you’ll be on your way to a Kayla Itsines-worthy fanbase.

Example: Self actualization is a strong value for groups who offer clients the opportunity to do some soul-searching and reach their goals.

Become the best version of yourself. Join us in 2019 for this life-changing silent retreat to discover your deepest desires and goals—and then reach them.

Other life-changing value adds:

  • Motivation

  • Heirloom

  • Affiliation / Belonging

  • Provides Hope

  • Self Actualization

SOCIAL IMPACT

Social impact is the Illuminati Eye of the Harvard value pyramid. It applies when your group supports  a cause or helps people benefit the world around them, particularly in ways that are more difficult to advertise (i.e., NOT doing it for the ‘gram).

Self transcendence:

Ex. We are all part of the movement toward a more just world—or against it. Join our organization today to help us move the needle faster. 

The more elements of value you can convey in your copy, the more people will happily pay for the opportunity to work with you. Work through them, and you may be surprised at how many your business already provides—and all you have to do? Is advertise that.

 
 

Online Resources More Helpful Than Hiring Interns

If you’re like me, you’re a one-woman show. You’re trying to “Do It All” in your business or blog. Doing the writing, the graphics, the tech & the books, all yourself.

Look, nobody is good at everything (And the people who seem to be on Instagram are LYING TWERPS).

Here's some great advice I received once, and still have to remember every single day:

You can do anything you want, but you can’t do everything you want.

Without further ado (my favorite phrase), here are the tools to turn your web browser into a team of interns - minus the office gossip.

Your Graphic Design InternCanva

If you’re trying to use social media to market yourself, you know this already: it’s all about visuals.

You need beautiful, clickable images for Pinterest, Facebook, Instagram, and even Twitter sharing. Who has the time, skills, or money to make dozens of graphics a week?

Enter Canva. The solution to your problems. When they say "Amazingly Simple Graphic Design Software," they mean it. 

To learn more about it, check out this video I made to introduce people to the app.

Your Copywriting/Editing Intern(s): ZenPen.io & The Hemingway App

ZenPen is the simplest way to sit down, get focused, and knock out the first draft of your next sales page or blog post. You just go to the site, add a word target, and click the full screen option to remove all distractions.

"Write drunk, edit sober." -Hemingway

After you knock out that pesky first (and maybe second) draft, hop over to HemingwayApp.com.

This tool highlights hard-to-read sentences, passive voice, overused words, and other bad habits.

I love this app, but I'd love meeting Hemingway more.

Your Office Intern: 17 Hats

I stumbled on 17Hats by mistake, but I didn't realize its power for a while.

When I first started figuring out client work, the toughest thing for me wasn’t “how do I get leads?” even though getting leads is tougher than outrunning a raging bull sometimes. Nope, the scariest, most confusing thing was “Now that I have a lead, What the hell do I do with it?” What do I say? Do I email? Call? 

How many leads have slipped through the cracks because you didn’t know how to take advantage of them?

Fortunately for me, 17Hats answered this whopper of a problem. You create a “workflow” for your sales funnel or service. 17hats adds leads to the funnel automatically when you use their lead capture forms.

Then, 17hats tells you exactly what to do and when to do it, in a repeatable pattern you can use on each new lead! The more you use it & refine your workflows, the more powerful it gets.

This platform does pretty much everything you need in your office. The app also manages:

  •  client relationships
  • time tracking
  • invoices
  • to do lists
  • email templates
  • bookkeeping… the list goes on. 

I haven’t discovered all its great features yet, but I plan to create a video intro to the software soon. Let me know in the comments if you'd like that! Click here to check out a free trial.

Your Social Media Intern: Buffer

When it comes to social media marketing software, you have tons of options.

You could go with Hootsuite, Buffer, Edgar, or Social Sprout, just to name a few.

As for me, I use Buffer.  It’s simple, does what I need, and it’s relatively inexpensive.

You could throw a rock at the web and hit twelve articles comparing SM software, so I'm going to keep it short & simple.

 Top Contenders:

Edgar (the new guy) vs. Buffer (the old hat)

Buffer is simple, efficient, and at $10 a month, quite manageable for me. I get helpful analytics, including my top posts for the month. 

Edgar does the same thing, but with a few added features.  

  • He recycles your best posts and makes sure they don’t go to waste.
  • He incorporates the 5 sharing categories Laura Roeder teaches in Social Brilliant. (BTW, Social Brilliant is amazing.)

The categories help you balance your content to get conversions without being "salesy." 

The only reason I don’t use Edgar is the price. It’s sky-high, and I’m not willing to invest $50 on just social media management every month. 

*Only Hootsuite allows you to check all your streams & notifications in one place. You can read all your twitter notifications, mentions, instagram tags, etc. from their dashboard. It's a handy feature, and could be a game changer for people who hate getting all social.

For me, these tools help me avoid the overwhelmed "I'm all alone" meltdowns (most days), and I love them for it!

If these are helpful to you, I put them together in a PDF with links + extras for you! (You're welcome)

Hope you enjoyed reading this as much as I enjoyed sharing it with you! 

XOXO

Ashton

PS. Do your friends a solid and help them on their way by sharing these. It also helps me stay in business without busy-ness because I've included a few affiliate links.