
#82 John Ray - Price for Value, Not for Fairness
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John Ray discusses his book "The Generosity Mindset" and insights on pricing strategies for small business owners.
Key Takeaways
- Clients often see more value in services than business owners realize; understanding this client-perceived value is key to effective pricing
- Asking probing questions about client motivations and outcomes helps uncover true value and informs pricing strategy
- Offering tiered pricing options (good/better/best) allows clients to choose their preferred level of service and often leads to selecting the middle option
- Charging based on value and creating win-win transactions is ethical and necessary for business sustainability, even for faith-driven entrepreneurs
Topics
John Ray's Background and Expertise
- Business advisor/consultant/coach specializing in pricing strategies, particularly for service-based businesses
- Host of North Fulton Business Radio podcast (850+ episodes)
- Author of "The Generosity Mindset" about pricing journey and helping others improve pricing
Understanding Client-Perceived Value
- Clients often see intangible value beyond the core service (e.g. pride in well-lit business, enhanced branding)
- Example: Garage door repair valued for "domestic tranquility," not just fixing the door
- Ask probing questions to uncover true client motivations and perceived value
- Look for clients who give unprompted positive reviews or want to buy additional services
Pricing Strategies
- Have "value conversations" to understand outcomes clients truly value
- Offer tiered pricing options (good/better/best model) - most choose the middle option
- Consider differentiating based on timing, who does the work, etc.
- Avoid underpricing or offering "too good to be true" prices that may deter clients
Ethical Considerations in Pricing
- Charging based on value allows businesses to be sustainable and continue serving clients
- Faith-driven entrepreneurs shouldn't feel obligated to undercharge or give everything away
- Example: Chick-fil-A charges premium prices but delivers value and gives generously
Improving Client Selection
- Be more selective about clients as you grow; don't take everyone who comes in the door
- Focus on best-fit clients who value your services most
- Consider serving fewer clients at higher prices for increased profitability
Next Steps
- Read John Ray's book "The Generosity Mindset" for more in-depth pricing insights
- Evaluate your current pricing strategy and client base
- Implement value conversations and tiered pricing options in your business
- Follow John Ray on LinkedIn (JohnRay1) for ongoing pricing and value commentary
- Visit johnray.co or email john@johnray.co for more information
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