Loren Fogelman On Shifting To A Value Based Business Model


Welcome Lauren to the Nice guys on the podcast. Dad thanks so much for having me here, really excited about today's conversation, always happy to have someone that was referred to me directly from not only a client, but a good buddy of mine dominic Rinaldi from from his show a unplug so while that's a you're making a huge leap from mergers and acquisitions to a guy. That's a nice guy is. Is there a big big leap for you and your minders is an easy leap for you to make. My. My place is doing coming from a place of service. If I'm going to be able to serve then, it is an easy leap. Awesome, awesome well. I'm excited to have you here and I. Really Do love the idea of getting away from this dollars per hour. I mean a lot of people are are in a position where they're trading literally their trading, their time for dollars, and I love the value based model, so maybe we talk about that just to start. Can you give me maybe a one Oh one? Oh, one definition to a simple definition of what does a value based model mean when it comes to pricing. When it comes to pricing, Coming from value is actually a whole paradigm shift. It focuses on what the client values regarding your services as opposed what you value when we look at what we value, we usually value our time because we spent a lot of time preparing and getting to this level of professionalism, but that's not what Cryan style you from a crimes point of view, a highest value is what we know, not what we do. Therefore, it's an entire paradigm shift of how you even approach the compensation and Mo new clients excellent answer. Thank you for for providing that, so let's let's take it to the next step then. Then, so talk about this talk about this value based model and how it fits into people's everyday, so I'm an entrepreneur. I have a business. I have a a system that I provide in in my. In my particular case, it's podcast production, so maybe we can either use add or another example that you already have set up instead of me saying. I'm going to charge you two hundred dollars an hour or five hundred bucks an hour. Whatever it is to do coaching for you trading my time for dollars. Do we want what is a value based model? Mean to me if I'm a provider of. Of a service well, a value based motto means that you price the client, not the service, and that's where the paradigm shift comes in is because most entrepreneurs go ahead, and they priced the service what they do, but that's not like I said before what your clients really value most. Stay down your expertise when starting to think about this, you want to really understand. What is it that your clients highly value? What they focusing on is the outcome and the benefits. When we bring it back to what you do, Doug. If you do a podcast service well, the podcast service is the vehicle. It's like going. Going from Los Angeles to was Vegas. You can decide which way you want to go. You can drive a car. You can take a bicycle you could walk. You could fly, and if you fly which airline you WANNA fly on. That is what the podcast is, but what really happens is that getting towards Vegas is a particular experience. It might be getting together with people. It is about being able to get away in a way that is safe and wets may do something that I've been looking forward to then when you think about it with your clients. Why why do you really WanNa have a podcast. To do you know what that outcome benefit is that they're seeking? Oh, absolutely they're either looking to do one of three things that are either looking to build influence, build community or make money. Okay and when they are able to build influence bill community make money. What is the benefit of that? Interesting, okay to become an I think it all relates to being able to provide their services to cater portion of their markets, so it might mean selling more of what they do, but doing it in a in a variety of different ways through through becoming an influencer through community, or through just directly selling the services to people that come on the show, and and this is really the very first step that I teach is understanding who your idea is an understanding and knowing. Knowing the value, you already started to answer the first two of the three components of knowing your ideal crying. The very first one is the primary connecting with value of what is the obvious thing. If you're helping them to be able to build community or be able to expand their reach that means that more people become aware, it is one way of being able to market their services and get out there and get known as opposed remaining a best kept secret the secondary. Secondary thing about your ideal clients with what you offer them. Is that by getting out there? It actually then is going to eventually lead to opportunities that opportunities might be referral partnerships, being able to fill their funnel with new leads coming to them who connect with them, but that this is a way of being able to strengthen their business and be able to get out there and not remain best kept secrets, so that's a secondary benefit, and then there's a hidden benefit and. and. The hidden thing is what is the cost of people not working with you? Doug to get their podcast out there. Are you aware of what that might be? No, I mean it seems like that would be infinite. Possibilities of what the benefit of not working with or with or with the downside of not working with me would be well think about it. They can do themselves, or they can use you. What is the benefit of? If they don't use, you might happen. I always joke around with my clients prospective clients. I say well. You can do this on your own. You just have to go to Google and find the eighty-seven easiest steps to launching a podcast. He's going to want spend that amount of time. Doing that just takes too long to do it and you don't even know that you have the right tools if you're doing it that way. Because that, there might be a lot of costly mistakes that they make, or it could be that it takes longer for them to get found and really build their audience at because they're doing it themselves and they bootstrapping it therefore the very first thing that we covered right now as you start to value, price is knowing ideal client with that. You want to think about three things the main reasons of why. Why they coming to you, the value of having an audience expanded influence community, the secondary part of what is possible because of that now, which is that there may be filling a funnel or leads to other opportunities and referral partnerships as a way to be able to expand their reach, and the hidden chorused the thing of the decision not to work with you is that yes, they might be able to eventually. have a successful podcast, but it's GonNa. Take them longer, and they're gonNA. Make costly mistakes along the way

Coming up next