Why Creating and Adding Value is the Key to Success
I had the great pleasure of hosting a blab session this past week with @Darcy Schuller and @Bob Burg, author of the internationally acclaimed book “The Go Giver”. You can catch that blab here.
The focus of our blab was “Adding Value to the Customer Experience”. When Darcy and I planned this blab I couldn’t think of anyone better to speak on this topic than Bob Burg. If you’ve read “The Go Giver” you know why. If not, stop what you are doing and buy the book now. You can read it in 2 hours and it will change you.
The theme of the book is that giving more than we receive, touching as many lives as we can, and putting others’ interests ahead of our own are the key to success, prosperity and happiness. In all there are 5 Laws of Stratospheric Success, but the law I’d like to focus on in this post is the foundational law as Bob puts it — The Law of Value.
The Law of Value states “your true worth is determined by much more you give in value than you take in payment”. Most people hear that and assume it’s a recipe for bankruptcy — which is the farthest thing from the truth. The law simply means you must always create, add and give more value than you take in payment. The money will follow as long as your intentions are always in the right place. As Bob states — money is an echo of value; it is the thunder to value’s lightning.
Think of it this way — the 1st question most of us might ask when incubating a new business idea or strategy is “Does it make money?” That’s a totally legit question to ask, but it’s the wrong question. As we learn in “The Go Giver” the 1st questions should be “Does it Serve? Does it add value to others?” Once we answer those questions then we can worry about the money — which will always follow if you are truly creating and adding value.
I’ve written and spoken about this idea of adding value a lot lately. I do so because I’m incredibly passionate about it and believe it’s a key factor in my success as a business development professional. My team and I at Rider Dickerson always give more in value to our clients than what they pay. The number on that estimate is just the price of entry to do business with us. The experience that comes once clients engage with us far exceeds any dollar figure on an estimate. We add value and make their lives easier when they work with us. Every time!
Early on in “The Go Giver” the central character, Joe, is talking with Ernesto Iafrate, the mega successful restaurant owner and real estate mogul. They are dining in Ernesto’s restaurant and Ernesto says to Joe “there are a half a dozen other places within 3 blocks with food just as wonderful as ours. Still, even on their best nights they’re lucky to have half the clientele that comes here. Why is that, do you think?”
Ernesto goes on to explain that a bad restaurant tries to give just enough food and service both in quantity and quality to justify the money it takes from the customer. A good restaurant strives to give the most quantity and quality for the money it takes. But a great restaurant strives to defy imagination. Its goal is to provide a higher quality of food and service than any amount of money could pay for.
And that right there folks sums it up. We’ve all experienced that type of dining experience when we would have paid double what the final bill was. And we’ve also been annoyed beyond belief with a dining experience that wasn’t worth half the bill. The question for you is which restaurant does your business or customer service experience emulate? Are you creating an unforgettable experience for your clients so that they come back time and time again and refer you to others? Or are you doing just enough to justify what you charge. Do your clients hold you as the gold standard and compare their experiences with your competitors against you? If not, you’re not providing the value you should be.
It comes down to a shift in mindset. Give more than you take. When you commit to this mindset good things will follow — in all areas of your life — not just business. Give it a try and let me know if you notice changes in your life and your business. I know you will.