How to Raise Your Value in The Marketplace
Your value in the marketplace is what determines what gets to you in terms of customers/clients and revenues. In business, value is the basis for exchange. You are being patronized because of the value you create for your customers/clients by the quality of work you deliver and this in turn, raises your own value.
I’ll be pointing out to you in this post how you can raise your value in the marketplace so as to be in a vantage point to attracting customers/clients. This I will do by also including brief case studies of professional sportsmen and successful business owners in a bid to buttress and drive home my points.
These excellent and high-achieving set of people’s value in the Marketplace is evident in their deep pockets and high purchasing power not to talk of fame, popularity they become entitled to and the impact and impressions they’re making on a lot of people both young and old and their personal fulfilment and achievements.
There has to be some principles they’ve learned, mastered and applying. It’s a good thing for us as well to learn and apply same principles depending on our different and specific definition of success, dreams, goals and aspirations.
1. They set goals, plan and work toward its achievement: They are go-getters.
It has already turned a cliché for people to say they set goals, make plans and work towards its achievement when in reality most do not know why they’re doing it but just because they see others doing it or because they were told to do so. This does not exclude even some business owners and corporate bodies.
An article on Inc explains why 92% of people don’t achieve goals even on things most people do year in year out: New Year Goals (It also shares insights on how to achieve set goals).
Only a little percentage of individuals, business owners and corporate organizations that set goals eventually achieve the goals they set. This is because talk is cheap and planning is powerless if there’s no conscious and deliberate willingness to take prompt actions in executing the right plans.
Setting targets and goals can only be effective when you understand the “why” and the purpose of the goals you set. This will lead you to the “what” part of the goals which prepares you for the “how” part of the process, which is the execution stage.
Professional athletes that have and nurture the goal of being Olympic medalists don’t just stop at the goal-setting stage. They come up with practical and workable plans together with their coaches and they break down the plans into a daily routine for at least the next four years during which they become fully committed their regimen.
They train to become Olympians not just by setting the goals but also by planning and staying fully committed to the right training, series of training re-adjustments and being consistent with their routines.
Likewise, if you read biographies and autobiographies of successful business owners and CEOs, you’ll notice a pattern. They are all fully committed to the three stages involved in any successful endeavours either in business or personal lives:
i. Clarity of goals/purpose.
ii. Proper and informed planning and guided decisions that comes from understanding their goals and
iii. A daily, weekly, monthly, quarterly, yearly and lifetime commitment to the execution of ideas and plans.
Case study 1: Athlete: Usain Bolt
Usain Bolt is an interesting man and a delight to watch on the pitch as he strides and glides past his opponents like a bolt of lightning as his name suggests. Bolt’s success gladdens the heart of his fans around the world and he’s become a great source of inspiration for youngsters and would-be professional athletes.
Despite the fact that he has retired, he’s still the fastest man ever lived that has been timed. It is worthy to note that such an amazing achievement can’t be attained by wishful thinking not backed with decisive, continuous and deliberate actions. A typical day in his life; his daily regimen and structure on its own is exhausting and he had no choice if he wanted to stay relevant and on top of his game.
That goes beyond just setting goals. He was constantly putting in the work required. He was consistent and never gave up even when he had temporary failures along the way in his career.
This is a man that at a time suffered from Achilles tendon and curvature of the spine injuries but that didn’t deter him from getting back into play after the injury treatment and came back to win more golds and broke even more world records. He literarily looked his numerous challenges in the eyes and overcame.
It paid off for him financially as well because of his raised and increasing value over the years in the athletic world. According to Celebrity Net Worth, he’s worth around $60 million mainly from endorsement with big brands and prize money.
Case study 2: Business Owner/CEO: Sir Richard Branson
For someone like Sir Richard Branson, hard work and prompt execution of ideas has become synonymous with living. It has become a lifestyle for him and this makes him thrive in areas most people dare not venture into.
This is a man that has developed more than a hundred brands and still counting. In the process of taking charge of things and not taking the word “NO” for an answer. He was ready and willing to challenge the status quo and do what other people have not done at the expense of being laughed at or even resulting in failure.
One thing he did that really struck me was when he changed the way banking is being run when he started Virgin Money in Britain where branches look like living rooms with beautiful furniture in a serene and comfortable environment. With this, the bank was able to get rid of lines and teller windows and every customer attended to like a royalty.
Until he did that nobody had ever thought of banking in that manner. The better he executed the business ideas he had, the better ideas he had.
Because of time and space, I would like for you to read on some of his exploits in the business world and important advice he gave on starting a business, running a business, managing a business, hiring for business amongst other valuable lessons from him. You can get it here.
Despite having suffered from dyslexia at an early stage of his life, he allowed nothing to hold him back. You don’t have any genuine or valid excuses for not putting in your all and making a success of yourself. Where there’s a will, there’s a way.
It paid off for him in many ways than I can count and as at the last time I checked, he’s one of the richest men Britain and the last time I checked according to Celebrity Net Worth, he’s worth about $5.1 billion, owns a private luxury island.
In working towards achieving any worthwhile goal, the execution brings back a feedback that allows you to if need be, re-target, tweak and make adjustments that will help align your actions and set you on the right course to putting together all the elements required to fulfil your goals.
Professional sportsmen and successful owners understand this and do not shy away from testing and retesting as much as they need to in reaching their goals which is an important factor responsible for the successes they enjoy.
Once they realize a plan or system is not working, they’re humble and experienced enough to admit and go back to the drawing board to make the necessary adjustments.
Your success in any endeavour is directly related to the quality and timeliness of your deliberate actions and the ability to recognize and differentiate between what’s working and what’s not.
2. They keep learning, practising and getting better at what they do
Almost all the professional Sportsmen and successful Business owners I know or have read about have one thing in common: They cultivate and maintain early in life a lifelong habit of personal/self-development.
To be successful at anything in this age, you have to be constantly and continuously learning because business strategies and methods changes almost on a daily or weekly basis. There is always an invention or a new way of doing things as a result of people researching and finding new ways to simplify things, trying to change their communities or the world and using this to generate wealth so to speak.
An article on Forbes I came by in the course of my research for this topic has some excellent views on learning. It talks about the “skill of learning how to learn” amongst other things. This is an extract of what the contributor wrote that struck me and I quote
“Now change is driving an opportunity society, where the next step is undefined, and entrepreneurs are in the forefront of the wave of people whose best skill is learning how to learn ”
More than ever before, there’s a need for capacity building if you want to stay relevant and thrive in the business world of today. If you fail to do this, you’re falling behind.
Out of all the definitions of capacity building I have come across, that of Wikipediacaptures the meaning in a powerful and concise manner and I quote
“Community capacity building is defined as the “process of developing and strengthening the skills, instincts, abilities, processes and resources that organizations and communities need to survive, adapt, and thrive in the fast-changing world.”
Keeping up with the change is a survival skill that needs to be developed and mastered in this era bearing in mind that the actual learning is doing, practising and more doing. Learning requires action and should not just stop at reading.
Case study 3: Tennis player: Serena Williams
The tennis player born Serena Jameka Williams is arguably the best female tennis player in the world. Her achievements in life and sports really shows how success can be attained through tenacity, hard work and guts.
Hers is a typical story of starting little to becoming great with practice and hard-work. She has broken and set many records in the history of tennis. She had been world №1 female tennis player for 319 weeks. Even at those times, she lost titles to competitors, she never lost her focus but rather fuelled her thirst for more wins and titles.
Her achievement in sports can be traced to the power of consistent growth and it always involves deliberate actions. For someone that started her tennis training very early in life at 4 years old together with her sister and coached by their father, she worked her way from the ground up with sheer hard-work, discipline and resolve.
The following statement is credited to her: “I feel like I have a desire to be better than ever. I am never, ever, satisfied. I always want to do more, be more, reach a new level. Not just in tennis but in everything I do.”
Truth be told, it is quite unbelievable what she has done in tennis. She won her first major at seventeen, and again won at the age of 33? That’s over a 16 year period! seriously that kind of longevity in tennis is very rare and probably has never happened.
By reason of her increasing value in the tennis world over the years, she has been financially rewarded handsomely largely from on-court earnings and endorsements. According to Celebrity Net Worth, she is worth around $180 million.
Case study 4: Businessman: Bill Gates
Bill Gates no more needs an introduction to most people in the world today as he is the richest man on the plane. Most of his admirers and critics probably never know of his hard-work or enormous daily workload because it can only be imagined.
He founded Microsoft, the world’s largest software company together with his college friend Paul Allen and built it up to a powerhouse in the computer world. According to Net Market Share as at 2014, over 90% of the computers in the world operates on Windows. It’s being used by 1.5 billion people and Microsoft Office used by 1.2 billion people according to MSFT.
One recurring factor in the lives of successful people is their gumption even when things become difficult in their journey and it looks like they won’t survive it. What makes the difference is how they react to challenges. They are wise and experienced enough to know that it’s a passing phase.
From his early days of writing codes for BASIC software program that would later run on the Altair computer to creating Windows, Softwares, Gaming Console and all other branches of his company, he kept working at getting better and increasing value for both himself and Microsoft.
This Biography here does more justice to his challenges, exploits and achievements in the business world.
According to Celebrity Net Worth, Bill Gates is worth around $90 billion. He was said to have collected over $10 billion in dividends since the company’s IPO in 1986. The higher the value of his products and services, the higher his personal value and that has significantly paid off.