Thank you for joining me for day two on our 35 day journey! Before we jump into our topic for today, I want to share a humbling and empowering experience with you. After completing the post from yesterday I followed the same traffic formula I teach my clients and distributed my post through my social network and web platform, when I returned to my computer after dinner I discovered the following Twitter message from Yanik Silver the creator of “Maverick Business Insiders”
“Pretty cool watch @AskJamesHolmes ‘live’ the 34 Maverick rules day-by-day http://budurl.com/vben”
Obviously this message made my night and it was very affirming. I wanted to publicly thank Yanik Silver for taking the time to acknowledge my commitment to teaching the “34 Rules for Maverick Entrepreneurs,” and his simple act demonstrated his authenticity by practicing Maverick Rule #17 – we will get to that rule in a couple of weeks.
Maverick Entrepreneur Rule #2:
“Strive to create 10 times to 100 times in value for any price you charge. Your rewards are always proportionate to the value you provide.”
Today we will explore a rule associated with a natural law in business that when followed can create significant business growth and substantial wealth as it relates directly to your financial results. If you consistently apply the law that states “your compensation is tied directly to the value you provide” you will be greatly rewarded.
Several years ago I was actively building a mortgage banking business and decided I wanted to serve the mid and high end market in Denver, Colorado. I knew that in many ways my clients would be more demanding, however, with their demands came an understanding that they also would recognize value and would be willing to pay a premium to get exactly what they wanted. I knew that if I could provide them with a Ritz Carlton or Nordstrom customer experience; I would be able to earn more on every transaction and make my business “competition proof” from low cost leaders in my market.
Let’s take a closer look at how Ritz Carlton and Nordstrom create value and therefore earn the right to charge a premium to be handsomely rewarded.
Case Study 1: Ritz Carlton
THEIR CREDO
The Ritz-Carlton Hotel is a place where the genuine care and comfort of our guests is our highest mission.
We pledge to provide the finest personal service and facilities for our guests who will always enjoy a warm, relaxed, yet refined ambiance.
The Ritz-Carlton experience enlivens the senses, instills well-being, and fulfills even the unexpressed wishes and needs of our guests.
THEIR MOTTO
At The Ritz-Carlton Hotel Company, L.L.C., “We are ladies and gentlemen serving ladies and gentlemen.” This motto exemplifies the anticipatory service provided by all staff members.
I have personally experienced the dedication to provide an extraordinary level of service and the multiplied value The Ritz creates by consistently following their credo and motto. I can share with you several personal experiences I have had with the staff at the Ritz Carlton Bachelor Gulch Resort in Beaver Creek, Colorado. The moment you walk through the front door you recognize that you are experiencing a transformational experience far beyond what you might be expecting. Notice that the focus is on the customer experience and commitments being made by The Ritz to exceed the expectations of their guest. Although I have never seen their pocket cards first hand, I am told every employee carries a little card in their pocket emblazoned with The Ritz Carlton Credo as a reminder of the value they are to provide to their guest.
Case Study 2: Nordstrom
THEIR MISSION STATEMENT
At Nordstrom, we value the richness that diversity brings to our workforce – it makes our Company better and the communities we serve stronger.
THEIR DIVERSITY MISSION STATEMENT
**Here is an example of Nordstrom adding multiplied value to their community
To maintain a workforce that represents many backgrounds, while remaining deeply committed to cultivating an environment where the contributions of every employee, customer and vendor are valued and respected.
I was once on a trip and received an invitation to a formal event and hadn’t packed appropriate clothes for such an event. I immediately looked for a Nordstrom – why? Because I knew that a Nordstrom salesperson would take personal responsibility to help me select a suit, shirt, tie and shoes, then make all of the arrangements to have my new suit tailored and have everything for me to pick up within a few hours. Nordstrom had earned my trust because I knew their desire was to create greater value as part of their culture and they do this consistently.
Action plan for Maverick Entrepreneur Rule #2:
1. If you do not own a copy of Yanik Silver’s “Maverick Business Insider” introduction package click here: Yanik Silver’s Give Away to obtain all of the details and claim your free package including all of the contents pictured in this post: Introduction of The BIG Idea
2. Find a quiet place where you will not be interrupted so that you can evaluate each product or service that you offer and consider strategies that can be acted upon immediately to leverage your value 10 times to 100 times more than you charge your customers.
3. If you are having difficulty determining how to multiply value in your specific business keep in mind that it isn’t just a money question. Value can be provided in time savings, convenience, emotion, experiential, and by many other methods. Unleash your creativity!
4. Enlist partners to create added value for your clients and other relationships – JV partners, highest quality vendors, added services provided by others bundled with your services, etc.
5. After you have watched the video, listened to the audios, read the book and other material in your package share this information with others in your circle and network of influence. As stated, you want to surround yourself with like minded people and introduce others to the knowledge you gain on your journey.
As you begin to act on the principles contained in this material you will find that the people, resources and opportunities required to manifest your dreams will begin to attract to you. The relationships, clients and partners needed to live a BIG life will emerge and you will be in a position to establish new and larger goals. The Maverick Business Insider philosophy is for anyone with a desire to make more money, have more fun and give more back.
In my next post: We will explore why you MUST charge a premium price!
(c) Copyright 2008 James A. Holmes. All Rights Reserved.
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James Holmes, Global Team Builder, Coach and Trainer, combining online and offline techniques to help you grow your business. To request a free 30 minute consultation contact James by phone at 303-523-9503 or email at james@AskJamesHolmes.com
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