Adding value to set yourself apart from crowd

by Ashvini on October 8, 2013 · 4 comments

in Business,Leadership

Value is an idea in the mind of customer. A site like Fiverr.com is the place if you want things to be done at $5. Nothing is off limits, that cannot be done in the lowest cost, from technical help to creating a video.

It looks like a race to the bottom because an ever increasing number of people are joining as freelancers and are ready to offer their services at lowest prices ever. As a professional it is really very hard to compete in a crowded market.

In IT space ( since I worked in that industry), a new skill is difficult to acquire. Once done, it fetches a premium till everyone sees the potential . There is then a golden rush for acquiring that skill which increases the supply of professionals. In the end, the price of skill goes down, often leaving the person who took the risk first in lurch.

However I have seen quite the opposite. A person who takes a risk and acquires a skill, often stands to gain the most in the crowded market . The experience of working with the skill for a long time gives a person unmatched value. There are a thousand of project management professionals but hardly a very few who can deliver the best of project management.

The world is going to get more competitive. But It is hardly a thing to be scared about. The benefit of this phenomenon is that many things for which you did not have time or skills  can be done at much cheaper cost and at a faster pace.

However the quality work will still command a premium. The kind of value that you provide your customer will determine if you stand out from the crowd. The skill pyramid will always have more people at the bottom and middle. The cream is at the top but to be there, one needs to be the best in what they do .

You will be valued based on what your customers think about you. Your responsiveness to their problems will determine, how much you mean to them. If they express regret that they cannot pay to hire you, it “may” mean that given a chance, they would love to hire you.  That would be like getting a stamp of approval and your movement away from the crowd.

Sure you may lose out a project or few but you can always get back in game by delivering quality that legions of similar skilled professionals can not do.  You will need to constantly move up the value chain for that to happen.

 

“Image courtesy of [jscreationzs] / FreeDigitalPhotos.net

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{ 4 comments }

Lisa November 3, 2013 at 2:21 am

Ashvini, this reminds me of the quote “You get what you pay for…” I have used Fivver and was happy until one day I realized all my broken links went to home page instead of the posts they matched up to. I’ve since cleaned it up and learned a little lesson. One that we all seem to learn over and over again until it hits us. Great topic. We do get what we pay for.

Daria Steigman October 9, 2013 at 12:54 am

Hi Ashvini,

Agreed: quality work will always command a premium. It’s always fascinating that people are so afraid to overprice their products/services that they tend to under-value themselves instead. Would you rather do 20 jobs at $5 or 1 job at $100?

I learned a long time ago that you can’t devalue your expertise and still expect to be seen as an expert.

Ashvini Kumar Saxena October 23, 2013 at 8:15 pm

Hi Daria,

I loved this comment. Overpricing or actually asking for value for your product is good in my opinion. I completely agree with you and I feel good about the idea.
Better expertise is not easy to get and one should never underprice themselves.

Thanks for your insights as always :)

Jeevanjacobjohn October 9, 2013 at 12:47 am

Hey Ashvini,

Quality is always the deciding factor, right? It sets up apart form others (well, it should. The quality of services and the quality of the experience we provide to the customer).

You are right about competition. It is getting more competitive, but there is no purpose in being afraid of the competition. Instead, take it us a challenge. Develop new skills (while sharpening the existing ones), identify what the market demands and deliver it!

Our value will set us apart. And it only takes a few loyal customer to grow into a large business.

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