Discovering the Meaning of Pay What It’s Worth Pricing
An Exciting Concept
I learned about the concept of Pay What It’s Worth pricing as a result of an email from a reader, Jay Cowan. He recommended I check out the book called Secrets of the Wealthy Mind, as it discussed the concept of Innerpreneurs.
At the time (2009), there was only one book I knew that mentioned and identified Innerpreneurs as a group, and so I was fascinated.
Jay also mentioned that the author, Phillip Dignan, had “an interesting way of selling it”, referring to pricing system he used to sell the book — he let his customers decide what they paid for it.
It was the first time I had ever heard of someone doing such a crazy thing, and I was intrigued.
I read Secrets of the Wealthy Mind in one day, and it blew my mind. Dignan’s perspective on economic theory and pricing systems turned something on in me, and it helped expanded my mind to see that I’d been following a lot of economic rules that I didn’t believe in.
It supported me in seeing there were alternative models for pricing that would honour my values, ensure the integrity of my client relationships, and create greater possibilities for my own wealth creation.
An Exploration of Worth
During my time exploring Pay What It’s Worth pricing it has come to mean:
- Allowing my customers to determine the true value they place on what they have received.
- Not limiting my wealth potential by setting boundaries on the value placed on my service to others.
- Doing my best on behalf of my client, and trusting that my client with do their best on behalf of me.
- Creating business relationships built on integrity and trust.
- Accepting that my clients can value my work more, and less, than I do.
- Challenging faulty economic assumptions. Economic theory is based on the assumption of scarcity – why is that?
- Unmarketing. Not everybody is comfortable with the responsibility of consciously placing a monetary value on the service they are receiving. And they aren’t the right clients for me.
- An opportunity to increase my awareness on how I, and others in my world, give and receive money.
- An exploration of my self-worth, and true earning potential.
photo credit: gfhughes