Do you get paid for what you are worth or what others deem worthy?
By Maribeth Kuzmeski, MBA, President of Red Zone Marketing, Inc.
I have nothing against rap music, in fact I listen to it often because my kids (now young adults) play every type of music that exists. I believe the reason some rappers get paid a lot more than classical musicians has nothing to do with their musical gifts, however. The classical musician’s talent and expertise may be more complex, but their skills are less coveted because the music they produce (although incredibly beautiful) is less desired by the masses.
The same theory applies to a businessperson. If you have a great deal of talent, intelligence, and ideas that you deliver to the world, you should be paid for that! But incredible talent does not necessarily mean that many will buy. In your business, are you giving people a unique delivery of what you have in a way that they want it?
I heard a very smart insurance executive say, “Price is only important in the absence of value.” True! We will pay and pay for that which we desire or derive great value from. But in order to continue delivering this great value, it requires a constant checking in to see if what is being offered is still valuable to current and potential buyers. In this fast changing business world, we need to innovate faster and more efficiently than ever. What will your target market pay for today? Will they pay for it tomorrow? Would you pay for it?