The Most Important Takeaway from How to Price & Advisory Practice: Test, Learn, & Refine
Two weeks ago, we officially concluded the first round of How to Price from our Small Business MBA. Personally, I had many learnings about our positioning of the class and the specific parts of it that were really enlightening to those taking it (it’s never exactly how I predict it’ll be)! In the coming months, we’ll roll out more of those specifics. But today, I’d like to talk about its simple (but not easy) most important takeaway: test, learn, & refine.
This is a theme that’s been popping up over and over again in our Advisory Practice too, as of late. We all need a refresher on this right now, myself included. And here’s the most important thing about test, learn, and refine. We can’t do it from behind a computer or phone screen. We have to get into the world and do it in real life.
When people have finished our pricing class or are working with us 1-1, I always say: “The stuff that we do in the ‘classroom’ isn’t actually what matters at all.” (I’m exaggerating a little bit, but I mean the sentiment of it). Although the number-crunching, analyzing, and coming up with a plan, is a lot of work, it’s actually the easy part compared to practicing it “outside the classroom” in the real world. Hitting the go button to test, learn, and refine.
I learned this concept from one of my male sponsors 10 years ago. It means: do the research, design the strategy, stress/risk-test it from many angles. And then, implement. BUT know that it’s not going to work perfectly in the way that you designed it. Have a plan… and a backup plan… and another backup plan… And then watch, listen, and respond to the realities of your market.
As Speaker Lab says
Process = Success.
Consistency = Secret Sauce.
So to do this well, we have to get up close and personal with those we’re trying to reach. But we have to be careful, as this doesn’t mean: listen to everyone. We want responses from our precise target market (who may be different than they were in the past, especially if we’ve evolved our business).
If we’re testing a change, there should be rejections, questions, and feedback from our most astute customers, partners, and colleagues. These are the key to becoming our next best versions.
And if you’re someone who’s been hanging around for awhile, you know what I’m going to say : ) You must engage deeply. Pick up the phone. Ask open-ended and thoughtful questions. The willingness to learn, unlearn, and relearn is where growth lies. But most of the time, solid feedback doesn’t present itself as unsolicited advice. If you really want it, you have to open the door and invite it in.
