Warren Buffett put it very simply:
“Price is what you pay. Value is what you get.”
So why a whole article on something so simple? It’s a concept so simple that it is easily over looked and not taken into consideration by ITF Taekwon-Do school owners when interacting with prospective students.
You may not be aware of it, but the value of something dictates every one of your buying decisions far more than price. When you determine that value of something is far more than the price being asked, you usually make the purchase.
Consider what someone lost in the desert for two days would pay for bottle of clean water. They’d hand over everything they’ve got!
Value is entirely subjective and is something that can be created in a conversation. Now you’re not a water salesman and there’s not people walking in from the desert.
But you do offer a way of life that makes an enormous difference for the people who train with you.
The problem is, that when most people inquire about Taekwon-Do classes, all they know is that you have a big empty room where you do punches and kicks, fight and break things. And maybe there’s a few added benefits they don’t know about.
It’s your job to create the value of your Taekwon-Do program with each new member during their intro appointment. That’s the whole purpose of the intro appointment.
There’s going to come a time when you ask the new prospect to commit to your Taekwon-Do program. When that time comes do you want to be asking someone who thinks Taekwon-Do is just another activity for themselves or their kids? Or do you want to ask someone who you’ve just spent 45 minutes getting to know, who has a clear picture of the respect, discipline, confidence, strength and power one gets from Taekwon-Do, has seen it in action and has already begun to create a future of what life would look like training with you?
Not only will the second person be much more likely (if not asking) to enroll in your Taekwon-Do program, they’ll also be much or price resistant to whatever you charge because they are present to the value of the program and the difference they now know training can make in their lives.
Take the time to create value in everything you do. When you can effectively do that, people will want what you’ve got and will be willing to pay for it.
About the Author:
Mr. Karstadt is the founder of 1 TKD Consulting and owns the longest running ITF Taekwon-Do school in Arizona, Karstadt Taekwon-Do in Phoenix, AZ with his father Master David Karstadt. He has been training since 1984, earned his Black Belt at the age of 8 and is currently an internationally renown intstructor teaching the culture, discipline, leadership and business skills of Taekwon-Do in classes and seminars to Instructors around the world. He has been a member of eight U.S. Taekwon-Do Teams and has traveled to 14 different countries competing in Taekwon-Do. He has won numerous medals at the World Championships and in international competition, most notably winning the 2004 World Championships in South Korea with two gold medals and the Men’s Team All Around Trophy. Mr. Karstadt currently resides in uptown Phoenix, Arizona with his wife and three children. Mr. Karstadt can be contacted by e-mail at firstname.lastname@example.org