Strategically setting and meeting the expectations of your life

 In the absence of value any price is too much...and the rhythm of expectations

I'm sure we have all experienced a situation where we paid an exorbitant amount for a product or service and it was WORTH IT!  In contrast, I'm sure we have all likely experienced the opposite, paying what we felt was an overpriced amount or a premium, only to realize that the product or service we experienced was sadly disappointing. 

So what's the difference? 

A great mentor of mine used to remind me very frequently that "In the absence of value any price is too much".  What he meant was the price is somewhat irrelevant if there is no value. or the value doesn't match the price.  Or we can rationalize price based upon value or experience that potentially exceeds our expectations. 

For example, I'm sure we have all gone out to dinner with some good friends and splurged on a nice bottle of wine or an appetizer that had a spendy price tag associated.  Oftentimes in those moments we even know that that bottle of wine we are purchasing for let's say $100 could likely also be purchased at a local wine store for significantly less, maybe $30.  In those moments we are looking for an experience and our determination of the value or worth of that experience will either be in alignment with the price or out of alignment. 

Sometimes we leave that situation after having a great time with friends, in a good atmosphere, maybe we had a friendly or funny waiter who told some jokes or complimented us on our clothes, or good taste in wine and in our minds we say "that was worth it".  It was fun, it was delicious, it added to the overall experience of a good night out with great friends at a cool new restaurant.  Any yet other times we leave feeling a bit disappointed or upset because the experience just didn't meet "our expectations" or what we would deem as a good value.  Oftentimes this is determined when the evening is winding down and the bill comes to the table!  Is it a meh, whatever, no worries bill or an Ouch, what the heck bill! 

So what can we pull from this?  First and foremost as we look at our business, service, product etc. we should be asking a short series of questions.

#1  How is our pricing in relation to our customers' experience or industry standards?  

Do we consider ourselves a premium product or service provider?  Maybe?  And maybe not, that's ok too.  There's nothing wrong with providing a streamlined service, discount service, or more of an affordable option.  Regardless though, we must realize that our pricing must be in alignment with what it is we are aiming to provide and our customers expectations.   Are we selling one t-shirt for $100 made from the softest fabrics, with unique sizing, cool graphics and a 100% satisfaction guarantee?  Or maybe we're selling a 10 pack of plain white t-shirts for $29.99?  The business model is again, irrelevant to whether or not our potential clients and customers will perceive the value. 

#2  Who sets the rhythm of expectations for our product or service? 

In the previous $100 bottle of wine example, we should ask ourselves if the restaurant is aware and does it put steps in place to  make sure that the sale of that bottle and the experience surrounding it also supports the spendy price tag?  Is there a special presentation and corking process with some flare?  Does the waiter know the wine well explaining its expected flavor in detail?  Noting that you should get a hint of coriander on the front, transitioning to a smooth yet full blah, blah, blah, with a finish of blah.  (I'm not a wine guy)   Do they have the ability to make sure it pairs well with the food that's being served?  Do they pour a respectable serving leaving you more to share and come back for?  All of this is in turn subliminally setting expectations for the customer.  When they say expect these flavors and you do they are creating a rhythm of meeting expectations.  

The rhythm is simple and many great businesses do this well for their products and services.

Set expectations, meet expectations.    Set expectations, meet expectations...

Typically where many great businesses, products and services fail is not due to their model, pricing, or tangible deliverables, but rather they fail to set the rhythm and allow their customers to come to the table with their own expectations.  Simply summed up, if you don't set expectations for your customers.  Then you run the risk of letting them set their own expectations upon which you will be judged and having the results just land however they land.  That may work, it may not. 

Additionally we shouldn't just look at our product or service independently.  We should be looking at the total and complete loop for our business.  From the start of our marketing process before ever meeting a client or customer, during the sales interaction and commitment phase, through the totality of the sale, closing and customer experience phase.  And continuing through our service and on to our communication even after the direct interaction in the follow up phase with past clients.  At every step of the process we should be asking ourselves how we are setting the expectations of that phase and meeting that expectation, thus, to create a rhythm that ultimately results in customers receiving value that aligns with their expectations which we have helped create with them.

Upon further reflection I can honestly say this rhythm transcends almost every area of our lives not just in business interactions.  Our relationships with our children, friends and loved ones, our experience of others and their experience of us at any given moment in any given time so often comes down to this same dynamic.  Too often when frustration or irritation rises to the surface I recognize it as a symptom of this dynamic.  

Were there any expectations "intentionally" set by any given party to the situation?  

Did everyone just come to the table with their own expectations?  

Did we unknowingly fail to meet someone else's expectations?

Did we come to the table with unspoken expectations of our own and ultimately get left with something feeling out of alignment?  Feeling under appreciated, mis-understood, or maybe just a little disappointed in the separation gap that lies between our expectations and reality.  

Cheers, 

Keith