Back in the 1970s, a largely ignored and hard-to-sell fish called the Patagonian toothfish kept showing up in the nets of South American fishermen trolling for high market pescatarian delicacies. Rather than discarding the lowly toothfish, a clever seafood wholesaler named Lee Lantz began marketing toothfish as "Chilean sea bass" in the United States. Suddenly sales took off — same fish, same size, same texture, different name.
I bring this up because when you're thinking about your firm's processes and deliverables, the name you use to describe those attributes of your practice may be more important than you think. For instance, when our firm brings on new clients, we don't call it "onboarding." Onboarding sounds like corporate-speak or a form of torture. Instead, we call the process our "Client 360," which implies that we do a full 360-degree review of a new client's situation. We'll cover the technology they need to work best with us, who's going to be on their team and the tools we'll use to get the numbers right.
Naming is also very important when you're creating packaged services and pricing tiers. Many other firms may offer the same thing, but if you create a unique name around your offering, then it helps you stand out. As the old saying goes: "If you name the process, you own the process."
When it comes to naming a process or deliverable, don't try to get too cute with acronyms or alliteration. Make sure it's clear to clients what they're paying for and the benefits they will receive.
For example, some of you may be familiar with Gino Wickman's Entrepreneurial Operating System, a set of tools and concepts that help entrepreneurs achieve their business goals. On the surface, there's nothing new about helping entrepreneurs become more successful. But EOS has created a way for every member of your team to use the same language when discussing your business. For setting your short-term goals, EOS calls the process "90-day rocks." The rocks refer to your organization's most important priorities over the next 90 days and how you're going to achieve them. Every EOS user calls their important weekly meetings "L10s." Everyone at the firm knows what L10s and 90-day rocks are and what their specific responsibilities and deliverables are for each L10 and 90-day rock. And that's one of the reasons EOS has been so successful with thousands of business owners worldwide.
(Note: The author receives no compensation or promotional consideration from products and services mentioned in this article.)
So, next time you and your team get together, take a close look at what you are calling your pricing model and how you bill for your services. When charging clients, do you refer to it as a "fee," a "cost" or an "investment"? The words you choose can make a big difference in how clients perceive your services and the value they're deriving from them.
We all need to be more thoughtful and intentional about the words we choose to describe our offerings. When you do, people will always think Chilean sea bass (not toothfish) when working with you. That's what helps you command premium pricing.
By creating unique, clear and meaningful names for your offerings, you not only set yourself apart from competitors but communicate value more effectively to clients. The right words can turn the ordinary into the extraordinary, making your services as appealing as a gourmet dish on a five-star menu. How are you branding your unique service offering? I'd
