Whatever you do in life, it’s important to understand the value of what you do to the world, to the market, and to others.
Marketing icon Mike Dillard describes the three factors that dictate how much money you can make:
1: Competition – The number of people who are also capable of performing any particular job.
2: Education – The amount of specialised skills or training needed to perform the job.
3: Leverage – The number of people around the world which your work benefits.
So, if you apply those three factors to any job or vocation, you can immediately understand why they earn what they earn:
- A global sports champion scores highly in all three, so gets incredibly wealthy
- A brain surgeon scores VERY highly in one and two, but poorly in three, so does well but doesn’t become a multi-millionaire
- A waiter scores poorly in all three, so stays relatively poor
Now, let’s apply the three-factor test to you, as a coach, therapist or trainer:
- Clearly, if you don’t have a unique voice, talent or offering you fail on number 1.
- If your skill-level is poor, that’s number 2 knocked over as well.
- Finally, if you stay rooted in old-school, one-on-one, face-to-face training or coaching, your leverage score is lousy too.
Dillard calls the sum of the three factors your Personal Value Level, or PVL.
What can you do to increase yours?
PS – If you want to talk about increasing your Personal Value Level, you can grab one of two remaining FREE personal coaching calls with me before Christmas. We can be frank about what’s holding you back, and see if there’s any easy wins that’ll turn things around in 2018.