Compare the following exchanges:
Scenario One:
“If you use our product, you’ll save time and money…!” offers the vendor rep.
“Blah blah blah blah blah blah blah…” thinks the prospect.
Scenario Two:
“If you use our product, you’ll save time and money…!” says the sales rep.
“That isn’t particular compelling,” thinks the prospect, “we’ll revisit this project next year…”
Scenario Three:
“Industry averages show savings of a half a million dollars a year…!” declares the rep.
“But we’re not ‘industry average,’” thinks the prospect, “we’re not even the same size as the average company in our space.”
Scenario Four:
“Other customers in the same space, similar to you, enjoyed savings of $400,000 per year,” offers the vendor rep.
“Well, that’s better,” thinks the prospect, “that’s a good datapoint, but I need our own, specific numbers to get this project approved!”
Scenario Five:
“When we spoke last week, I believe you said you hope to recover $275,000 annually as a result of addressing your problem,” says the vendor.
“That’s right,” replies the prospect, “that’s the kind of change I need to meet my objectives.”
Which approach is more compelling?
In the first case, the vendor sounds like they are reciting from a marketing brochure, and it clearly doesn’t connect with the prospect (sorry, marketing folks…!).
In the second scenario, the rep has offered the same unhelpful value statement, unintentionally contributing to a No Decision outcome!
The third case shows some improvement, but value numbers from Gartner and other industry analysts are still insufficient to support prospects’ needs to build compelling business cases.
The fourth scenario is even better, and can be helpful for the prospect, but it still lacks the required specifics for prospects’ business cases.
In the fifth scenario, the rep had done sufficient discovery to uncover the prospect’s perception of the value of the solution, and the deal is moving forward nicely!
Want a few more insights? See “Let’s Talk About Value – Uncovering the Delta”
Or really invest in yourself by “Doing Discovery”!