Value Realization

Value Realization

If you’re in the elevator with the CFO for thirty seconds, what would you say your value is?

It should be focused on how you helped them generate revenue, save money, or stay out of jail in the case of compliance issues.

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Randy's Tips to Sell More ?? Excerpts from Your Go-To Sales Advisor

Sales: Value Realization

By Larry Irvin

What the Idea Is: Everyone does an ROI and various forms of analysis to show what benefit the customer will receive from the service/company. However, they rarely follow through to see what the actual impact was for the customer. Go back six months to a year later and run those analysis numbers again to see what really happened; most of the time it is better than projected. As Randy always says, if you’re in the elevator with the CFO for thirty seconds, what would you say your value is? It should be focused on how you helped them generate revenue, save money, or stay out of jail in the case of compliance issues.

Why It Is Valuable: This simple action will cement yourself as a partner who supports your customers, because you show the real value they have received. Showing they have greater returns on their investment will set you up for further deals—it builds credibility, trust, and other values that are important to a client.

How It Works: To get all the information you really need, you may want to do some research for the norms of various costs for this company size/industry. Start with having the customer validate the numbers so you can get closer to the actual big picture. Internally, the numbers you put together can be used to justify the investment, which helps you in preparing for the ask from their decision maker. I’ve seen situations where the champion has come out with a promotion based on this process.

The proof is in the numbers; extracting the additional revenue for follow-on value realization helps the customer justify additional spends with the company. Follow up is the big key here. It provides a reason to stay in touch, which drives good customer relationships/service.