Are You A Good Technology Company With Great People?
Are you a good technology company with great people and modern technology products and services that will improve your prospects’ business by increasing their revenue, reducing their expense, or both? But despite your best intentions and effort your sales are weak and you’re not getting enough new customers to grow your business? Have you run out of ideas and turned out your sales department and manager at least once, if not several times, in the last few years and very little changed? Why?
Because 90% of businesses are SMB businesses ($1 million-$100 million). This group represents the bulk of pent-up demand for technology. Because of their limited CapEx, most SMBs are Non-Technical Buyers and don’t understand where to strategically apply technology. Because Non-Technical Buyers only know the price of the technology project, and not its value, they purchase technology tactically: low and slow. Neither of which is good for the non-technical buyer or profitable for the technology company because modern technology is a strategy, not a product, and spoils over time.
So how do technology companies attract new customers to grow their companies? How do you get your prospects’ interest, attention and attraction for your goods and services?
A prospect’s motivation to purchase technology is found generally in 3 areas:
- Want: the product or service allows the prospect to exploit advantages in the market
- Need: the product or service allows the prospect to reduce cost or increase efficiencies
- Required: compliance is required to remain in business
But Non-Technical Buyers operate in 3 buying areas and are only slightly aware of the value of technology to improve their business. They are
- Looking: for tactical solutions
- Listening: to leaders
- Learning: interested in strategic impact
Non-Technical Buyers need to know what the technology product or service will do for their business first (your monetized value proposition, or MVP) before they care how your company or products or services are designed.
Your MVP represents the most good you can do for your prospect’s business to increase their revenue, reduce their cost, or both, by implementing your technology products or service to do so. Do you know what your monetized value proposition is?
Your MVP hits all 3 non-technical buyer areas:
- Looking: for tactical solutions, as a tangible expression
- Listening: to leaders; provides leadership insights before engagement
- Learning: interested in strategic impact; has strategic financial impact as its main goal!
Technology companies should not explain how their technology works, but rather show the monetized value proposition of their service or products to their prospects, to grow their company and maximize their value when they sell it.
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“Nothing happens until a sale is made.” Thomas Watson, Sr., President of IBM from 1914 to 1956, coined this expression. He knew what he was talking about. Selling technology in the first half of the twentieth century, before the moon landing in 1969, was not an easy sale to make. Companies then, like many still today, did not understand the transformational power of technology to reshape industry and company fortunes.
What is a “sale” and how is it made? A sale is made when a buyer and seller agree to exchange values. The customer’s value is revenue, but what is your value to the customer? It’s not your price.
New sales are the lifeblood of every business, but not every business knows that yet. Without predictable new sales year over year, no matter how well intended a company’s mission or goals, the company will suffer with limited growth. New sales breathe life into all other company possibilities.
How to attract new customers year over year is the seminal question every business must solve first if it wants to maximize its value proposition and reach its potential.
Technology companies must monetize their value proposition to make more business. A company’s value proposition is the monetized value of its service or product to the customer - “your value.” If you don’t know the monetized value of your value proposition to your prospect, neither does he.
Sales are the problem, sales are the answer, sales are the point. Monetize your value proposition to make more sales and grow your business at scale.
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