Monetize Your Value Proposition
to Grow Your Business
I have been selling tomorrow’s technology today for over 30 years. The key thing I’ve learned in marketing and selling technology is that technology solution companies must personally monetize their value proposition (their MVP) to each prospect’s unique condition in order to close more business.
A prospect’s motivation to purchase is generally found in three 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
Most technology is marketed as a “want” because its implementation gives companies a differentiated advantage in the market. However, most technology buyers are non-technical buyers and as such are unaware of the total value of the technology to improve their business. This effect makes selling technology a long and drawn-out education process for both the buyer and seller, with no way to “motivate” the buyer because the central value of the service is unclear or left undiscovered by the buyer.
This unproductive selling dynamic is the main reason technology companies suffer with poor sales, even with superior technology services.
Most technology companies market to accuracy, trust and professionalism, describing their product or service. This is simply because most technology companies are unsure of the customer’s condition and only know the value of their own company, not the value of their service to their prospect.
Instead, by creating a monetized value (MVP) of your service for your prospect, you give them a personal value that motivates them to buy and it differentiates your company by focusing on the buyer’s unique condition, not on the price of the service. It shifts the conversation from “how much does it cost”, to “how much more can I make?” Prospects will consider the monetized value first and the cost second.
Because people are naturally curious about that which interests them, by creating a specific-to-the-buyer monetized value, you create a paradigm shift from pushing information to prospects who didn’t ask for your information (or probably read or understand it), to prospects pulling information from you based on their MVP. That creates a unique selling opportunity for a meeting to discuss their results and discuss your services and company. The MVP also merchandizes your company through though leadership, samples, examples, and leading concepts that create a trusted adviser/leadership dynamic that your prospects will rely on and come back to in the future.
To close more customers, monetize your value proposition and your results will be more business, more often, to do the most good.
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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.
#tseanteague #resourcedomain #informationeverywhereaccessanywhere