You Are Describing Your Product or Service, Not Its Value
If asked by prospects, “How does your product or service improve my business?” and you answer by describing how your product or service is superior in function or architecture, you are losing the opportunity to convert your prospect to a customer. Why? Because you are describing your product or service and not its value.
The first rule of service marketing is that the core of service marketing is the value of the service itself.
Prospects want to know what the product or service will do directly for their business (your monetized value proposition), not how your products or services are made or designed.
If you want to sell more technology, drop the tech talk and monetize your value proposition. Once your prospects are interested in the value of your product and service, then questions about reliability are important, but not before.
Prospects don’t buy on reliability; that’s a consideration, they buy on value. What is the value of your value proposition to your prospect’s need? Do you know? Why should you care? Because your value proposition has a quantifiable value to your prospect’s “need.” Quantifying the value of your product or service to meet your prospect’s need creates interest in their mind to realize that value for themselves. That interest changes the buying dynamic from “pushing” information to prospects, to your prospects “pulling” information to learn more about your value proposition, product or service, and your company.
Monetizing your value proposition also differentiates you from perceived competitors without a demonstrable monetized value proposition.
Monetize your value proposition to grow your business and don’t waste your time talking tech first; your prospects don’t care – yet.
“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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