I am working with an exciting mobile tech and analytics company, they really have a snazzy offering which is highly relevant for the future of companies in all sectors. At my request, we have embarked on a piece of redesign work for their sales process and go-to-market.
You see, despite their offering being highly relevant, using the latest in mobile technology, very user friendly and exceptionally successful I was concerned that there was a ‘value translation variable’ that they were not fully controlling.
A ‘ value translation variable’ really just means that they were making an assumption that the value of what they have was being understood by their buyer, without them having to explicitly translate it for them. That is a big risk!
When we don’t explicitly translate ‘what we do’ and ‘how we do it’ into value for the buyer we are leaving the buyer to work it out for themselves….and herein lies the ‘value translation variable’…
Here are the variables:
a) they just might not bother trying to understand or translate the value (wasted sales opportunity)
b) they misunderstand the value (re education needed, if you get the chance…)
c) they don’t see the value at all (dead sales opportunity)
d) they only partially understand the value (difficult to support price…)
e) they fully understand the value (we have got a live one….)
Now we know that even if the buyer expresses that they understand the value, they don’t always run for their cheque book! There are many reasons for why opportunities don’t readily convert into deals (budget cycles, priorities, integration concerns etc) but we have to control and eliminate the variables that can derail our sale before it even gets started.
We do this by leading the sale with a clear and explicit value conversation; translating ‘what we do’ and ‘how we do it’ into clear value for the buyer.
This all seems pretty obvious doesn’t it?
But this is the problem; we believe the value of what we have is obvious and that we are articulating it well, only to find that our customersstill have some translation to do…
Go and have a look at how you currently sell and see if you can strengthen the value conversation.