How does your value proposition look? Can you describe what you do in terms of tangible business results? Do you have documented success stories? Or do you need to enhance your value proposition? If it’s not strong enough yet, don’t despair. Most companies have much stronger value propositions than they realize.
Here are three ways to unlock the impact your product or service has on your customers’ business objectives:
1. Define your tangible value. Tangible value is directly related to your offering and is highly measurable. It’s typically expressed in numbers or percentages. Examples are:
- Cutting cycle time from three days to one
- Reducing labor costs by 25 percent
- Saving $100,000 in energy costs
- Increasing market share by 5 percent
- Improving productivity by 17 percent
Typically, tangible gains are accompanied by related intangible gains that aren’t as obvious but can help strengthen an already strong value proposition. For example, improving productivity means fewer workers. With a smaller workforce, a company saves a significant amount in the benefits area. Less money is spent in recruiting and hiring. These savings can also be included in your value proposition.
2. Convert intangible value into tangible value. Sometimes the value of your offering is not quite so measurable, for example, lowered risk, increased teamwork, improved marketplace image or better morale. Intangible value doesn’t sell well in today’s economy. Most decision-makers consider it a nice added benefit but won’t spend money for a solution that provides only soft value. To increase your sales success, take intangibles and make them tangible. Find ways to quantify their value.