Thoughts, ideas, and lessons learned from real-world customer engagements and interactions...
We have been “practicing what we preach”…
11 Aug 2009 | No Comments | posted by admin | in News
We have been “practicing what we preach”….We have listened to our clients.
Over the last number of months we have been out talking with our network, meeting with potential clients, and completing a number of customer engagements. All through this process we have been asking questions and trying to understand ways that we may improve, and make what we offer even better. We received some amazing feedback from a number of these clients on a number of different aspects of our business. First, they told us that our website led them to believe that our process and methodology was only for start-ups and early stage companies, however they clearly saw that companies of different sizes and stages of growth could benefit from what we had to offer. So, just like what we help our customers to do….we listened to our clients and made some changes. Take a look around the site, and you can see the changes that we have made to clearly articulate our offerings and the value to companies in all of the various stages of their growth. We are always looking for more ways to improve, so please contact us if you have any feedback or if we can be of assistance in any way.
Second, with many of the very early stage companies (Concept and Seed Stages), we know the challenges that you face as it relates to managing your resources and trying to build some momentum for your new company. Having said this, we have created a new way for you to get some very basic initial market feedback regarding your product or service with minimal investment. We have recently launched www.techhotornot.com where each week we post a new technology for people to review, and provide some basic market validation for your solution. We have had some amazing response to the site so far and have already provided some real-world market feedback to a number of initial companies. Through the site, we are also continuing to build a database of “Panel Experts” who have joined the panel to review and potentially provide some real-world testing for new technologies that are of interest to them. This database is continuing to grow.
So, have you gotten out and talked with some of your customers lately? If not, then there is no better time than the present in order to do so. We will continue to find opportunities to listen to our customers, and implement this feedback in order to make our company and our offerings even stronger. And since this is what we “preach”, we will continue to find new and creative ways to help our customers to do so as well.
Do not think of the color red!
20 Apr 2009 | No Comments | posted by admin | in Questions
What ever you do….do not think of the color RED. Now, quickly name the first color that pops into your head?
When dealing with customers and potential clients, many people in business know to ask the basic standard questions; Do you have budget? What is the process you have to go through to get this purchased? Who else do you have to involve in this decision? etc. However, very few people truly appreciate the power of questions and what it can do to either help…or harm you.
As you can see from the beginning of this post, you can very easily guide someone to a particular answer based upon the questions and statements that you use. Although this may bring a tear of joy and happiness to the eye of your VP of Sales, the reality is that when you are digging deeper to get a true understanding of a clients particular needs, and business requirements you have to be careful with the questions that you ask. The last thing you want to do is to ask questions that will lead them to give you the information that you want to hear. Of course you think your idea is a great one. Of course you think that the market desperately needs your product or service. It is good to believe this…but just make sure you are not using your questioning process to simply help you confirm your beliefs. The goal should be to build and use questions that will reveal “insider” information which you can then use to build your product or service, clearly define your pricing strategy, identify the most efficient route to market, and to understand the “hot buttons” which will give your marketing and sales momentum the kick that it deserves.
Many companies get caught in the trap of thinking that their sales team should be able to uncover this information and to communicate it back to the rest of the company including development. The thing you have to remember is that your sales team is paid to close deals. It is in their blood to ask questions, and lead a conversation to a decision point and next steps. This combined with the fact that you should not be distracting your sales team from what they are supposed to be doing….selling, means that they are not the best people to be doing this activity. Think about the last time you went to buy something and a sales person approached you. Right or wrong….I am willing to bet that if you think back to this situation, and how you felt, you may remember how you instinctively become just a bit more guarded about what you said to this salesperson. Do you want your clients feeling the same way when you are trying to uncover information about their needs which is vital to the success of your product…and your company?
So, the next time you are looking to truly understand your client needs and business requirements, ensure that your questions are not leading them to give you answers that you want to hear. It is better (and much cheaper) to hear the hard truths regarding your product or service now….and not 12 to 18 months after you have already taken it to market. Also, be sure to send in the person (people) who can most effectively put your clients at ease. If you approach this properly, and understand these concepts then you will build a successful business from a commercially successful product or service….which will allow you to focus your attention on your business which is in the BLACK….and not in the RED.
A fair exchange…
8 Apr 2009 | No Comments | posted by admin | in Sales
One of the sayings that I have picked up over the years and continue to tell people is that sales is all about a fair exchange of value for money.
It has been my experience that many early stage companies truly struggle with finding the right pricing strategy for their solution. They often go through the standard process of calculating how much it takes to manufacture their product including materials, time, etc. They then add a certain percentage of profit that they would like to receive from each sale….and they settle on the price. However, many of these early stage executives then have a tendency to come back and revisit this topic a number of times, either because they are not seeing sales traction, or because they feel that they may be “leaving money on the table”.
In our program, Building Sales Momentum Through Client Driven Development, I have set out a process for allowing you to set your pricing strategy and to be comfortable in the fact that it is the right strategy. If you go back to the statement that I used when starting this post is was that it should be a fair exchange of money for value. If you agree with this then, the variable that you need to figure out before you can calculate money is to understand and calculate the value your offering provides to your customer.
Now…notice in my initial statements that I used the term sales which is not to be confused with the act of selling. The art of selling is to uncover and understand your clients needs and to understand what they define as value. It is about demonstrating how the value of your solution far outweighs the price that is being charged. Through the Ideas2Revenue program, you will be walked through the process of identifying, engaging, and incorporating clients into your process early so that you may accomplish this. Although our program is not just about a “selling” or any new magical techniques to help you “sell” we do however offer you a number of ways that you can begin to question and truly understand the value of your solution and the impact on either the personal lives of your clients or the impact on their organization as a whole.
So, if you have struggled or if you continue to struggle with the pricing question….then understand that you are not the only one however know that there is an easier way. Yes, it is possible to have confidence in your pricing strategy, and to ensure that you are offering your clients a fair exchange of value for their money.
