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Business Intelligence Is It Beyond Me?

September 29, 2016

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How will your customers profit from doing business with you? Why they buy.

May 8, 2018

 

In This Issue:

 * The #1 question your customers have

 * 653 words about a 3 minute read

 

Editor’s note: we pulled this from the vaults. But its message is as relevant today as it was 

in 2011.

 

 

 

We have long offered this simple advice for getting prospects to buy: “stop selling time and equipment”.

 

Why? Because you should be selling solutions and expertise and professionalism, and not breaking it down by brand and model and hours and technologies. A car is a 

solution. “Overhead cam” is a technology. Most people buy cars.

 

But even as you offer solutions,would-be buyers are all asking themselves the same question. It is the #1 question they have, and 

if you don’t adequately answer this question, you will not likely make the sale. Their question is…

 

“How will I profit from doing business 

with you?”

 

To us, this is a more powerful version of the customer question, “What’s in it for me?” Profit strongly suggests the personal 

gain every customer is hoping for from a major, discretionary purchase. Clearly describing that gain makes the actual price

secondary to the overall purchase decision. They want the profit.

 

Customers vary, of course. Each might see a slightly different profit for themselves in a given solution. Generally, though, the customer perception of “profit” has one or 

more of the following characteristics:

 

Functional. They need what the product/service does. Function is what people buy from plumbers and electricians and grocery stores (and not so much from integrators). But another aspect of function is that the product/service makes a needed activity easier or more convenient. A lot of CI’s focus on this.

Economical. It’s too good a deal to pass up. Big box retail is almost entirely focused on customers’ economic profit. CI’s can’t make this their M.O., but if you can develop a product/service that might pay for itself, over time, that would be a valuable proposition.

Emotional. This is huge. Fun, happiness, comfort, and security are powerful motivators. CI solutions are abundant in emotional profit, and not in necessarily obvious ways. Early on, my wife and I provided our daughters cell phones because we felt more comfortable, and safer, knowing that we could contact them at any time.

Social. This is why our daughters wanted cell phones (with unlimited texting). Esteem, popularity, and status are all potential areas of “profit” for customers. This can be an acute motivator for expensive, highly-discretionary purchases. Admit it: A Rolex is no more accurate a timepiece than a Timex; maybe less. But for many, it’s awfully cool.

 

 Why an iPad2, when your original iPad is only six months old? The latest and greatest, and/or something so extraordinary that the customer must have it, is a distinct “profit” motivator. As Jeffrey Gitomer has tweeted, “Head is attached to the price; Heart is attached to the wallet.”

 

Together, these various forms of customer profit add up to the overall value of your proposition. Depending how well you are able 

to sell it – identifying the areas your prospect needs to profit, and describing the value accordingly – can make all the difference in 

“buy”, vs “I’ll think about it.”

 

By the way. Our customers (maybe you, someday?) ask the very same question as they evaluate the value of our services.

 

And while we can readily demonstrate that our system has a proven and powerful powerful economic benefit, its functional 

challenges – someone is going to have to direct the changes needed to achieve vastly improved results – give many owners pause. But if you’re up to doing some extra work for 90 days or so, we can promise you’ll be seeing significant economic gains long before the year is out.

 

Not to leave out: you will feel better about your business (emotional) and can brag avidly about it (social) while carrying boatloads 

of more cash to the bank (satisfying).

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