Describe in detail, the cost of the challenge

The narrative you need to focus on here is, as follows:

“If you invest with us, by buying our product or service, you will see a positive return”

The different types of costs, which your customer may encounter, are as follows:

  • Concrete costs – These are possible direct cost savings.
    • Your organisation can save them direct costs/item
  • Opportunity costs – These are indirect savings our customer will experience as a result of using your solution
    • Your solution allows your customer to do things more efficiently or they will optimise their bottom line, if they choose your solution.
    • These costs are harder to quantify but are invaluable to show customers value.
    • Example:
      • In the case of my own business, our Sales Enablement Solution supports the entire sales team to perform optimally, resulting in more sales professionals contributing to the bottom line, as they achieve their sales quotas.
      • In the case of Salesforce, sales professionals are able to use a software solution to help them to become more efficient. In other words, they are able to close more deals, due to their improved efficiency.
    • Qualitative costs – These are possible cost savings, due to optimised people performance
      • Example:
        • In the case of my own business, my narrative would speak to a more agile sales team, who perform optimally due to the implementation of the new Sales Enablement strategy.
      • Qualitative costs are basically cost savings, your customer will earn as a result of a hypothesis around what your product or service can do, based on past experience.
      • These cost savings are what I like to call Soft or the hidden ROI.

Once you have done your homework around what any challenge may be costing one of your customers, you will be equipped to present a solution, which creates a better understanding about what opportunity is presented by each customer presents. As each customer is unique, some customers may offer better opportunities than others.