It is seriously sad to be dumb. Nothing annoys me more than when I finally realise something that was so obvious and yet I didn’t see what was there, right in front of my nose. We talk a lot about value creation in relation to pricing, trying to persuade clients that what we are selling is a sensible tradeoff between the value they seek and the revenue that we seek. We want the value we offer to be both perceived and acknowledged value by the buyer. Often however, we get into a rut in our sales mindset. We carve a neuron groove once in our brain and keep ploughing that same row. Outside stimulation is needed. I realised that fact when I recently did some formal online training. My previous companies had sent me to the Harvard, Stanford and Insead business schools in the past, which of course, were all amazing. However, when I was doing my recent studies, I recalled that it has been some time since I did something formal like that. During the coursework, I realised many things we could do around value provision, which we have not been doing or not doing sufficiently well enough. I am an avid reader, but I also found that the mantra of both “formal” and “informal” lifetime learning is a good one to follow.
I found we have had a lot of assets lying around, which we have not fully utilised, hence the “I hate how dumb I am” statement. We need an omnichannel approach. Often, we may have videos hanging around, explaining the benefits and the details of a service or a product. Now the video has an audio track, which we can strip out of the video. This allows us to turn it into a different medium, allowing clients to access the information in that format. So many people are now processing information through audio, thanks to the recent proliferation of podcasts and audiobooks. Buyers are busy, busy and so many are multi-tasking while listening. Having audio alternatives may help to save them valuable time, compared to them having to sit down and watch our video. Depending on the content, the audio might also become a training tool for our own staff.
Now if that video is sitting there on YouTube for free, then once people have watched it, suddenly, a whole world of YouTube’s other groovy offerings appears on your client’s screen. They are being tempted to look at our competitor’s videos. That is not a great result for us. We want to keep the client on our website for as long as possible. There are companies like Wistia, for example, which will host the videos for a monthly fee. These videos are no longer mashed into YouTube’s offerings, but sit independently, such that the client cannot stray into competitor territory. We want to build a moat to keep the client in our ecosystem, so that after watching the video on Wistia, they have to come back to us. Are you able to free your clients from the YouTube loop and make sure they escape your rival’s charms?
The audio track can also be run through AI programmes like Descript, which will turn sound into text. Once the text emerges, we need to edit the content, because the AI is good, but it is not perfect. Once we have the corrected information in text, it can go into our newsletters, get it on to our website and we can send it out to clients. When we have text in English, we can translate it into Japanese and use that for clients. We can use this text information to supplement other information we are going to send to clients or include it in our after sales service programmes. Do you have any opportunities to create text, which didn’t exist as text before and find ways to employ this to add more value for clients?
Often we have multiple solutions for clients, which we could bundle together. As salespeople though, we tend to be stuck in that Johnny One Note neuron groove and only sell clients one solution. An ideal bundle would be so attractive that the client would be willing to enter into a subscription format to pay something upfront for a whole year or each month or each quarter. The point is to get them to sign up for more than an episodic transaction that always has a formal completion date. We want repeat business and this subscription model is one way to weld the relationship between buyer and seller closer together. Once we become part of their ongoing business plans, it reduces the buying friction. Importantly, it also increases their internal friction to turn the buying process off. It is always easier to keep something going, than to start it in the first place. This builds a moat around our client, denying our rivals an option to steal our business. So, what could you bundle together to create a no-brainer, totally stupendous offer for the buyer?
There might be some administration associated with using our type of product or service. The buying entity inside the client’s company is always time poor. Perhaps we can offer a system which supplies the service or product, but in such a way that we reduce the friction involved on their side. A famous example is the Kanban system at Toyota. It works well for Toyota as the buyer of the auto parts, as their warehousing costs are substantially reduced. The suppliers have revolutionised their logistics ability and can time their deliveries to fit in with Toyota’s production schedule. The suppliers are selling their products but also reducing Toyota’s friction. What can we do to sell our products and services and also reduce the friction in the buyer’s internal systems?
When I finally got religion about maximising the assets we already have for increasing our value to clients, I was amazed at how much latent opportunity we had there all along. I was asking myself, “why has it taken me so long to work out this simple idea?”. I was just dumb but now I have wised up at long last. What items are available for you to recognise the latent value you possess and package them up as assets transformed into new formats for your clients?
