“Companies succeed by delivering more value to customers than their competitors, consistently.” Lee Williams THINK DIFFERENTLY MASTERCLASS SERIES Growing sales through customer value. WHY ARE YOU HERE? Series of 6 workshops focused on growing sales through customer value. 1. Customer Value & Sales Strategy 2. Emotional Benefits 3. Functional Benefits 4. Monetary Costs 5. Search & Time Costs 6. Psychic Cost WHY LISTEN TO ME? • Trained as a scientist • 33 years in Sales & Business Development • Filters - Global Logistics Solutions • MBA & DBA from AMBS • £500m in contract negotiations • B2B and B2C sales experience • Oil & Gas to Financial Services • FTSE100, AIM, SME & OMB • 5 Private equity deals • PR Software • Travel Insurance • Asbestos Remediation (x2) • Environmental Testing • 2 CHASM failures AGENDA 1. SALES - WHAT ARE YOUR OPTIONS 2. CUSTOMER-FOCUSED STRATEGY. 3. WHY VALUE IS IMPORTANT. 4. CUSTOMER TO SHAREHOLDER VALUE. 5. DIFFUSION OF INNOVATION & VALUE 6. VALUE QUOTIENT 04/04/2021 © JOWSA Consulting 2021 3 SOME HOME TRUTHS… • Everybody is in sales. • Not everyone can sell. • Not everyone will love your product. • People will waste your time. • People will lie to you. • People will rip you off. • You will get desperate. • You will get angry. • You will have highs and lows. • In sales you need perseverance! 04/04/2021 © JOWSA Consulting 2021 4 SALES - WHAT ARE YOUR OPTIONS? 04/04/2021 © JOWSA Consulting 2021 5 Do it yourself. Find someone to do it for you. Find someone who already has your customers. CUSTOMER-FOCUSED STRATEGY Differentiation Strategy Niche Strategy Cost Strategy Competitors Channels Customers • Who are your customers? (Segment, Target & Position). • What channels are best to connect with your customers? • Who are your competitors and what are their strengths? 04/04/2021 © JOWSA Consulting 2021 6 WHY VALUE IS IMPORTANT • Companies compete by trying to deliver consistently better value to customers than their competitors. • To do this we must: • understand customers’ requirements fully • create and deliver better solutions to customer problems than competitors • Value creation and delivery is a network achievement • Value is also related to the contextual application of solutions to customer needs/problems: • e.g. a trip to McDonalds for your 8 year old daughters birthday. 704/04/2021 © JOWSA Consulting 2021 CUSTOMER TO SHAREHOLDER VALUE •What do they want? •What do they not want? •What options do they have? Customer Value •Value confirmation •Test and refine •Testimonials Users •Market confirmation •Monetization •Value Quotient Customers •Acceptance •Revenue growth •Resist competitors Loyal Customers •Making money •Life time value •Value agility Profitable Customers • Leverage customer value • Growth multiple • Dividend Shareholder Value Diffusion of Innovation 04/04/2021 © JOWSA Consulting 2021 8 Acquisition > Retention > Development DIFFUSION OF INNOVATION & VALUE Innovators 2.5% Early Majority 34% Late Majority 34% Laggards 16% Early Adopters 13.5% Early market – Features & Benefits Mainstream market – Benefits v Sacrifices Emotion Function Cost Skepticism Risk Minimum Viable Product (MVP) Optimum Viable Product (OVP) Adapted from Moore, S. (2014) Crossing the Chasm & Rogers, E.M. (2003) Diffusion of Innovations THE CHASM 04/04/2021 © JOWSA Consulting 2021 9 Sacrifices Benefits VALUE QUOTIENT Value = 04/04/2021 © JOWSA Consulting 2021 10 Next time… Sacrifices Benefits Value Quotient Value Functional benefit + Emotional benefit Monetary costs + Search & Time costs + Psychic costs = 04/04/2021 © JOWSA Consulting 2021 12 Sales is like rolling dice, just make sure you keep eye on them and load them in your favour. Dr Lee Williams JOWSA Consulting Ltd Woodgarth Tallentire Cockermouth CA13 0NR M: 07980 598746 E: lee@jowsa.com www.jowsaconsulting.com "The way to get started is to quit talking and begin doing." Walt Disney THINK DIFFERENTLY WORKBOOK SESSION 1 Growing sales through customer value. Why are you here? Company Questions Write your answers here. Why have you attended the session? What do you hope to achieve following the session? What worked for you? What didn’t work? What else would you like to know? 04/04/2021 © JOWSA Consulting 2021 15 What is your purpose? Company Questions Write your answers here. Why are you starting or what brought you to start your business? What do you hope to achieve? What are your goals? What does your business do? How does it do what is does? 04/04/2021 © JOWSA Consulting 2021 16 Customer-focused Strategy Company Questions Write your answers here. Describe your customers or customer segments. What channels will you use to reach these customers? Which competitors operate in these markets? How else might customers solve their problems or spend their money? 04/04/2021 © JOWSA Consulting 2021 17 Your Value Quotient Company Questions Write your answers here. What do customers value in your products or services? What is the problem or opportunity they are trying to solve? What benefits do customers gain from doing business with you? What sacrifices do customers accept in using your product or service? 04/04/2021 © JOWSA Consulting 2021 18 Where are you on the chart? You love it You hate it Customers’ love it Customers’ hate it Slap yourself! Find someone who loves it to sell it. All systems go! Keep going. Rethink! Should you hate it? Let it go! Start again. 04/04/2021 © JOWSA Consulting 2021 19