Growth5 Blog

Tuesday, April 14, 2009

Quantifying the Value

Can you quantify the value that you offer your customers?

Traditionally, marketers draw the bright line between features and benefits with two simple questions. If it answers the question "What?", it's a feature. If it answers the question "So what?", it's a benefit.

Some go even further and argue that if it doesn't have a good answer to the question "What's in it for me?" (WIIFM), it isn't even a benefit at all.

Increasingly, in these difficult times, there is a further question: "How much is in it for me?"

Sales and marketing professionals who usually stopped at WIIFM are finding that they are losing to others who can quantify the benefits more clearly. It's especially challenging for professional and financial services professionals trying to sell intangibles like "experience" and "client service."

For example, imagine two large banks promoting their "global reach." Is the bank with offices in 80 countries more attractive than the bank with offices in 50? How much?

How about an accountant with 15 years of experience? Is he or she more valuable than one with 10 years? How much?

Consider a charity that serves 2,000 needy persons per year. Is it more worthy of a donation than one that serves 1,800?

The recession makes life tougher for anybody trying to sell anything. That's the downside. The upside is that it forces those of us who sell to explain our value proposition better.

And that's a good thing.

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