[Stacey] Value-ology is all about teaching marketers and sales professionals how to create and deliver a compelling value proposition. We’ve created a formula called MUSICAL:
- M stands for monetary – measuring the value that you’re providing.
- U stands for unique – meaning it can’t be the message as your competitors.
- S is for spend or cost – how much your solution actually costs.
- I stands for impact – what impact will it have on your customers business.
- C stands for capability – this is essentially a description of the product or solution.
- AL stands for align with customer needs and values.
[Tevi] in your opinion what is the item most organizations struggle with?
[Stacey] Looking back at the formula, the hardest area is definitely M for monetary. Essentially organizations struggle with measuring the value that they provide to customers. 95% of executives require financial justification before making a complex purchase decision but only 5% organizations deliver on their promises.
Let’s take your business for example. How are you able to measure the value of video for your clients?
[Tevi] There are many ways we can prove ROI with video. Let’s take client testimonials for example. Video testimonials are some of the most requested assets by sales departments and the reason why is because they are proven to increase your closing ratio by up to 20%. Look at the tech industry for example. Let’s analyze sales transaction amounts and imagine increasing the closing ratio by 20%; how would that affect the bottom line? In addition, video testimonials can shorten the sales cycle considerably. That is just one way a company can quickly determine ROI when it comes to video assets.
[Tevi] Many companies are still struggling with how to convey a unique corporate message and differentiate themselves from the rest. Not only that, every company needs to figure out how to prove value and demonstrate ROI in their products or solutions. Video can definitely help but there’s still a lot of work to be done in the background to make sure that your message is aligned with your specific need.
[Stacey] That’s exactly why we created this free resource called “How to rock your customers world with a musical value proposition” available to download on our website.Follow Global CVM