Three value conversations - Seattle Executive Insights session with Tim Riesterer
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The document discusses three types of conversations needed to win customers: creating value, elevating value, and capturing value. It emphasizes that executive conversations require demonstrating business knowledge, customer insight, financial acumen, building a compelling ROI case, and executive engagement skills. Successful conversations involve making the status quo unsafe, defining new needs, aligning with company strengths, and describing how those strengths resolve issues and generate value for the customer.
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Three value conversations - Seattle Executive Insights session with Tim Riesterer
- 1. 3 Conversations You Need to Win
- 7. Which Picture is Superior? 1 2 3
- 8. Behavioral Economics Analyze Think Change SEE FEEL CHANGE The Heart of Change. Kotter and Cohen. 130 companies across the globe
- 9. Q: #1 Reason Don’t Hit Quota? A: Inability to Articulate Value! Leads Products Process Training CRM
- 10. Good Intentions. Wrong Instincts.
- 11. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Create Value Elevate Value Capture Value
- 12. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS Customer Conversation Continuum Create Value
- 13. StatusQuo Buy 60 “Why Change?” “Why You?” % -3 -1 +1 +2 +3-2 NO DECISION 60 %
- 14. DeclaredPreference RevealedPreference StatusQuo Buy 60 “Why Change?” “Why You?” % -3 -1 +1 +2 +3-2 NO DECISION 60 %
- 15. DISTINCT POINT OF VIEW Status Quo Threatened Identify NewNeeds Define Solution Identify Viable Vendors Review Approaches Make Decision 74 “Why Change?” “Why You?” COMMODITIZED CONVERSATION 26% % BUYING VISION BAKE-OFF -3 -1 +1 +2 +3-2 • Make the status quo unsafe • Define new set of needs • Align w/your Strengths • Here’s what you say you need • Here’s what we do different • Here’s the benefit you will get
- 17. NEEDS Identified Specified CAPABILITIES UNKNOWN STRENGTHS UNCONSIDERED NEEDS Commoditized Conversation Creating a Buying Vision Distinct Point of View
- 18. 18 Didn’t appreciate…. The problem is as big or coming as fast as you say?! Didn’t realize… there was even something to fix that issue or annoyance?! Didn’t know… that was a problem I was having until you pointed it out?! Under-Valued Un-Met Unknown
- 19. Customer Status Quo Identify executive desired outcomes and strategic objectives Reveal potential threats, problems and missed opportunities that put those outcomes at RISK Define a new set of needs and requirements that point to your relevant and advantaged strengths Describe how your strengths RESOLVE to the situation and generate positive business change and value Define your target “status quo” why it’s safe and where there are gaps Threats Misses NewNeeds Desired Outcome Problems Strengths Value Story RISK RESOLVE Point of View
- 20. CFO CMO CIO More than typical Personas M Old Automation SS & DB New Competitor SITUATIONDISPOSITION Point of View ……………………………….. Lives Here!
- 21. Changing someone’s mind isn’t a question of pushing new information on people and trying to explain it in words. It’s more about helping people see the inconsistency in themselves and then all of a sudden the mental model will shift naturally and easily. Gary Klein, scientist and author “The Power of Intuition” and “Seeing What Others Don’t” “ “
- 22. New Brain Designed for Analysis Old Brain Designed for Survival Decision-Making Engine Neuroscience
- 23. Social Psychology Kahneman, D. and Tversky, A. (1984). “Choices, Values, and Frames.” American Psychologist 39 (4): 341–350 GainLoss Value 3X stronger preference to avoid loss vs. acquire gains = “Loss Aversion” Prefer risk that might mitigate a loss = “Risk Seeking” Outcome “PROSPECT THEORY”
- 24. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS Customer Conversation Continuum Create Value
- 25. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Create Value Elevate Value Capture Value
- 26. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS Customer Conversation Continuum Elevate Value
- 27. 80% decisions
- 30. EXECUTIVES VALUE 4X MORE 88% PROFICIENT 24% PROFICIENT 4X LESS LIKELY PRODUCTKNOWLEDGE BUSINESSEXPERTISE
- 31. EXECUTIVES VALUE 4X MORE 88% PROFICIENT 24% PROFICIENT 4X LESS LIKELY BESTIN CLASS FOCUS2X MORE AVERAGE COMPANIES FOCUS MORE PRODUCTKNOWLEDGE BUSINESSEXPERTISE BUSINESSVALUEGAP
- 32. Business Knowledge Customer Insight Financial Acumen ROI/ Business Case Executive Engagement Executive Conversations core competencies 1 2 3 4 5 Identifying the key industry business trends, topics, and emerging issues impacting companies in that market Determining the prospect’s top initiatives, how those connect to business trends and ultimately tie to your solution Knowing the “metrics that matter” most to determining budgets, building a business case and triggering a decision Building a simple, compelling financial story that shows how your solution will drive positive business impact Experience telling your story to a real executive decision maker and what it takes to deliver engaging conversation
- 33. Business Knowledge Customer Insight Financial Acumen ROI/ Business Case Executive Engagement Executive Conversations core competencies 1 2 3 4 5 Identifying the key industry business trends, topics, and emerging issues impacting companies in that market Determining the prospect’s top initiatives, how those connect to business trends and ultimately tie to your solution Knowing the “metrics that matter” most to determining budgets, building a business case and triggering a decision Building a simple, compelling financial story that shows how your solution will drive positive business impact Experience telling your story to a real executive decision maker and what it takes to deliver engaging conversation Fluency target 50%
- 34. Close the Business Value Gap
- 35. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS Customer Conversation Continuum Elevate Value
- 36. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Create Value Elevate Value Capture Value
- 37. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Capture Value
- 38. Your Price I% increase in discounting 9% decrease in operating margin A SLIPPERY SLOPE
- 39. Your Price Their Price TYPICAL VIEW OF DISCOUNTING Negotiating Tactics Selling to business buyer Deal moves to purchasing
- 40. Your Price Their Price WHAT’S REALLY HAPPENING Negotiating Tactics Selling to business buyer Deal moves to purchasing Value Leaks
- 42. Demonstrating Value? Giving Away Value CHECKING BOXES
- 43. Exchanging Value PIVOTAL AGREEMENTS CHECKING BOXES Demonstrating Value? Giving Away Value
- 44. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Capture Value
- 45. STATUSQUO THREATENED DEFINE SOLUTION REVIEW VENDORS CHOOSE SOLUTION -3 -1 +1 +2 +3-2 TERMSAND CONDITIONS DIFFERENTIATION IDENTIFY NEWNEEDS MAXIMIZATION Customer Conversation Continuum Create Value Elevate Value Capture Value
- 46. Malcolm Gladwell
- 47. Scientist for Tipping Point Morton M. Grodzins
- 48. What was the difference? Gladwell told a better story!