Do you have a clear definition of what your best prospect should look like? Chances are good that you have been provided with a general definition of the industry, size of company, etc. Chances are also good that you haven’t found that information to be all that helpful. Let’s do a deeper dive.
Customer Derived Value
The value that your customer derives from doing business with you is a combination of the value that you can provide plus the value that they provide.
Value You Provide + Value Customer Adds = Customer Derived Value
Value You Provide: This will vary depending upon the extent to which the customer fully utilizes your value proposition. Some customers will use most or all of your capabilities. Some will only use a portion.
Value Customer Adds: This is also variable but is the customer’s value required or does it represent an opportunity? A typical example of a “required” value add is customer provided training. The variable will be the cost and time associated. An opportunity would be the ability to perform or expedite a high value function with minimal additional effort. As a SalesLoft partner we help clients accelerate sales through the use of a premier sales engagement platform. SalesLoft makes the implementation of an account based selling strategy very simple. This means that for a minimal effort investment the client can achieve a high value ROI.
Customer Derived Value: The more value that you provide and the more value the customer adds will be the basis for determining the ROI of acquiring and implementing your product/service.
Current customers that achieve very high derived value will be accounts that view your company as a trusted partner not as just another vendor. They do not try and extract every possible discount – they want you to succeed. They will be careful about the demands that they make on your team for support and assistance. They will be generous with referrals. These accounts will usually not be your largest revenue generators. They will, however, be highly profitable.
Your preferred buyer is an account that looks a lot like your best current customers. In order to find more accounts like them, you must thoroughly understand them and how they utilize your products/services. This will take considerable effort.
CAUTION: In today’s crisis environment it is critical to know who your best current customers sell to. If their best customers sell to companies in industries such as travel and hospitality that are badly damaged, you must determine whether or not you can help them find new accounts in different industries.