Here’s another snippet from one of our training sessions over at the TSE Hustler’s League. This is actually part two of last week’s episode where we talked about demonstrating ROI’s. Today, we’re going to show you how you can apply this to your own sales process.
Strategies for Demonstrating ROI’s
Understanding The Three R’s
This is your strategic return on investment which refers to decisions the company has to make for regulatory compliance or to avoid the risk of becoming non-compliant.
The second type of a strategic R refers to the decisions they make in favor of a strategic decision. For example, the company is creating a new product line to get more market share and you find out that’s their goal, then you can build the case around that strategic R.
You often see this in a lot of B2B transactions such as the financial impact your customer will acknowledge or quantify. A vast majority of B2B business decisions are based on this. For instance, how do you come up with a project that has hard returns that you’re able to follow the flow of money and identify areas that are going to impact.
This is what most salespeople lead with. Although harder to quantify, they’re still important. For instance, Facebook and Apple made a soft R business decision, offering to pay egg-freezing for their employees in order to increase the retention rate of women employees. What they realized is that many companies in Silicon Valley have women working who end up leaving the company due to the work situation being hard on a family.
They know people are going to work hard and long for them by providing these incentives. These are soft R’s because it can be hard to measure that. The soft R can be appealing and good but make sure you lead with a hard return, something they can see figures on and then supplementing it with a soft R.
Today’s Major Takeaway:
Think about the three different types of R’s in your business. What are your strategic R’s? What are some of the compliant stuff you must do? Think about some of the hard R’s and some of your soft R’s.
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Donald is the host of the popular sales podcast,"The Sales Evangelist". He is the founder of The Sales Evangelist Consulting Firm where he helps small companies develop killer sales process to scale their business and increase growth.Donald is also an award-winning speaker, sales trainer, and coach. He's a big fan of traveling, South Florida staycations and high-quality family time. Donald has a belief that “anyone” can sell if they have the desire and receives the proper training.