0:00 Welcome to module two, the universal laws of customer value hopefully remember in module one we talked about how value we, what we tried to remove the subjectivity from the term value because it changes depending on who you ask and when we’re talking about universal laws, again, the focus is to simplify
0:22 things, right, we want to simplify value, we want to look for the common denominator across all value streams and value metrics and personas and so on and so forth.
0:34 And so that’s why we’re calling this the universal laws, the customer value, these are pretty much consistent and do not change across the board and they’re pretty much irrefutable.
0:46 Okay, so the module to overview, we’re going to talk about what is a universal law. Then we’re going to look at the universal law of value.
0:53 We’re going to cut through talking about cutting through the subjectivity of value and then want to find value for any roller persona.
1:01 Why that’s important quantifying value for any roller persona is because math or numeric expression is the universal language of business.
1:12 And so it allows us to create more objective and universally acceptable value language no matter the persona. So that’s why it’s so important to start quantifying what value is, right?
1:24 It gives more clarity. So, understanding universal laws, what is a universal law? So, I’m going give you the dictionary and version of this to best I can, and so, in law and ethics, universal law, universal principle refers to concepts of legal legitimacy actions, whereby those principles and rules for
1:43 building human beings conduct are most universal in their acceptability, their applicability, translation, and philosophical basis and are therefore considered to be the most legitimate.
1:57 Okay? So we’re not talking opinions and perceptions and things like that because I see a lot of that stuff on social right now, people are talking about all these are the truths of sales, these are the truths of business and so on and so forth.
2:11 Well, it may be true for you, but can you prove it? Is there consistently is that consistent across all domains, right?
2:20 And if it’s not an enemy can’t be proven and replicated, then it’s not a universal truth. Okay, or universal law, and we give you something here, some examples.
2:29 You guys are probably really familiar with the law of attraction, right? The law of polarity, the law of rhythm, the law of relativity, the law of gravity, right?
2:39 What goes up and must come down eventually, right? The law of calls and effects, etc. These are universal laws. These are things that have been tested and proven, and they are universally consistent and acceptable.
2:54 So now let’s talk about what are the universal laws of value? I really want you to pay attention to this, okay?
3:01 Take a screenshot if you need to, but this is what you need to remember. I don’t care what sector of sales you’re in, if you’re B to B, B to C, whatever this will apply.
3:13 All humans, regardless of their gender, ethnicity, culture, religious belief, or demographic, will always hear me. They will always invest time, resource, energy, emotion, and or capital, and what they uniquely perceived as value.
3:36 Every human does that. This is going to be true both personally and professionally. Does not change. All right, now how do we cut through the subjectivity of value?
3:49 Value has the potential to change meaning depending on who you’re talking to and the context in which you’re communicating, okay?
3:59 Value has the potential to change meaning depending who you’re talking to and the context in which you are communicating context always matters and you need to get clarity on that.
4:13 Be sure to avoid making assumptions when you are having a value discussion with your prospect always verify. Hey Mr. Mrs.
4:23 Customer, I think what I’m hearing you say is ABC, is that accurate, or am I mischaracterized, you know, a matter of context, whatever, just again, take the time to validate, stop being afraid of dialogue, stop being afraid of conflict, stop being afraid of being wrong.
4:44 It’s okay, a big part of sales is learning, right? It’s a conversation that’s a dialogue, a dialogue, an exchange of meaning between two people.
4:53 So stop trying to rush through it and stop trying to get to the finish line so quickly because when you do that, you’re going to make a lot of mistakes and it’s going to cost you your deal a lot of times.
5:05 Always start with the baseline understanding of which your prospect persona cares about. Start with the baseline. So do your research, right?
5:14 Or maybe you already know, but if you don’t know, use AI, use Google, whatever the tool you choose, research your persona, understand what they care about, understand what their KPIs are.
5:25 Those are what I call value metrics, right? Again, values which you’re willing to invest a resource into, right? A metric is just something you’re able to quantify.
5:34 So it’s quantitative value. So anyway, understand what they care about, come to the table with at least a baseline of knowledge and then verify that with that prospect, okay?
5:45 Try to avoid ambiguous terminology, right? Such as, you know, growth can be ambiguous, success can be ambiguous, good or better on proof.
5:56 All that stuff can be somewhat ambiguous. So someone says, hey, I want to improve our manufacturing process. Okay, Mr. Customer, can you tell me what that looks like, right, improve from where, right, whatever, some of the, you know, just go a little bit deeper and ask some more qualifying questions.
6:16 So for something to be better or to be to be improved, you’ve got to understand the baseline first, like, what’s our starting point?
6:23 It’s like saying, hey, I want to lose weight. Well, how much do you weigh right now, right? What’s what’s your goal weight?
6:29 What’s your ideal weight? Like things like that, like these are just human human conversations, right? And we’ve got to get better at these and stop being afraid to have them, right?
6:39 So let’s look at some of the, see if I can move this other way. Let’s look at some of the ways that we can quantify a executive level value.
6:52 So if you’re trying to talk to a CEO and you want to quantify what they care about, these are the KPIs.
6:59 I guess the top 8 KPIs, right? The key performance indicators that they’re measured by, they’re looking at revenue growth. That’s a measurable factor.
7:08 That’s a method. They’re looking profit margin. That is a measurable economic, that is an economic metric, that promoter scores, that is measurable, right?
7:18 That’s quantitative. Customer satisfaction, you can quantify that, depending on how you rank it and weigh it and all that stuff.
7:24 But anyways, it can still flow into like your NPS employee satisfaction can be measurable, spending your operating expense. That’s definitely measurable.
7:36 Your executives are definitely looking at at the balance sheets. They’re looking at profit and loss. They’re looking at P&L statements and things like that.
7:44 So you need to understand, they care about operating expense. So your product solution can help them reduce that. If you can reduce operating expense, you automatically impact an deposit of way of profitability.
7:57 You get them closer to it. Market share. That’s measurable. Return an investment. That is measurable, okay? So remember these things, you must become proficient at mapping your product or service, whatever it is.
8:15 You must become proficient at mapping your product or service value to these KPIs in the measurable way. So sometimes our stakeholder or champion or whoever keep on contact is, they say, hey, I want to improve efficiency in whatever area like we’re talking manufacturing manufacturers, a big one, right
8:37 ? They wouldn’t improve efficiency. So you may be able to show that head of operations, how you can improve efficiency. But the next step is now how do you take those improvements in efficiency and map it to one of these AKPIs?
8:51 Right? If you improve efficiency, nine times out of 10, you can reduce Opx. You can reduce the operating expense. Right?
8:58 If you can improve efficiency, you can accelerate or improve revenue growth. If you improve efficiency, you can increase profit margins.
9:09 Anytime you remove any efficiency from any workflow or process, the net gain is always going to be, or 9000 is going to somehow affect revenue and profit.
9:20 Just know that. Again, that’s a universal law. You gotta, gotta focus on this stuff right here. Okay? You gotta become good at that.
9:30 Let’s stay in the module too.