0:01 Welcome to Module 4. The Top 4 Business Objectives Across All Organizations. This is going to be another universal truth. Okay, so this is very foundational.
0:16 Critical to your learning, so, umm, really, really pay attention to this and this will help simplify things for you when it comes to business where you’re not overthinking it.
0:26 Okay, so the Module 4. For overview, umm, capital acquisition and capital retention. These are the four things that customers or any business care about.
0:37 I don’t care if it’s for-profit, nonprofit, private sector, public sector, they care about these four. If not all four, at least one of the four, for sure.
0:48 And you need to be able to understand how your solution maps to these four, right? How it’s going to help improve them.
0:53 So number one, capital acquisition and capital retention. That’s number one. Number two is customer- acquisition and customer retention, okay? Third is risk mitigation.
1:05 Four is brand and reputation impact. Any other, anything that a business cares about is going to fall into one of these four buckets.
1:16 It’s, I guarantee you, I’ve sold in every industry you can think of for probably the past 20 years and this is, this has not changed and it probably won’t.
1:27 Number one, capital always matters, doesn’t matter what currency it is, but it’s always matters. Without capital, your business can’t run, your business can’t function, right?
1:39 It’s the most important resource for every organization, whether it’s for profit or not for profit. Now they may generate them different ways, right?
1:48 Some organizations generate capital based on the sale of a product or end or service, and then some generate capital based on investments, grants, or donations, but regardless of how they generate this capital, it must, it, they must have capital.
2:04 They have to have it or they will cease to exist. So always understand that. And if you can affect their capital play, somehow, whether they’re, whether it’s helping them acquire more capital or retain capital, you’re going to have a winning conversation.
2:21 Okay? Next, why are customers, remember that’s number two, why are customers a top priority? Customers, patrons, members are the lifeblood of every organization.
2:36 An organization doesn’t have customers, they don’t have patrons, they don’t have members, they will cease to exist. They have nobody to offer anything to.
2:45 Like, if they don’t have an audience then it doesn’t matter. Without a market to serve, right? Without a market to serve or change value.
2:52 With the organization will die. Think about this company, I don’t know if you’re old enough to remember Radio Shack, they don’t have a market anymore.
3:01 So they went away, right? Economic conditions change, they failed. Blockbuster. Killed them. Uhh, Redbox probably initially and then streaming service after that.
3:14 So, I mean, you get movies on demand through so many streaming applications now. So Blockbuster will never come back. Uhm, unless.
3:24 For some reason, we don’t have the internet anymore than maybe, you know. Uhm, but, but I don’t see it happening in Borders Books.
3:31 Uhm, people still buy hard copy books, yes, for sure. I still buy some hard copy books, but the market and the audience for those types of books and this type of business model, uhm, has, has shrunken.
3:45 So, you know, they just, they no longer exist and then Kodak, Kodak, right? We don’t need that anymore because we got these things, right?
3:54 Uhm, and they’re amazing at what they can do. Uhm, so yeah, without a market, without customers to serve, without an audience, you can’t survive.
4:04 So now let’s talk about risk mitigation. Like, what are some of the risks that companies care about and try to avoid?
4:11 Well, you’ve got financial risk. You’ve got reputational or brand risk, you’ve got legal and regulatory risk, you’ve got operational risk, competitive, strategic, cyber security risk.
4:21 So again, if your product or service can help reduce or mitigate any of these, you aren’t in position to offer value, right?
4:32 But again, you have to quantify it. The best way to remove subjectivity and assumption and create better clarity and to give yourself more leverage is to quantify the value that you offer here from a risk mitigation perspective.
4:45 Okay? These are the things that keep executives and senior leaders awake at night. Umm, this is something that I’m learning personally.
4:57 You know, building my own tech platform, uhh, data security. Cybersecurity risk is a big one. Cybersecurity risk is a big, big one.
5:06 Right? Legal and regulatory risk are big ones. These are things that we want to avoid at all costs. So, we have to put processes and mechanisms in place.
5:17 We want some rigor around this stuff so, cause this stuff can end up costing us everything. And so, as an executive myself, umm, this is something that I can identify with and it definitely does keep you up at night.
5:31 So, if your solution is, Service helps mitigate risk, determine which ones, right, out of this list, and there may be others, but these are the primary ones and you gotta put a number around it, right?
5:44 A percentage, a dollar amount, whatever it is, you gotta quantify that. Talk about brand impact, what does that look like?
5:53 So brand impact is the reputation, right? What impacts the reputation or brand of a company? Data breaches, ethical or legal issues, right?
6:03 Bad behavior by executives, right? Umm, poor employee relations, environmental or social or social irresponsibility, product or service failure, quality control issues, negative reviews, these are really, really important things that could M impact the capital acquisition and capital retention of a business
6:27 . All of this stuff is like connected and interrelated and so in order for you to understand the value the true value that you bring to a business you have to understand what businesses care about and those four the four core outcomes of four core objectives are one thousand percent top priority so learn
6:51 to be my example of those in your in your sales efforts and figure out hey does my solution affect in a positive way any of these things because if they do and you can create the tangible impact and show them that if you can prove it then you can offer some pretty substantial value okay we do not executives
7:17 don’t want our brand that’s our that’s our name that’s our that’s our credibility that that’s that’s who we are that’s what we represent right we don’t want that falling through the floor so that’s the end of module 4 Thank you.