How to Make Intangible Value Tangible
Buyers struggle to buy what they can't quantify. Here's how to translate abstract value into business impact.
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If you prefer to read - here is the transcript:
Here's the secret when it comes to value: all value can be made tangible. I know we like to talk about intangible value and tangible value... but the truth is, is in business, all value can be made tangible.
Intangible value might be something like, oh, we can reduce stress or improve peace of mind. Okay. Why do they care about reducing stress or improving peace of mind? Well, if we improve or create peace of mind because we have a reliable supplier. Well, why do we care about that? Because the other supplier missed the delivery and we had to shut down the factory, and it cost us Oh, so you're looking for a company thats not going to cost you $1 million. That's how you make intangible tangible.
I need to reduce my stress. Why do you need to reduce your stress? Oh, we have so much stress because we have worker turnover, people are injured on the job, we're having a hard time recruiting.
Well, how much turnover do you have? How much do you need it to be? So if we can show you how to improve your turnover or reduce your turnover from 50% to 25%, how much would that save you? Well, my recruiting cost would go down by 50%.
How much are you spending on recruiting? in employee. Wow. How many employees do you need to hire? Five. Right.
We can make all of this value tangible. And so I would always ask if a customer comes to you and says, I don't know, I just want it to look better. I want to feel good about the decision. I need less stress. And they're not giving you those numbers. Just ask why. Dig in to how what they're asking for is causing them in a numeric fashion, either time or money, so that we can make it tangible.
When we can make it tangible, we can show value. More people in the organization will be interested, both at the executive level and across the leadership level inside your organization, which improves stakeholder engagement. And it's going to help you sell more in far less time.