There’s one thing I’ve noticed with organizations and people who are really good at bringing new business: they are good at operationalizing value. These organizations and people have closing ratios higher than the average: 40% to 45%, as opposed to the average of 25% to 30%.
What Is Operational Value?
Operational value is when you take tangible and intangible values and expand it across the organization—outside of the narrow channel you actually sell in. For example, you’re selling software that helps automate patient onboarding for a surgery centre or dentist office. Why should this be operationalized? It will help reduce the workload and stress of staff because of the automated services. It will help reduce the cost for the business owners. And it will also positively affect patient and client services because patient satisfaction will go up.
As you can see, you can move the value you are delivering in your product across the organization. When you accomplish that, value spikes and the return on investment is that much higher than what your competition is showing. Thus, you bring in more business.
My questions for you are this: how is your product or service affect the whole operation? How can you add value to multiple divisions and departments?
Indeed, with operationalizing value, you will dramatically increase the return on investment of your customers and you will also improve your likelihood of retaining and growing that customer because you have expanded your scope of influence inside that client.