In the “5 Ways to Make More Money,” I covered a few ways consultants can make more money.
I ended by saying you have to create more value. So how do we do that?
Well… consider this:
I’m currently investing in a software project. This project has the potential of radically reducing existing work in any service-intensive business function – such as insurance claims processing, enrollment processing, reservations, investment management, service centers, etc.
Our beta application can spot bottlenecks in business activity and pinpoint what to fix. With this information in hand, companies can change their business activities, speeding up processing which nets in increased production in addition to lower costs.
I sent RFPs out to some software houses to work on the project.
Two came up on the shortlist.
One showcased how they were very good at design, production, and quality. They highlighted that they recruited from the top universities and are US-based.
The other emphasized that they liked our solution already, and are willing to showcase our software to their other own clients.
Guess who I chose?
I expect good practices and smart people to do the work. I didn’t expect to get help in marketing my business.
So, my reaction to the second team’s offer was, “wow!” If they can help me quickly expand my sales, I’m getting huge value for the price that they’re quoting.
To paraphrase, “value is in the eye of the beholder.”
For me, both teams tried to highlight value. But was it the value that I cared for?
In this case, one firm decided that I’m a business owner. And as an owner, I’m looking for other business opportunities. The other team guessed correctly that I was technically savvy, and that I wanted a great product.
I do want both, but I need the product to sell first to recoup my investment.
So, what is value?
There’s no one answer, but it falls into a range of each of the following:
- Does your solution give your client some multiple values of worth over the cost (money, time, resources, risks)?
- Do you bring an emotional connection? Is there some visceral experience you can give to your customer, so they say, “wow!”
- Do they trust you completely?
- Is your solution so simple and clear that your customer can see that their pain is gone or a new capability is enabled?
- Can you show this worth immediately?
- Does your solution have something that was unexpected?
So, how do you create value?
How do you get your customers to say ‘wow!”? I’d love to know your thoughts.
I’ll give you a hint how I do so: by listening to my clients.
And for that software, I’m investing in… what’s the “wow” my clients get?
I can cut their labor budgets in half – possibly 80%.
Hopefully, this tech shows why I started up Opterre as my alter-ego.
Impacted folks need a better path.
If you’re ready to start a conversation now, you can book a free, no pressure call with me directly by clicking here.