What’s in it for me?
What’s in it for me? Very few people dare say it out loud during business negotiations but very few can truthfully say it doesn’t cross their mind.
A deal needs to make sense professionally and have benefits for owners, management, product and/or staff. The business ROI is important and always needs to be central in all sales presentations.
Selling is however complex, involves many stakeholders and will in many cases have a personal element where chemistry, trust and connectivity play a role.
Sales are not only about having the best product at the right time to the right customer for the right price. It is understanding culture, environment, people and politics in any given company and situation.
One key element of this is understanding the personal ROI for key stakeholders.
We are all professionals but value is also helping individuals to achieve their personal goals economically, strategically and personally.
It is crucial to analyze and ask what’s in it for the key stake holders – How can this purchase help them achieve their personal goals?
It might not be the most important or defining factor (but could be) but it will always play a role. Many sales reps fail to document, position and demonstrate how they can add unique value to their prospects. As a result they lose even though they have the solution that offers the best business ROI.
Stakeholder analysis will be a crucial element of any sales process and an insight to the personal ROI reflections among key stakeholders will lead to great results.
You need to understand the stakeholder’s position, concerns and needs. You need to learn about internal and external influencers. You need to adjust to their ambitions, objectives, interest and risk profile. You need to gain insight to one of their key questions – What’s in it for me?