Value Consulting

Hey there,

Welcome to Week 21 of TechExec - the newsletter that turbocharges your growth to become a Tech Executive!

As always, we are sharing a new set of BLTs this week

• 💼 B - a Business concept / theory / story

• 💝 L - a lifestyle advice

• 🤖 T - a Tech explainer

Here is the schedule:

Monday —>💼 B - a Business concept / theory / story

Wednesday —> 💝 L - a lifestyle advice

Friday —> 🤖 T - a Tech explainer

This week we will cover 80/20 rule on Wednesday and SLA on Friday.

Today’s Business Concept is the Value Consulting!

💼 B - Value Consulting

One of my friends recently got hired as a “Value Consultant”. This was my first time hearing about a job function like that. So naturally, I asked him to explain what his day-to-day would look like. It turns out that it sounds exactly like it should. Value consulting is essentially laying out a detailed ROI analysis of your product tailored to a customer's needs. In essence, you are doing everything that helps them decide to forego their current solution and choose your product!

In today's ever-evolving business landscape, the importance of value consulting teams cannot be overstated. Whether you're in software, hardware, healthcare, finance, or any other industry, the principles of creating and operating a successful value consulting team remain universally applicable. So how would you get started?

You should begin by assembling a diverse team with expertise in various relevant fields. Look for individuals skilled in areas such as data analysis, business consulting, technology, and domain-specific knowledge. Invest significantly in comprehensive training. Equip your team members with a deep understanding of your product or service, its unique advantages, the competitive landscape, and the skills required to analyze and solve client problems.

Then you identify potential customers who are in need of your product or service and set up an initial consultation to understand their business. Dive deep into their processes, challenges, and goals. It’s important to listen actively and empathetically to their pain points, then highlight your company's unique value proposition and demonstrate how it can address their specific needs.

Once you get green light to further engage, start analyzing data that is relevant to the customer's needs. Use this data to identify areas where your product or service can provide tangible value. Based on your analysis, recommend tailored solutions that directly address the customer's pain points. Clearly articulate how your solution stands out from the competition and why it's the best fit.

Hopefully, the customers are sufficiently intrigued, and now you have to work closely with them to develop a detailed implementation plan. This should outline the steps and timeline for deploying your solution within their organization. Don’t forget to address potential challenges or roadblocks and provide solutions to ensure a smooth implementation process.

Now comes the most important question: is all of that worth it? You need to help your customers understand the return on investment (ROI) they can expect from your solution. Provide clear metrics and calculations to demonstrate the financial benefits.

There may still be some hesitation. The best way to overcome those is through customized demonstrations, case studies, and testimonials.

Let’s say you win the business! The first thing you should do is to establish a system for tracking and reporting the results and impact of your solution. Use transparent metrics to reinforce the value delivered. And of course, seek feedback from clients and incorporate their suggestions and concerns into your offerings and consulting process. This iterative approach ensures ongoing improvement.

By following this universal playbook, your value consulting team can effectively demonstrate the value of your products or services across different industries, helping you win over clients and solidify your position in the market.

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Until next time!

Gaurav