What is a Value Inventory Workshop and How Can it Help Your Team?
The value inventory workshop is an intensive, collaborative, full-day engagement designed to achieve alignment among customer-facing stakeholders within your organization. The goal is to identify and prioritize the benefits of your solution that are most valued by your customers and where your company has a competitive advantage.
Value selling can be incredibly effective, but it’s a substantial change that requires tools, training, content, and support. The value inventory workshop will help you gain a unified, detailed view of your solution’s value and the information needed to develop sales tools so you can embark on your value selling journey.
How is the Workshop Structured?
The value inventory workshop was conceived and refined over hundreds of sessions by TFP principal sales consultant, Michael Nick, and is based on his book, “ROI Selling.” The day is organized into two, distinct parts and includes plenty of breaks to keep participants fresh.
The first part focuses on your buyer personas. Participants put themselves in the shoes of each persona to answer the fundamental question, “Why buy in the given solution category?” Here we focus on the emotion behind considering a technology purchase. Then, we transform each “why buy” answer from an emotional response to a logical one by documenting the measurable business and/or financial objective behind the response. Finally, we rank these buyer values (need now, need soon, or nice to have) to understand buyer focus.
During the second part, we shift our attention from the buyer priorities to the competitiveness of your solution. We examine how well it addresses the question, “Why buy from you?” For each buyer reason would you win, lose or draw? We then consider how the given value can be monetized—what is the value category (increased revenue, cost savings, labor productivity) and metrics that need to be factored.
This seemingly simple process facilitates productive discussions among your stakeholders. It encourages them to challenge each other’s thinking, share experiences, and, ultimately, develop a united view of your technology’s strengths and weaknesses when it comes to delivering value.
Who Should You Involve in the Workshop?
Designed for customer-facing personnel, this workshop works best with nine to twelve participants representing various departments and levels within your organization. For example, an ideal grouping would include representatives from:
- Executive Management
- Sales and Sales Management
- Solutions Engineering
- Marketing – field, technical, product
- Product Management
- Professional Services
- Customer Success
This ensures an engaging and interactive workshop where all participants can contribute.
The workshop takes a full working day. We recommend choosing participants who know your products well and who can be in attendance for the entire session. Those who cannot commit to the full day are welcome to attend as observers.
What Results Can You Expect from a Value Inventory Workshop?
Workshops result in an agreed-upon set of value selling messaging and a firm understanding of how your solution compares to the competition. Every decision is carefully documented in a comprehensive value inventory matrix defining each agreed-upon value metric.
This living document becomes the foundation for developing a comprehensive value selling strategy with core value propositions and supporting sales tools such as:
- Value messaging slides
- Blog posts, eBooks, and white papers
- ROI calculators
- Field support
- Sales Training
Owners of the value inventory matrix can enhance it by adding references and success stories for the values ranked first in terms of priority and competitiveness.
We recommend this workshop for anyone launching a new product, reinvigorating existing solutions, or looking to develop other value messaging tools. We conduct the workshop onsite and a condensed version for sales is often included in our, value-based selling training. Contact us today to schedule a value inventory workshop for your team.
“The workshop proved more beneficial than imagined because we learned a completely new way to talk about our software. ROI tool training for our account executives and a revamp of our marketing collateral after the workshop saw a 73% increase in new sales growth. Best sales and marketing investment I’ve ever made!”
Harry Dean Billips, Vice President of Sales and Marketing, CSC TCI, Inc.