As entrepreneurs who run a digital marketing company, we serve the clients who pay us to market their products and services to their target personas, commonly known as customers.
I’ve had the great fortune to experience account management – and that day-to-day grind known as account service – from the top of the business pyramid to the bottom.
I’ve seen it from the boardroom to the broom closet – literally. From presenting to senior executive teams at Fortune 500 companies to the growing Mom & Pop Shop (insert type of business here).
My experience is extensive and know I’m only trying to help here. If you’re in sales or business development or trying to get someone to buy whatever you’re selling, let me share with you a formula that has been developed amid Blood, Sweat and Tears (BST) over time and distance.
By time and distance I mean BST fermented during:
- countless coffee-stained presentations
- marathon back-to-back meetings with whomever
- the perfect spontaneous follow-up call that naturally goes straight to voicemail
- chance meetings with the person who would never call you back
- and endless after-hour business receptions you wished you had skipped.
Any of that sound familiar?
Whether it’s a CEO or Chief Marketing Officer of a Fortune 500 or a CEO / CMO of a fortunate to still be in business, it always comes down to this ladies and gentlemen: how much they get it – understand, grasp, comprehend, absorb – will equate to the amount of success you’ll ultimately enjoy.
Drumroll, please. Here’s the formula:
Understanding + Value = Revenue.
Otherwise, known to us as The UVR Formula.
In our world, we talk about UVR after every new business pitch, client meeting, meeting with other businesses and when talking to colleagues complaining about this exact thing.
If the Founder or CEO or COO or CMO or Mom/Pop truly understand what you’re explaining about how digital marketing can help them expand sales, profits and grow their company, then that’s an enormously important step. Too often one of these alphabet characters shake their head in total agreement as we’re explaining in detail how the digital marketing campaign is going to capture prospective customer as they search for the very products / services they’re selling.
We then demonstrate similar campaigns that have gone from research to strategy to messaging to online campaign to capturing active qualified leads in the automated sales funnel for them to close.
However, as they shake their heads in agreement, you can many times “see”
there’s various of levels of true understanding depending on how many are in the room. That’s OK – we’re certainly not saying we’re supreme commanders of knowledge. We A/B Test like everyone else to figure out which message is better.
What I’m saying is if there’s deeper understanding of how the online campaign is going to work and that these inbound prospects are qualified leads, then the effort on the backend always seems to be more robust, genuine, effortless and timely.
We follow up every client meeting asking them do they have any questions or can we explain something better? We find, however, that too often founders, owners, executives won’t say that they just don’t get it.
Again, that’s perfectly OK, even expected and the reason we’re here, but we find their lack of understand too often leads to “since I don’t really understand it I’m not sure how well all of this works.”
And that’s the point – it does work, produce the desired results and will help their company grow with a funnel of qualified prospects. Many times months into the working relationship as the light bulbs are going off we’ll hear from executives that “Oh, OK, now I better understand exactly what you’re doing and how it works.” That’s great to hear.
We make every attempt to continually explain when asked as we go along and “grow” our client relationships with demonstrations, explanations and real-time examples.
But as you might expect – and it makes perfect sense – that as clients’ understanding improves and deepens, then so does their value on your service.
Merriam-Webster’s website offers several different definitions for the word value, but the very first one is: “the monetary worth of something.”
The more a client understands your service the more a client values your service. Read that sentence again.
So if they value it they’re more likely to continue using it today, expanding it tomorrow and constantly referring others to use it down the road. There are lots of products or services we as consumers can use or buy, but the ones we choose are the ones we value more.
If your clients value it then they realize how important the service is and they’re willing to pay what you believe is a fair market price for it because they want it for their company’s future.
If that values increases, conversely, they will be willing to pay more for it.
So it equates to revenue because they understand the value of the service and gladly pay for it so their company grows and makes more money. Additionally, a client needs to believe what they’re paying for your service is a value because your service is generating X amount of new revenue for them so “it’s worth it.”
The various strata of value allow some services to charge more and more as long as the market supports it. One of the defining characteristics of value is “quality” or, in this case, the effectiveness of the digital marketing campaign.
The axiom that “you get what you pay for” is intrinsically linked to UVR because it underscores the inference of value. We’ll pay more for better quality because of the perceived value.
Understanding + Value = Revenue.
So, conversely, the reverse is just as true, but it’s a much quicker trip.
If a prospective client doesn’t really understand how a digital marketing campaign and automated sales funnel can produce qualified leads that directly help their company grow, then they’re not going to value it.
Who pays for what they don’t value?
Experience has shown us prospects rarely – RARELY – will ever admit they don’t understand a lot of the process. We don’t expect them to and, again, that’s why we’re here.
But, as pointed out earlier, because they don’t really understand they drift into various stages of: “I’m not sure how well all of this works.” And around it goes.
We know it’s a UVR problem and subsequent follow up or meetings will eventually reveal the extent of the problem. The point is we use the UVR formula to gauge the extent of the follow up so as to not waste time and resources.
Look, if the prospect does show some understanding + value then we’ll gladly meet and explain and explore possibilities of us working together.
Like you, we’re always working on new business development and the pursuit of that next great client. One we’re sure will score positively with application of The UVR Formula.