Need to Uncover ROI? Ask These Questions
The benefits of showing a strong ROI (return on investment) are well known, but some in the industry struggle with measuring and presenting their valuable impact. Often, reps end up discussing general benefits of their solutions, but don’t explain how they specifically impact each prospect’s own business. “If you, as the seller, can't make the case, it's unlikely your buyers can make it for themselves and other stakeholders, leaving your sale at risk,” writes RAIN Group’s president Mike Schultz.
His article can help you uncover and articulate your solutions’ impact. When discovering ROI, there are three main things to keep in mind:
- Ask the right questions
- The impact will be different for each buyer
- Get the buyer to articulate the impact
The Right Questions
When it comes to the first task, asking questions, Shultz has some examples of must-ask questions. All seven can help you build a strong ROI case and help you really dig deep into the prospect’s business. Below are a couple highlights:
If you could overcome these challenges, what would happen to your company's financial situation?
This question will help you in the task of getting the buyer to quantify the impact of doing business with you. Encourage them to calculate their savings themselves rather than just showing them the numbers.
If you were to make this happen, what would it mean for you?
Help the prospect understand just how much they have invested (even beyond financials). As Shultz points out, “The more of a stake the buyer has in seeing the results realized, the more buy-in you'll get, and the more likely the buyer is to support you internally.”
These are just two of the seven questions that you should ask when uncovering ROI. If you’ve struggled with building an ROI case, these should help you effectively demonstrate to your buyers how working with you is going to improve both their professional and personal worlds.