We’ve all had the question: What business are you in?
In my experience, nine out of ten SaaS businesses get the answer to this question wrong. And that’s a massive opportunity if you fix it.
What do I mean? When someone asks: “What does your business do?” the default answer is: We create [ERP, CRM, HCM, Chatbot – name your category] solutions. Yes, that’s technically all correct.
Next attempt: What’s the benefit do you offer with your [XYZ] solution?
The answer: We help our customers increase [efficiency, compliance, decision-making speed, control, ….]. Again – technically correct – but it’s what everyone does (and says). It’s too vague – therefore irrelevant, and hence a missed opportunity. So what’s right?
Think about all the things that happen to the business due to the in-efficiencies, in-compliance, inabilities to make decisions, etc…
Rebecca Clyde, CEO of Botco.ai, refers to this as ‘the ghosts’.
In her recent post, she shares how she’s telling her sales & marketing teams every single day that the ghosts they help their customers to overcome are: Lost revenue due to slow response times, high bounce rates, and low engagement.
Do you see the difference?
I am sure that the Botco solution will help customers get more efficient and help them make better decisions. But that’s not what their customers are actually buying. The business they are really in is to solve the ‘Lost revenue challenge’ that so many of their customers suffer from.
Key take away: Our customers buy solutions to outcomes. Why? Because it’s the outcomes, they can get measured on. Succeeding will get them promoted. Failing will get them fired.
It’s our job to dig deeper and find the ghosts that harm their business – the ghosts that keep them up at night…