Develop and articulate ‘pitch scripts’ to…bring clarity to the ‘intangibles’ embedded in – emanating from security products, services, and systems as differentiators, competitive advantages, and ‘value adds’!
Security product – service marketers…are obliged, but seldom recognize the economic fact that today, 80+% of most company’s value, sources of revenue, and ‘building blocks’ for growth, sustainability, and profitability lie in – emerge directly from intangible (non-physical) assets, i.e., variations of intellectual, structural, and relationship capital. Unfortunately, for numerous reasons, many of which are described in other blog posts here, this economic fact seems to elude – may not be sufficiently intuitive to be applied-exploited in ‘marketing pitch scripts’ for security products and services.
An initial step to lucratively and competitively change this important, but often overlooked or dismissed dynamic…is to develop understandable and realistic ‘pitch scripts’ to bring clarity for what, how, and when intangibles, i.e., non-physical features-outcomes to most security products are embedded deliverables. These deliverables contribute to – elevate property’s attractivity to users and underlie its reputation, brand, image, goodwill, and stature, ala relationship capital.
Well-developed and articulated pitch scripts that bring clarity to security’s intangibles…produce – elevate prospective clients – buyers receptivity to paying premiums, in part, by deciphering return on security investment (ROSI) that ‘security intangibles’ produce to favorably affect a company’s bottom line.
Pitch scripts…says Dale Furtwengler, an especially intuitive business strategist and author of ‘Pricing for Profit: How To Command Higher Prices For Your Products and Services’ play a significant role in increasing the probability prospective clients/buyers will be inclined to make quicker buying decisions, while again, paying a premium.
Bringing circumstance-environment specific clarity and relevance to ‘security intangibles’…also contributes to company’s achieving their strategic objectives. For example, when users of an environment, e.g., retail, office space, lodging, etc., sense (feel) that environment respects their presence, patronage and/or productivity by introducing appropriate (relevant) security – risk mitigation safeguards, the product will materialize as repeat customers, clients, and employee retention rates.
The more clarity product-service marketing and sales bring to buyers through pitch scripts…
• leads to more informed decisions, and
• reduces the probability that buying decisions will be postponed.
An essential prelude today to achieving a ‘buy’ success is ensuring ‘pitch scripts’ describe…how to calculate the (monetary) value of the ‘security intangibles’ which a vendor or consultants’ services will provide! This blog has numerous informative posts on this topic.
When prospective buyers find themselves unable to distinguish…one vendor’s services, products, or systems from another’s, they will likely turn the conversation to pricing as constituting the (deciding) differentiator. When this occurs, it generally translates as…
• the act of articulating and/or distinguishing the intrinsic (or, intangible) value a security product produces has not been effective, thus
• a prospective client or buyer may be inclined to view the product’s deliverables only in the context of competing offerings, which often become the proverbial ‘distinction without a measurable difference’.
Most prospective buyers ‘expect to pay more to get more’…however, such willingness occurs primarily when – if getting more, adds measurable and actionable value that is recognizable to the buyer and their users – consumers, as a benefit.
I frequently characterize a buyer’s ‘willingness’ as opportunities to…
• achieve quicker buying decisions and/or command higher fees.
• dependent on the ability to articulate the greater value produced by ‘security intangibles’.
• demonstrate client-company specific strategies how the ‘security intangibles’ value can be monetized to benefit the buyer.
It’s necessary to persuasively articulate ‘value propositions’…associated with the purchase and deployment of specific security products-services, after all, ‘value propositions’ are what prospective buyers will likely assign their own value, just add the ‘security intangibles’ to the equation!
Value propositions are not generic, ‘one-size-fits-all’ equations, instead, they should be framed as being specific to each…
- security product, system, or service, and
- prospective buyer’s environment and their needs, and
- cast in terms of how a buyer will likely interpret user-consumer expectations = ‘security intangibles’.
Security product – service value propositions should always include these five components…
1. products’ innovative image: As this accrues it can manifest to elevate a company’s image and stature by being associated with and deploying specialized (leading edge) security – asset protection products, system, and/or services.
2. vendors’ integrity and trust worthiness: As this manifests during sales calls, it also manifests as reducing the amount of time required for a prospective client – buyer to make their buy – don’t buy decision.
3. the dependability of a product, service and/or system: Simply stated, this means ‘doing it right the first time’ so clients-buyers do not experience costly-time consuming remediation and ‘down time’ before product/system deployment is fully operational and functioning as desired.
4. being thoroughly knowledgeable about the product or system being pitched and the ‘security intangibles’ it delivers: This translates as time savings. That is, one who knows their product well and can clearly articulate same in understandable terms, are helping prospective clients/buyers to recognize (a.) what they really want, need, and value to mitigate risks/threats, (b.) relative to their specific circumstance and environment.
5. the speed and convenience of the products’ integration into the buyers’ environment: Especially when (a.) there are similar competing products being examined, and (b.) there is an immediate need for a particular-type of security – asset protection – risk mitigation product to be in place.
Finally, security product (system, service) marketers would be well served to…dismiss (remove) subjective, FUD-language (i.e., language dramatizing fear, uncertainty, and doubt) in promotional materials and pitch scripts. The rationale for doing so is that today’s business environment is global, increasingly and extraordinarily competitive, predatorial, and dominated by intangible asset intensive – dependent companies where security risks and threats are not singularly localized, rather pervasive and persistent.
Michael D. Moberly March 12, 2018 St. Louis m.moberly@kpstrat.com ‘A business intangible asset blog where attention span really matters!’
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