Last week I was talking with an entrepreneur about their new product focus. After digging in, he volunteered something that really stuck with me: their new direction connects the product with the wallet in a way it never was before. Similar to the idea of candy, pain-killers, or vitamins, products that can clearly demonstrate an increase in revenue for the customer are more desirable.
Here are a few thoughts on connecting the product to the wallet:
- Something that saves time is less compelling compared to something that makes more money (more bonuses are tied to revenue growth than decreasing costs)
- Products that provide value closest to where money is made are easiest to show value (e.g. a sales tool is easier to attribute to revenue growth compared to a tool to manage meeting rooms)
- Case studies and ROI calculators are more compelling when it’s clear how the value is generated
Entrepreneurs would do well to connect the product to the wallet, whenever possible. Products that help generate revenue are more compelling than products that save time or money.
What else? What are some other thoughts on connecting the product to the wallet?