Keno Helmi, a five-time CRO with extensive experience in the technology industry, discusses the importance of proof of value (POV) in the sales process. He highlights the need for clear success criteria and involving the economic buyer (EB) to improve forecasting. Keno shares best practices for running a successful POV, including thorough qualification, defining objectives, and debriefing with the champion. He emphasizes the importance of presenting a comprehensive report to the EB after the POV.
Proof of value (POV) is essential in the sales process to validate both the technology and the business case.
A well-executed POV with clear objectives, success metrics, and a champion can significantly increase deal predictability and improve forecasting.
Deep dives
Overview of Espressive and its services
Espressive is a market leader in the conversational AI for automated internal help desk space. Their application, like Alexa, focuses on automations rather than just answering questions. It covers various use cases like password resets, software provisioning, and more, resulting in reduced help desk workload and improved customer experience.
Difference between POV and POC
POV (proof of value) is a term used to validate not only the technology but also the business value it offers, whereas POC (proof of concept) is solely focused on validating the technology. POV helps in quantifying the business case that supports the purchase decision.
When to do a POV
POVs have a high success rate if done correctly. It is recommended to do a POV when there is a strong champion, clear decision criteria, and when the customer is actively looking for a solution. A well-executed POV significantly increases deal predictability and improves forecasting.
Factors to consider before, during, and after a POV
Before the POV, it is important to define objectives, success metrics, and align them with the customer's pain points. During the POV, constant monitoring of performance and capturing metrics are crucial, along with building new champions and showcasing extra credit items. After the POV, compiling the results, insights, and outcomes in a comprehensive report helps showcase value, ROI, and implementation plan to cover all potential questions from the economic buyer.
Keno Helmi is a five-time CRO with a wealth of experience in the technology industry. He has held leadership positions at companies such as PTC, HP, Digby, Duetto, Platform 9, and Pegasus. Currently, he serves as the CRO at Espressive.
Keno discusses the importance of proof of value (POV) in the sales process. He explains that a POV is not just about validating the technology, but also about validating the business case. By setting clear success criteria and involving the economic buyer (EB) in the process, sales reps can increase the predictability of the outcome and improve their forecasting. Keno emphasizes the need for a champion to take the rep to the EB and highlights the importance of thorough qualification before engaging in a POV. He also shares best practices for running a successful POV, including defining objectives, setting clear success metrics, and involving the sales rep throughout the process. Keno concludes by discussing the importance of debriefing with the champion and presenting a comprehensive report or presentation to the EB after the POV.
HERE ARE SOME KEY SECTIONS TO CHECK OUT
[00:00:00] POC vs. POV: POC validates technology; POV validates both tech and business value. [00:05:19] Meeting the Economic Buyer is critical for authority and budget. [00:11:50] Don't do POCs too early; understand the customer's use case. [00:14:11] Champions expedite sales by taking you to the Economic Buyer. [00:18:17] POC should lead to a natural close, not put the customer in the market. [00:25:11] The go, no-go meeting with the Economic Buyer is decisive. [00:38:33] Share a comprehensive RFP or scoring template to guide the evaluation. [00:41:45] Leverage serendipitous visits from stakeholders to build additional champions. [00:43:29] Proactively bring in potential champions who may not be aware of the POV. [00:46:13] Actively engage during the POV, troubleshoot discreetly, and showcase successes. [00:48:16] Create a comprehensive report or presentation (Champion's Deck) summarizing technical and financial results.
HIGHLIGHT QUOTES
[00:10:28] "You want to do a P.O.V. to increase the predictability of the outcome, improve your forecasting, and potentially grow the business value of the deal." [00:13:25] "That person has earned the right to be called a champion and not a prospective champion. You do not have the right to call that person a champion until that person takes you to the economic buyer." [00:15:11] "You want to ensure that your test plan is going to be the scoring mechanism by which all vendors are evaluated."