Creating a Legacy (2 of 3)

How CTOs create client value that lasts

Last week we started this series of articles with an intro to client value and a focus on retention. Did you take a chance to speak to former customers? Did you figure out why they left? What you need to do to retain your customers for longer?

Photo by Headway on Unsplash

Now that we’ve figured out the top priority features to work on, let’s look at a next source of information: sales objections.

This is the second article in our series on customer value.

Sales Objections

Let’s face it, nobody likes hearing “no” from a potential client. But these objections are a goldmine? Every time a potential client says, “This doesn’t work for me,” they’re giving you a blueprint of what they need. It’s like they’re saying, “Here’s what would make me buy your product.” They’re telling you why your current product doesn’t solve their problem (well enough for them to spend money on it).

As a CTO, you may not be in a lot of those sales meetings. Ask your sales team if you can listen in, join those meeting. Get an understanding of the structure of the meetings. Then, ask your sales team to carefully write down every single objection, getting down to the nitty-gritty. What features are they missing? What concerns do they have? This isn’t just feedback; it’s a roadmap to the next version of your product.

Remember, your sales team is on the front lines. They hear the good, the bad, and the ugly. So, set up a system to collect and analyze these objections. Then, hold regular brainstorming sessions with your sales and development teams. Hash it out together. What objections are they hearing? How can tech address these? This cross-functional collaboration can lead to some serious breakthroughs.

The takeaway here is simple: Don’t fear objections; embrace them. It’s free market research. Use them to fine-tune your product, making it so irresistible that your clients wonder how they ever lived without it. That’s how you turn ‘no thanks’ into ‘where do I sign?’

Client Involvement

You have your list of feedback, from customers that left and customers that never signed up. You know the critical features that are holding back your revenue growth. Now it’s time to involve your customers. How often do you let them have a seat at the development table? I’m talking about real, meaningful involvement in creating new features. This isn’t just good practice; it’s a game-changer.

Think about it. Who better to tell you what your product needs than the people using it every day? When clients are involved in the development process, they’re not just giving feedback; they’re co-creating the product with you. And that creates a sense of ownership and loyalty that money can’t buy.

So, how do you get clients involved without turning your development process into a free-for-all? Here’s the playbook:

1. Set Up a Client Advisory Board: Handpick a diverse group of clients who are both savvy about your product and passionate about its potential. Regular meetings with this group can provide invaluable insights and forge strong client relationships.

2. Beta Testing Groups: Before rolling out a new feature, why not let your clients test drive it? When you release new features, release it to a small beta test group first. Their feedback can help you fine-tune things before going live. Plus, it makes them feel like they’re part of the team.

3. Feedback Loops: Make it easy for clients to give feedback at any point. And I mean really easy. Think one-click feedback buttons, short surveys, or even a direct line to your development team.

4. Transparency is Key: Keep clients in the loop about what you’re working on and why. Regular updates, even on setbacks, can build trust and show clients that their input is valued and taken seriously.

Involving clients in feature development isn’t just about getting ideas; it’s about having an aligned view as to what constitutes value for your customers. As an additional benefit, you’re building a community around your product. When clients feel heard and involved, they’re more likely to champion your product to others. There’s no better marketing than a satisfied client singing your praises.

Collect those objections

In this final week, or early January, your sales team is probably not too busy. Schedule meetings with all of your sales reps, discuss the most frequent sales objections they’re getting, and what features would help them sell more deals.
Second, start discussing how you could work together in the future to ensure you get regular and detailed input from their team on sales objections.

With that, it’s almost time for Christmas. Next week, you won’t see an article and on January 2nd, I’ve got something else planned. You’ll find the final article in this series in your inbox in the second week of January. Enjoy your time off with your family and loved ones.

See you back on the other side!