The Power of ROI Calculators with Michael Farber

Michael Farber has 16+ Years in Enterprise Software and Technology Sales with Xactly Corporation, Concur Technologies, ERP solutions such as Baan, Deltek, ABAS-USA. He has expertise in solution selling and delivering exceptional revenue results and customer satisfaction. He has an excellent ability to qualify, professionally present, differentiate, negotiate, close, and connect the dots at the "C" level within organizations. He is the founder of The ROI Shop. In this episode, Michael shares how the ROI calculator provides value conversation letting the buyer think of a financial number rather than just an admin tool.   Why you have to check out today's podcast: Find out how ROI calculators provide value conversation between the buyer and seller Learn how ROI calculators allow a step-by-step process of building credibility and confidence to you, thereby holding firm on your pricing Discover how you can provide a collaborative approach between buyer and seller so they find, understand, and see the value and not ask for a discount   "Quantifying that value upfront. I mean, if you go in and they agree to the value you can bring them in the main areas where they're looking, it is going to be impossible for them to come back and say, ‘Oh, yeah, we need a 40% reduction,’ especially if the return is ten times the investment." - Michael Farber   Topics Covered: 01:41 - How the ROI calculator changed the way he sold 04:20 - His thoughts on replacing the word ROI calculator with the word business case 05:51 - What's the use of the ROI calculator? 07:15 - Using an ROI calculator template based on the vertical you're working with 07:51 - What the process looks like for a salesperson letting the buyer fill out the ROI calculator 10:55 - A collaborative approach to using ROI calculator 12:30 - What it means to have the step-by-step process of using ROI calculator 17:16 - 'Will I' type questions can be built inside ROI calculator 18:17 - Building a security value calculator 20:05 - Michael's best pricing advice that greatly impacts a business   Key Takeaways: "Rationally, companies buy for two reasons: you're going to make some money, you're saving money, that's really it at the end of the day. So, it's even more important to do it. When a company sits down, or the rep sits down and does a good job of walking their prospect through it, it separates them from the other sellers, the other sellers aren't doing it." - Michael Farber "You think about our interactive value calculator. It's like its own website portal. So, we stir emotion with visuals, and videos and stories." - Michael Farber "Understanding the 'Will I' type questions, we could build those into the calculator. As I said, what we build is more than just how many employees do you have? What is their average salary? How many hours does it take, type thing? We build interactive discovery questions in it. So based on a certain answer or a drop-down, we can drive another discovery question. And then based on that discovery question, we can start to quantify a different area." - Michael Farber "I will tell you; I have not discounted our price in our last seven deals, not one penny, and we more than doubled our price since a year ago. So, it really does; they got to see the value. And then it's hard for them to ask for a discount." - Michael Farber   Resources/People Mentioned: Concur Technologies: https://www.concur.com/ Bacardi: https://www.bacardi.com/   Connect with Michael Farber: Website: https://www.theroishop.com/ LinkedIn: https://www.linkedin.com/in/michael-farber-9946281/   Connect with Mark Stiving:  Email: [email protected] LinkedIn: https://www.linkedin.com/in/stiving/