by Dave Wakeman
Where do you stand on the value vs. benefits debate?
As someone who spends most of my time managing projects in marketing and revenue-generating roles, I likely see the idea in a much different way.
To me, value is the most important thing that you can sell to your sponsors, stakeholders and your team.
I think it’s pretty simple: If you are selling benefits, you have allowed yourself to slip into the world of commodity.
As the need increases for project managers to advocate for resources and execution in projects, it’s important that we don’t give weight to commodity thinking. If we allow ourselves to become a commodity, it becomes much easier to ignore our project, cancel the project or not give the project the resources it needs to be successful.
Value, on the other hand, allows you to explain your project in terms of impact. And if your stakeholders, sponsors and team see the impact and the improvement of what your project will mean to the organization, community or stakeholders, it becomes much easier to sell the importance of the project, the need for resources and the benefits.
Here are a couple ideas on how you can prioritize value in your projects.
Lead with impact. Think about how the work you are doing is going to improve people’s lives, the success of an organization or some other high impact measure that will get people excited.
Here’s an example: In working on the New Year’s Eve ball drop in New York’s Times Square for several years, I could have easily said my main job was to make sure that I expedited people’s access to the restricted areas, hastened the process of getting people in and out of Times Square and ensured that the primary entertainment events went off in a timely manner.
That would be missing the point. The impact that I created was that I ensured that the logistics of the ball drop didn’t stand in the way of people having a safe, enjoyable New Year’s Eve experience.
In the first example, those are just commodity activities.
But if I do the job of selling the value the right way, it’s much more likely that the project is going to go through in a way that I hope for.
Don’t just think of the tangible benefits; think of the intangible benefits too. The core of the benefits argument is that tasks are the only thing people value in business or project management.
As someone that started out my career working in entertainment exclusively, I recognized pretty early on that what people view as a benefit often is independent of what they are actually getting from physical goods.
For all of you thinking about value over benefits, this boils down to tangible versus intangible value.
If you are selling the value of your projects, and you want to increase the impact of your conversation, focus on impact. Think about it from both the tangible and intangible angles.
The tangible value in your project might be how much more money they are going to earn, how much money they are going to save or how much more efficient something will be.
Intangible values shouldn’t be discounted — they often carry a higher impact than tangible values. And the fulfillment of intangible needs often is the reason that people buy into the tangible values as goals.
Your sponsor or stakeholders might really be much more excited by less stress from commuting, in the case of a mass transit or road project. They might find that the reduction in time allows them to spend more time at home with their family.
Or, the intangible might be something else entirely.
The key is to not allow your project to just become a checklist of activities. If you do, you are likely dealing with commodity status and no project team does their best work in that situation.