Shopify Value Pitch Overview

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Questions and Answers

What is the main objective of the Shopify value pitch?

  • To generate a lead for the sales team.
  • To showcase all features of Shopify Plus.
  • To schedule a demo of Shopify's platform.
  • To understand the prospect's challenges and how Shopify Plus can address them. (correct)

What is the first step in the 'Prepare' phase of the Shopify value pitch playbook?

  • Predict the prospect's top three challenges. (correct)
  • Map the top challenges to the Shopify value pillars.
  • Customize the interaction.
  • Investigate discovery research.

What is the primary emphasis during the 'Pitch' phase of the Shopify value pitch playbook?

  • Mapping the prospect's challenges to the three sections of the Shopify Value Pitch. (correct)
  • Collecting contact information for follow-up.
  • Presenting a specific Shopify Plus plan.
  • Highlighting features of specific Shopify products.

What is the purpose of the 'Progress' phase of the Shopify value pitch playbook?

<p>To uncover requirements for a tailored solution based on the prospect's needs. (A)</p> Signup and view all the answers

Which of the following is NOT a step in the 'Prepare' phase of the Shopify value pitch playbook?

<p>Present a specific Shopify Plus plan. (A)</p> Signup and view all the answers

What is the seller's objective in the 'Frame the Challenge' section of the Shopify value pitch?

<p>To identify and validate the buyer's top three business challenges. (C)</p> Signup and view all the answers

What is the purpose of the 'Discovery Recap' in the pitch?

<p>To summarize the initial conversations and identify key challenges. (A)</p> Signup and view all the answers

Which of the following is NOT listed as a key challenge faced by Unearthed Apparel?

<p>Optimizing internal communication (A)</p> Signup and view all the answers

What is the seller's objective in the 'Challenges Across Commerce' section?

<p>To compare Unearthed Apparel's challenges to industry-wide trends. (B)</p> Signup and view all the answers

What are the two key industry-wide categories mentioned for comparing the buyer's challenges?

<p>Market challenges and technology challenges (C)</p> Signup and view all the answers

What percentage of US ecommerce is processed through Shopify's platform?

<p>10% (A)</p> Signup and view all the answers

How much did Shopify invest in research and development in 2022?

<p>$1.3 billion (C)</p> Signup and view all the answers

Which of the following is NOT listed as a market challenge faced by sellers?

<p>Technological disruptions (D)</p> Signup and view all the answers

What role does Tobi Lutke, the CEO of Shopify, play in the company's innovation strategy?

<p>He is responsible for engineering innovation. (C)</p> Signup and view all the answers

How many unique shoppers made purchases from Shopify businesses in 2022?

<p>561 million (B)</p> Signup and view all the answers

What is the primary objective of the "Shopify Value Pitch" execution step?

<p>To understand the customer's needs and challenges before the interaction (A)</p> Signup and view all the answers

Which of the following is NOT recommended for predicting a prospect's top three challenges?

<p>Gathering information about the prospect's competitors (C)</p> Signup and view all the answers

Why is understanding the buyer's storefront experience important?

<p>To identify potential areas for improvement and challenges (D)</p> Signup and view all the answers

What is the purpose of utilizing tools like "BuiltWith" or "Wappalyzer"?

<p>To understand the technology used on the prospect's website (B)</p> Signup and view all the answers

How does predicting the prospect's challenges benefit the seller?

<p>It allows the seller to create a more personalized and valuable sales pitch (C)</p> Signup and view all the answers

Flashcards

Shopify Value Pitch

The initial sales interaction identifying a prospect's challenges and how Shopify can address them.

Challenger Sales Methodology

A sales approach focusing on understanding customer challenges before suggesting solutions.

Three Phases of Shopify Value Pitch

Prepare, Pitch, Progress - essential steps in crafting the pitch.

Prepare Phase

The first phase where sellers predict challenges and customize interactions.

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Pitch Phase

The phase where value is conveyed by aligning Shopify with the prospect's challenges.

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Seller's Objective

To predict the prospects’ top three challenges before the call.

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Storefront Experience Research

Investigate the buyer's website from a customer perspective, including navigation and product selection.

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Tech Stack Analysis

Use tools like BuiltWith or Wappalyzer to discover technologies on the prospect's website.

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Buyer Persona Research

Look up the prospect’s LinkedIn for career path and role to understand motivations.

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Shopify Value Pitch Sections

Four main parts: Frame the challenge, Why Shopify is different, How Shopify delivers value, Questions and next steps.

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Sellers Objective in Section 1

To surface and validate buyer's challenges through discovery recap.

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Top Challenges Identified

Increasing revenue, enhancing customer experience, and software integration complexity.

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Industry-wide Challenges

Common problems faced by businesses in specific categories: market challenges and technology challenges.

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Value Pillar 1

Speed and Agility: Shopify's focus on enabling faster and more nimble operations.

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Market Challenges

Obstacles in commerce, including rising interest rates and changing customer behavior.

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Technology Challenges

Issues in commerce like lack of innovation and security risks that hinder growth.

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Shopify's Scale

Shopify manages about 10% of US e-commerce and has processed $700B in sales.

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Shopify's Innovation Investment

Shopify allocated $1.3B on R&D in 2022, prioritizing innovation for commerce.

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Gartner’s Magic Quadrant

A tool that ranks companies; Shopify scores highest in execution ability for digital commerce.

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Study Notes

Shopify Value Pitch

  • The Shopify value pitch is the initial interaction with a prospect, focusing on the specific challenges leading them to look for a new platform, and demonstrating how Shopify Plus can address those challenges.
  • The Challenger sales methodology is used, prioritizing understanding prospect's challenges and pain points before presenting features.
  • The pitch should focus on the Shopify platform's overall value proposition, not a specific plan, initially.
  • Case studies and specific plan, products, and features are presented later in the conversation to align with prospect needs.
  • The Shopify value pitch playbook consists of three phases: prepare, pitch, progress.

Prepare Phase

  • Before the interaction: Predict the prospect's top three challenges (e.g. Tech Stack, Storefront Experience, Company/Prospect LinkedIn).
  • Customize slides based on the predictions.
  • Research and tailor the interaction.
  • Connect top challenges to Shopify's value pillars: This maps the challenges and solutions.

Pitch Phase

  • During the interaction: Convey the value by mapping challenges to three pitch sections (frame the challenge, why Shopify is different, how Shopify delivers value, questions and next steps).
  • Present Shopify's value vs. solutions that address the challenges; for example, "Increasing Topline Revenue" or "Enhancing Customer Experience."
  • Use the appropriate Shopify value pillar slides for each interaction.
  • Use case studies.

Progress Phase

  • After the interaction: Request information for requirements via follow-up email.
  • Follow up.
  • Document results.

Additional Considerations

  • Shopify Value Pillars: Shopify's value pillars (Speed and Agility, Operate with confidence, Innovation you can customize) need to be correlated to prospect needs.
  • RFI (Request for Information): An RFI is used to gather detailed information.
  • Stakeholder Input: Input from various stakeholders (developers, project managers, marketing, sales, and service admins) can be used during the process for better understanding.

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