“Nowadays people know the price of everything and the value of nothing”. — Oscar Wilde
When looking for the biggest roadblocks to sales success, one reason, in particular, stands out for many sales professionals. Simply put, it’s the inability to communicate the value of a product or service. The second biggest roadblock tends to be difficulty in attracting new clients.
Value messaging must revolve around the customer
In the old days before the internet a good salesperson could demonstrate value for the customer by describing the following about a product:
· Functions
· Features
· Benefits
But now all of this information is available to the customer online so the salesperson must look for new ways to demonstrate value. This is really an opportunity for the sales professional to shine.
This is especially true when working with executive level buyers. These types of buyers are not interested in the technical details related to a product or service. They simply want to know how this purchase will advance their desired business outcomes.
This changes the approach to selling value. It’s no longer about the product, it’s all about the relationship. This is all part of an evolution that has moved from selling products to selling products and services. This continued in the 2000s as the customer became the focus. Today it’s all about the relationship.
Rock the house with Value
For value selling to be effective, the sales professional must understand the clients’ long term strategy. This includes the needs of various stakeholders. The salesperson must act as a problem solver. He or she must also be attuned to assisting the client in avoiding risk and achieving their particular goals.
Think of helping the client to identify the root cause of any challenges they may face. In order to have a successful relationship, one must understand the business impact of any areas of concern.
This presents the serious sales professional with the opportunity to remake the buying phase. It’s an opportunity to delve into decision analysis with the client. Keep in mind that various parties involved in the purchasing decision will need to be won over with your focus on value.
Don’t allow yourself to be drawn back into messages that revolve around the product. The customers desired end state is the key focal point. This is the point at which you will differentiate yourself from the competition through a clear focus on the clients’ need for results.
Now, what happens when we get to the part where we actually implement what we have sold? Surely, you did not think your role was over after the sale was concluded. You see, if the promised value is not delivered, then we have not completed our job as the sales professional.
We have abdicated our responsibility to ensure the success of the client account. As before, we still need to manage the expectations of the various stakeholders. This will vary based on the roles of the stakeholders but each player is an important part of the dynamic sales process.
It’s also worth remembering that within the client organization our product/service may have been handed off to a different department for the execution phase.
It’s critical to ensure these new entrants to the process are able to report positive results back to the original buyers of the product/service. This is how we can enhance our chances for repeat business.
Deliver Value to ensure new business
The ability to deliver a great message about value is the best way to achieve two critical parts of growing your business.
· Attracting new clients
· Expanding your business with existing accounts
Failure to address these key points will result in your business becoming stagnant and stuck in what is often called the “circle of doom”. Just think of circling a drain and you will get the idea.
Value based selling wrap up
The heart of selling on value revolves around a clear understanding of the customers’ needs. This clarity of needs may in some cases cause the sales professional to adjust their strategy. Think of it as customizing your approach so that it meshes with the customers’ desired outcome.
It’s very important to remember to focus on the clients’ business issues and NOT the product or service.
As is the case in other aspects of life acquiring the new skills needed to sell value may take some time and training. It can almost be thought of as learning another language. However, if you put in the work you can achieve mastery.
Mining new business begins early in your relationship with a customer. Proper account planning based on a clear vision followed by the correct strategy and tactics will earn the customers trust. A proper matching of product/service capabilities with the clients’ strategic needs will lead to correct alignment with your customer.
If all other selling parameters are in place, value selling can yield out-sized results.
“Make a customer, not a sale.” — Katherine Barchetti