Sales people want to make money. What is money? Webster defines money as: “something generally accepted as a medium of exchange, a measure of value, or a means of payment.”
So if you want to make money, you must add value.
Seth Godin sums it up: “If you’re selling a widget for a thousand dollars, the only people who will buy it will buy it because they believe it’s worth more than a thousand dollars.”
As sales professionals our job is to highlight value. Why is what you are selling worth more to the buyer than what you are charging? The extent to which we do this will determine our success.
What Are The Sources of Value?
It has been said that “beauty is in the eye of the beholder.” Similarly, value is in the eye of the beholder.
Your products and services have many different layers of value. The important thing is to align the value of your offering with the what the prospect values.
How can your products and services benefit their business? To answer this question, you need to know something about their business. What are the trends in their industry? What are their business goals? What challenges do they face related to these goals?
As a business executive or owner, you only have limited resources. There is only so much time and so much budget. These resources will ultimately get focused on the top business goals and solving the challenges related to these goals.
You may have a wonderful solution to offer your prospect. But if it doesn’t align with the prospect’s top business goals or problems, they will not value your solution. Without value, you won’t win.
Make sure you understand your prospect’s business drivers. Then, you can align your recommendation to help them achieve their goals or overcome their challenges. This value becomes worthy of attention, budget, and action.
How can your products and services benefit your buyer? When a prospect evaluates you, your company, and your offering, they are also asking the question, “What’s in it for me?”
How will this solution affect the prospect’s status in the organization? Will it help it or hurt it? How will adopting your recommendation affect their career? Will it advance it or put it at risk? How will it affect their affiliation? Will it alienate them from other people in the organization or will it help them make more friends?
Competence and Character
At the business level of value, I think buyers want to know if you are competent. Do you have the competence it takes to deliver on what you promise.
At the personal level of value, I think buyers want to know if you are trustworthy. Do you have the character to follow through after the sale even when (especially when) things get hard?
Competence and character work together to create business and personal value. This wins deals.
Your Job: Identify and Communicate Value
As sales professionals we need to identify the business and personal value we bring. This requires understanding both the businesses and the people with whom we work. Then, our job is to communicate this value throughout the sales and client management process.
Increase Your Value
Would you like to take a deeper dive into uncovering value inside the sales process? Check out the Value Alignment Workshop. Your sales team will learn strategies to uncover value to create competitive advantage, maximize gross profits, and increase client retention. Learn More.