Introduction to Selling On Value For Better Results
Over the past decade, one of the most common changes that hit the selling has been the rapid evolution in the entire sophistication as well as the knowledge of customers.
According to recent research, 85% of customers start their purchase process before they even make a call to a salesperson. And by that time, they may find that your competitor was a better option.
So, what can you do to make sure that you can get better sales results in this new environment? One of the most effective things is to ask questions to identify customer needs before talking about the solution.
This will allow you to stop selling features and start focus on sales conversations on benefits to the customer.
An effective approach to discussing advantages with the customer is to sell on value. While most sales experts frequently ask about selling on value, only very few of them know how to do it.
Selling on value helps you figure out, quantify, and prove value to the buyer. It takes time as well as effort because you have to understand the opportunity from the buyer’s perspective: how their business runs, its objectives, and any challenges to reach those objectives, and their strengths as well as weaknesses against competitors.
When you understood the business of buyers, you can elevate your sales conversation by proving the best value your solution will bring to their situation.
Value is in the Buyer’s Mind
The process of showing the value of your solution begins with understanding a question: Value = Benefits – Costs. Now, let’s start with benefits.
You must consider all the ways the customer can benefit from your solutions. It is important to think of both tangible as well as intangible benefits.
After that, consider all of the prices the customer will incur by either selecting or not selecting your solution. Let’s check out the process in detail:
Tangible and Intangible Benefits
If you check out the benefits, think about how your solution can help the customer increase revenue, volume, or market share.
This is the first thing customers think about; however, it is important to remember that their priorities will depend on where they are in the organization and how their performance is measured.
For example, in the retail business, it can be margin, markup, or gross purchase. It is essential to figure out both professional as well as personal drivers to align your advantages to those drivers.
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The next method you can help a customer grow their business is to increase their competitive advantage or image.
The advantage of enhancing productivity is that customers can do more with less that can create a bridge between making and saving money, time, and resources. Make sure you know how your product or solution can reduce production costs as well as boost profitability.
After considering the benefit side of the Value Equation, it is important to think about the cost side. The usual price of your solution is not the only factor.
Buyers check out all the forms of the cost when making a purchase decision, including the Total cost of ownership, training, opportunity costs, and time to market.
Not all sales representatives are aware of how to sell on value. This is where value selling training comes into action.
There are a number of consultancies that provide solutions and value selling training in a consultative manner. Choose the right consultancy to build stronger as well as more profitable relationships.