As local and global markets have started to reopen but are still recovering from massive shutdowns that affected nearly everyone, how can you ensure you and your brand aren’t just surviving but still thriving?
In 2020, you undoubtedly learned what it means for your business to pivot. Now that the second quarter of 2021 has begun, what’s next? The key to succeeding in today’s economic landscape is implementing a value selling approach.
But what exactly is “value selling” anyway?
Value selling, or consultative selling, is an approach that puts the focus on the client. It’s all about moving beyond communicating the details of your offering and sufficiently articulating the benefits they will receive from your product.
Digging deeper, value selling is the process of affirming why your proposal or offer is valuable to the buyer. By doing so, you position yourself as an expert in your industry or particular focus. Selling based on value alone also increases your value as a provider.
Why choose value-based selling?
Trying to “seal the deal” with a buyer by using outdated sales tactics (like yet another product pitch that does not resonate with today’s buyers), will not only fail but also create a value gap. Gaps between the actual value and what is being promised upfront are dangerous as they can encourage hesitancy from buyers and generate uncertainty between buyers and their customers. Additionally, value gaps can tarnish a business or product’s reputation.
Buyers today are not looking for sellers that offer an overinflated or flat-lining pitch for their product’s capabilities. Most customers are well-versed in product details after taking the extra step to research these things online themselves (now more than ever) because right now, money is tight for many individuals.
However, despite customers being well-informed on product details, B2B sales often fall through.
The Harvard Business Review found
B2B customers ” … are increasingly overwhelmed and often more paralyzed than empowered.” The substantial piece of the puzzle that is missing is value. Buyers and sellers want value at the forefront of every transaction. Buyers are looking for sellers who bring additional value to their sales discussions.
How can you start implementing value selling right away?
Instead of focusing on a product pitch or the idea of how much money could be saved by going with you versus the competition, you must persuasively, eloquently, and confidently show how much value you’re able to bring to buyers and their customers. Value can be in the form of knowledge to help buyers drive their revenue, utilize your expertise, or improve organizational productivity — which saves them money and time.
Another benefit of value selling is that while you bring more excellent value to your clients (the buyers), you can also start commanding greater rates.
What value do you actually have to offer?
Essentially, anything that can positively transform or enhance people’s circumstances is valuable.
As a business owner and entrepreneur, you can implement a value selling approach quickly. First, do sufficient research. You want to figure out what your buyer’s or prospective client’s wants are, what problems they are currently facing, how you can help them, or in what way can you make their life easier. Once you can show how your solution solves these needs your worth will significantly increase.
Be prepared by understanding your buyer’s position and having the right tools.
What if your potential buyer is wary of change? Change can be a scary concept to a buyer (and people in general), but if that change brings tangible results, you will be able to reassure them of the benefit of working with you. As a result, the buyer becomes less reluctant to change their current method and more open to retaining your services or buying your product.
You can also step into the role of a consultant to help customers troubleshoot their problems and help them to develop a solution or strategy. This is a service you can charge for which may lead to even more business if they retain your help to implement those solutions.
When consulting or selling your brand, you need to have the right advice ready and tools at your disposal that further back your value. Luckily, there are many tools available online.
ROI (Return on Investment) and TCO (Total Cost of Ownership) calculators can be far more impressive and effective than the outdated spreadsheet. ROI and TCO tools are straightforward and easy to understand. Use these tools for either marketing or guided selling or both. Either way, you ensure your value premise is conveyed to the buyer as early as their first interaction with your brand and farther down the road in the consulting phase.
Lastly, you must convincingly demonstrate to your potential buyer that you have a thorough understanding of the needs of the customer and their situation in today’s delicate economic climate. When you’ve captured the essence of value-based selling, it will not only help you grow as an entrepreneur and retain customers but continue to flourish when the economy bounces back.
Be confident but listen to the needs of your buyers. Don’t forget to avoid value gaps and retain the value of the service or product you offer.
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Company Name – DecisionLink
Email – [email protected]
City – Atlanta
Country – USA
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