Although selling value is not that difficult, it takes a systematic approach in order to do this effectively. Value-based sales are a systematic approach to making certain that the prospective buyer sees value over everything else. This technique has been around for many years and today is still quite successful. The primary function of value-based selling is comparing features and benefits and tying these in to price.
Perspective of the Prospect
From the buyer’s point of view, value is not only perceived product worth, but value of the entire situation a sales presentation brings. As a sales rep, the job is about understanding the differentiated and unique value in your product, your business, your approach along with the overall solutions you provide. In today’s marketplace, there are many competing services. This means buyers can have difficulty assessing which will best meet their needs. That’s why it’s important to make certain your offering is perceived as different from the rest.
Determining the Value of Your Product or Service
There are a number of things which can be done to bring value to the table during a sales presentation, or more importantly, before making a sales call. It typically starts with doing adequate market research on competitors. This way you are able to do a competitive analysis and discover their weaknesses and strengths. The next step is comparing this data to the capabilities you offer. The goal is minimizing your competitor’s strengths and maximizing their weaknesses. This enables you to put your offering in a much better and stronger light.
Identifying Customer Needs
Carefully analyzing your prospective clients and their needs is probably the most important aspect of any marketing campaign. There are prospects that are perfectly happy in their present situation, even when pricing is higher. It’s up to the sales rep to convince them there is little or no risk to making a change. There are several ways to accomplish this. For example, offering a trial period or a steep initial discount may just be enough to get the order. You must identify their needs and provide a solution by convincing the prospect your service or product is much superior.
Applying Strategies Effectively
Increasing sales will require a strategic and focused effort. You must develop a clear knowledge and understanding of prospective customers, the competition, your industry, as well as yourself. These can lead to building value regarding what you are selling.
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