Value selling is about getting prospects to look past the price tags and see what products and services are truly worth to them as individuals. Instead of focusing on the product, and what it costs, they need to look at what it does, and how they can use it. Once customers can envision themselves directly benefitting from a product, the price becomes related to the usefulness of the product, instead of just the value of the materials that it’s made from. Value selling bridges the gap between what something is worth on the shelf, and what it’s worth in the hands of the consumer. After a prospect realizes that the value of a product isn’t what they put into it, but what they get out of it, it’s much easier to close the sale. Here are three lessons about customer value selling that should help you get started.
Narrow Your Focus
You may have a great product that will appeal to any market. However, not all markets will be able to get the same usefulness out of your product. You need to narrow your prospects to those who will most benefit from buying your product. Value selling is about showing customers that they will benefit from making a purchase. If you stick to those who will benefit the most, value selling becomes much easier. As an added bonus, customers who see a higher value in something are also willing to pay more to get that value. Focusing on your ideal buyer personas will increase your conversions, and your margins.
Building a Narrative
Value selling is also about being able to tell a story. You have to put that product in the customer’s hands, and have them using it to great effect. Building a narrative starts with listening to your prospect’s needs. After that, it’s all about demonstrating how your product can fill those needs. A brief dialog, and a few pointed questions, should give you all the information you need to build a custom narrative for your prospects. In just a few minutes, you should be able to describe a scenario in which they personally benefit from the product. Once they can envision that scenario, they’ll immediately see the value of the product.
You’re either value selling, or you’re price selling. If you’re doing both, then you’re really only doing price selling. Once the prospect figures out that it’s really all about the price, any efforts you’ve made toward value selling are wasted. The point of value selling is to help customers see how they’ll benefit from the product at the current price point. You don’t want them focused on bringing the price down to get a better deal—you want them focused on seeing why the value of the product is worth the price you’re asking for. Once you start negotiating on price, you’re really negotiating on value. If you’re not convinced of the value of the product, why should they be? Instead of negotiating prices, reinforce the value of the product, as well as any additional value your company brings to the deal. Remind them of the benefits of the product, talk about your amazing customer support, and mention any other value-added products or services you offer.