Selling Value: The Missing Piece
Do you really know what your prospects are looking for? Do you know why they are looking in the first place? Were you told by your development group or marketing why your prospects buy? Dismiss it! Buyer’s needs come from, well buyer’s and no one else.
Without the insight into a buyer’s real needs, you are at a major disadvantage. Buyers know what they want before they talk with you. Research from Sirius Decisions indicates that most buyers are 70% through their buying cycle by the time they talk with a vendor. It isn’t so much about features and benefits any longer, it is about value. The buyer wants to know they will get the value in return for what they spend.
Remember that sales training you sprang for? Did it increase your sales? Did you get the long term payback you expected? The answer is likely NO! The problem here is the need for continuous reinforcement of sales basics, and the lack of sales tools. Buyers today are far more sophisticated than buyers of the past. They do research, they create committees to analyze needs from all areas of the organization.
However, there is something you can do to offset this lack of buyer understanding. Conduct a Value Inventory Workshop. (Or better yet, have us do it) A Value Inventory Workshop is an exercise where you work through a series of questions to gain insight into your buyer’s issues, pains, goals, and needs as well as your competitive advantages and who influences your buyers internally.
Here is a sample of the output from a workshop.
The example above is a slice of data collected during a workshop where we capture key information and create content that is used throughout the sales process. This workshop is something you can do on your own, or have ROI4Sales come in and facilitate it.
Aside from the fact you are gaining great insight into your buyer’s reasons for buying, getting your entire team on the same page, and determining the greatest values, you can deliver, you will also be able to see objections before taken by surprise.
The columns are as follows:
- Persona – whose prospects shoes are you pretending to put yourself into?
- Why Buy? – Why do people (emotionally) buy from you?
- Business Issue – begin to quantify the why buy, with an adjective and unit of measure to determine the real reason people buy from you
- Desired Outcome – try to narrow the why buy and business issue down to a metric, like cost per week, month or year, DSO’s, revenue per hour lost, etc.
- Priority – how important is the issue to your prospects CEO? 1 – keeps them up at night, 2 – on short term fix list, 3- need the issues resolved this year
- Solution – can you resolve the problem, and how?
- Competitive advantage – is your fix superior, the same or inferior to the competition?
- Value category – does your solution reduce a cost, avoid a cost and or increase revenue?
- Value Metric – what cost are you reducing or avoiding, what revenue are you increasing
- Circle of Influence – who inside the buyer’s organization has an influence on the decision maker?
- C-Suite Metric – this column ties your value to a prospects financials. It creates the link from value to economic impact.
Complete these columns and learn so much more about your business. For more information on having us come into your office to conduct a Value Inventory workshop please call us at 262.338.1851 or email me at firstname.lastname@example.org.