Last month in this space, I reviewed a series of market projections for 2014 from Harvard University as well as the industry’s leading associations.
Sell the Value First
At your next sales meeting, remind your team to take the time to build sufficient value in the product/service before trying to sell the price.
At your next sales meeting, remind your team to take the time to build sufficient value in the product/service before trying to sell the price. Too often salespeople put the cart before the horse. They attempt to hype the customer on what a "great deal" the price is before building the value in what they’re selling. Work with your salespeople on the following:
If you sell strictly on price, the only closing tool you’ll have is to make the price even cheaper. This is a tough way to make a living when you’re paid commission.
When do you feel better about buying something, before or after you see the value? After, of course. And when are you willing to pay more for something, before or after you see the value? Obviously, it’s after once again. With this in mind, when does it make more sense to talk about the price, before or after you build the value? After! Salespeople who learn this never have to back away from or apologize for the price of their product. They have earned the right to ask for the order by demonstrating why it’s worth every dime they are asking.
Most buyers are willing to pay more for a product after a professionally delivered sales presentation. They appreciate a salesperson who builds value and addresses their needs. They are so used to not getting this type of presentation from a salesperson that when they do they can easily justify paying more.
To do a convincing job of selling value, you must take the time to study your product and your competitors’. Sure, it takes work, but it also gives you a huge edge over those too lazy to do so who rely strictly on dazzling the customer with how "cheap" they are. There is little virtue in "cheap," and there is much in "value."