Understanding Value in Sales

Last week, I taught 45 Solutions Consulting Leaders how to teach their team to sell value. Here's what I taught them: - 1. You can't sell value if you don't understand what value is. A lot of people think their product is valuable. But the product itself has no value. The value is in the gap between where someone is and where someone wants to be. I'll repeat that. The value is in the gap between where someone is and where someone wants to be. Think of your product as the vehicle for crossing that gap. Find the gap, and your product will be perceived as valuable. 2. You can't sell value if you don't understand where someone is. This is why discovery is so important. The example I gave was selling an iPhone 15. - Some people were interested in an iPhone 15 because they had an iPhone 11 (big gap). - Other people weren't interested because they already had an iPhone 15 (no gap). - One was repulsed by an iPhone 15 because he had a Galaxy S23 and didn't like Apple (for him, the gap was backwards). 3. You can't sell value if you don't understand where someone wants to be. Yet again, this is why discovery is so important. Unless you know where someone wants to be, you can't show them how your product can get them there. - BONUS (but wait, there's more): Even if you know what value is, you still may struggle to sell value because many clients don't know: - where they are, nor, - where they want to be Your job as an SE and an AE is to build trust and: - Uncover pains that people didn't know they have - Create a future that people didn't know was possible If you want a good example of this, just look at Steve Jobs with the iPhone. In 2007, nobody knew that: - Buttons on a phone were dumb - They needed an iPod, a phone, and an internet communications device, all in one product Can you sell more value? You sure can. Just flex those discovery skills and help your client get from where they are to where they want to be.

Solving a technical problem to close the deal is not enough. You must also: - Know how to uncover and connect to the prospect’s perception of value. - Understand your prospect’s problems about achieving the business goals of the organization. - Help identify the problems that are worth solving — even if the prospect does not know at the outset which are the real problems. - Understand their personal value in addition to quantifiable business benefit. - Collaboratively develop a solution you are uniquely able to deliver – through solving unique problems your competitors can’t. - Work together to develop a mutually agreed upon plan for execution and the realization of value in helping to achieve the business goals and imperatives. This process creates the foundation for trust. In order to build credibility, add value, consult, and sell your products and services you should also ask yourself: - If you’re assigned a specific industry, are you well-versed in its current issues? - Can you engage in a conversation around those issues and add perspective and insight to anyone in the industry? - Are you reading what your customers and prospects are potentially reading online, in trade magazines, and industry websites? - Are you current and knowledgeable on the issues facing the decision-makers you are calling on? - If you’re seeking new business opportunities, are you researching what company data is available in the public domain? - Do you understand the company’s goals and objectives? Can you predict where the likely struggle may be for the organization? - Do you have all of the information you need to prepare for an engaging conversation where you can contribute perspectives, insights and ask thoughtful questions? - Are you engaging with the prospect online? Demonstrating your expertise not just for a specific problem, but their industry as a whole? You need to connect to your prospects on a deeper level. This is how you set yourself apart from the crowd. Focus on credibility and you’ll close more business. What else would you add here? P.S. - Get some value? Follow me for daily posts.

Your job in sales is to help. In particular, to help your buyer make the decision to make a change in their business. But you can't help if you don't understand first. When you ask questions that surface a buyer's challenges and desired outcomes are you listening to understand or listening to respond? These are REAL challenges. The path to helping a buyer doesn't start with your product. It starts with your understanding. One of the most important forms of value that you, as a seller, can provide a buyer is to make them feel understood. Do that and they will invite you to help them.

I'm seeing a trend toward more sales support roles helping enterprise reps hit bigger quotas. Value Engineering / Value Selling is one of those roles. Typically the ratio is 1 Value Engineer supporting 100 AEs. Some reasons to create a team dedicated to value selling include: ✅ Differentiation in Competitive Markets: In competitive markets where products and services are similar, a value selling team can help the company stand out by showcasing the specific value proposition that sets them apart from competitors. ✅ Complex Solutions: If the company offers complex solutions that require a deep understanding of the customer's needs and the ability to tailor the solution to those needs, a value selling team can effectively communicate the value of the solution and guide the customer through the decision-making process. ✅ Higher Price Points: When products or services have a higher price point, customers often want to understand the return on investment (ROI) and the long-term value they will receive. A value selling team can help articulate and justify this value to potential buyers. ✅ Customer-Centric Approach: Value selling teams are focused on understanding the customer's business challenges and goals. This customer-centric approach helps build stronger relationships and positions the company as a trusted advisor rather than just a vendor. ✅ Cross-Selling and Upselling: For companies with a range of products or services, a value selling team can identify opportunities for cross-selling and upselling by showing customers how additional offerings can enhance the value they receive. ✅ Transition from Transactional to Consultative Sales: Companies that are looking to shift from a transactional sales approach to a more consultative one often establish value selling teams. This enables sales reps to engage in deeper discussions with customers and offer solutions that align with the customer's strategic objectives. ✅ Demonstrating ROI: Customers need to justify their purchases to stakeholders within their own organizations. A value selling team can help provide the necessary data and analysis to demonstrate the potential ROI of the company's offerings. ✅ New Product Launches: When introducing new products or services to the market, a value selling team can educate potential customers about the value these innovations bring and how they address specific pain points. ✅ Long Sales Cycles: In industries with lengthy sales cycles, value selling teams can maintain ongoing engagement with prospects and customers, continuously reinforcing the value proposition and addressing any evolving needs. ✅ Training and Development: Value selling teams are often equipped with specialized training and knowledge about the company's offerings and the value they deliver. This expertise can be shared with other sales teams to improve overall sales effectiveness. Thanks to Dan Sixsmith for this. #valueselling #valueengineering #valueconsulting #businessvalue

Understanding our customers' needs and concerns is not merely an advantageous sales strategy—it's a fundamental expression of empathy and the cornerstone of creating authentic, valuable connections in any business relationship. In the bustling realm of sales, customers often navigate a sea of similar products and services. But what sets your offering apart? The answer lies in the depth of understanding you possess about your customers. By comprehending their needs and concerns, you're able to offer a tailored solution that speaks directly to their unique situation, leading to a more satisfied customer, and consequently, a successful sale. Every customer interaction is a golden opportunity to learn more, to dig deeper. It’s our chance to ask thoughtful questions, listen attentively, and empathize with their situations. It's not just about selling a product or service, it's about providing a solution that truly resonates with their needs, alleviating their concerns, and enhancing their lives or businesses. Understanding your customers’ needs and concerns also contributes to building trust. It shows them that you’re not just interested in making a sale, but you genuinely care about providing value and solving their problems. This connection forms the foundation of long-term customer relationships and loyalty, which are priceless commodities in the competitive sales landscape. Remember, as salespeople, we are not just vendors; we're problem-solvers, listeners, and most importantly, connectors. So let's invest our time and energy into understanding our customers and create solutions that genuinely make a difference. In the end, sales success is not just about numbers—it's about creating impactful, lasting relationships. 💼🤝