What will your team learn:
Salespeople are often told to sell the value, not the features, but who even knows what value means. In this insightful presentation, Mark will
adapt what he has learned from 25 years of value based pricing to help your salespeople gain a much stronger grasp on how your customers
perceive value. Armed with this knowledge, your sales team really can win more deals at higher prices.
Every salesperson has been told to sell value before talking price. Most try, but fail. The problem is their conversations don’t resonate with their buyers. Why? Because salespeople don’t truly understand what buyers value.Buyers tell us what they value. Sales people just have to listen … but they have to listen for the right things. With a little preparation, they will recognize phrases that hint at value and be ready to guide the conversation to the ultimate objective, economic value for the buyer. It is an exercise in knowing what to listen for.
Most salespeople have more work to do than time to do it. Wouldn’t it be great if they only invested their time on opportunities with a good chance at closing at a high price? Of course. But why don’t they do that already? Because they can’t tell which deals meet these criteria. The real answer is because salespeople don’t understand how buyers value their products. Once they understand why customer value their products, they can identify the buyers who value them the most. Salespeople can prospect for those high value buyers. Salespeople can prioritize their open opportunities to focus on the ones that will receive the most value. This only happens when salespeople understand value.
All salespeople know to sell the benefit, not the feature. Then why do salespeople so often lead with features? One reason is salespeople are “experts” in the products. Experts can easily translate features to benefits. But the curse of knowledge says they forget what it was like to not know. They believe their buyers can hear their features and instantly translate them into benefits for themselves. If only that was true. Winning deals would be so much easier if spewing a product pitch at a buyer resulted in the buyer confidently understanding the complete value they will receive from that product. Buyers buy solutions to problems. Buyers buy results. Buyers buy value. What are you selling?
Every purchase decision is a tradeoff between price and value. It is true that (almost) every lost deal is because of price. Sales probably could have lowered the price to the point where the buyer would buy. HOWEVER, sales also may have been able to more effectively communicate the value of the product. If sales could have helped the buyer understand that the value of the product was much larger than the price, then the deal would not have been lost. When salespeople master the ability to communicate value, they win more deals, faster, at higher prices. Too bad most don’t even know what value really means.