Why Value Carries More Weight Than Price
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The primary goal of a sales professional should be to make money, right? Yes and no. Yes, of course, the aim of every business decision should be to be profitable and improve your financial standing. However, the capability to profit from sales doesn’t exist without emphasizing the value of your service and the benefits that it provides customers.
Statistics far and wide show how much customers prioritize a strong customer experience over anything. It is with a good customer experience that customers are more willing to invest in what you’re offering and become advocates for your business. Just like you shouldn’t over-or underestimate pricing, the same should be said when measuring value. And when you examine the sales process, you realize that value-based selling is the best approach to customer interactions and win consumer trust.
Your sales strategy should emphasize value more than price to be successful. Here’s how.
Thinking Over Your Service
One mistake you must avoid when creating a sales strategy is waiting until after you’ve built up the service before you create it. Several businesses make the costly error of throwing sales strategies together on the fly after building their services, ruining customer experiences and interactions because customers sense the little effort put into understanding their unique needs.
To be a successful sales professional, you must go beyond the simple seller-customer interaction to truly understand customer value. You have to truly understand buyer personas and what their preferences are. You need to know that your service is not only improving their quality of life but helping the customer to fulfill their goals. As the elements of value pyramid illustrates, connecting with a customer and understanding customer perceived value requires providing functional, emotional, and socially impactful benefits. Sales conversations shouldn’t merely be about cost, but what investing in your service can do for their long-term prospects, addressing both immediate and long-term concerns.
Brainstorm ways on how you can reduce the time and improve the efficiency of your offerings, maximizing the customer experience and improving your close rates as a result.
Become More of an Educator
While being a sales professional requires a lot of marketing noise, your role is not to dictate or assert why your service is the best. Your job is to outline the benefits and value of your services to customers so they can make the most informed decisions. The customer, and only the customer, knows what true customer value is to them. To make the most of a value-based selling approach, sales teams must focus on educating their customers. After all, customers will always have questions about your services, whether about their basic functions or wanting to know what the services can do for them beyond what is advertised.
Value-based selling doesn’t focus too much on delivering sales pitches. Instead, such selling is educational, using the education provided as a foundation to build trust and brand awareness. As a result, customers are ready to invest in a service. Only when customers have indicated their interest in spending money on a service should sales representatives step in and close a deal. By demonstrating your expertise, the chances of customers indicating their interest sooner within the sale cycle increase.
Eliminating Buyer Fears
Another key element of value-based selling for sales teams is allaying the fears and concerns of their customers at every turn, thus, improving customer perceived value. Regardless of how much value you’re convinced your service offers, a failure to convince buyers that your product is ideal for them will dissuade them from doing business with you.
One way to maximize customer value and highlight the benefits you offer is by creating a case study. Case studies illustrate existing customer successes to show prospective buyers that you have a strong track record when interacting with customers. You can do a case study in the form of a video or by writing a customer success story, illustrating the wins you’ve achieved, and sharing feedback from customers who’ve had pleasant experiences with your services and sales team.
When you’re trying to eradicate any buyer hesitation about doing business with you, ensure you’re addressing all of the buyer’s concerns at every step of the customer journey. If you have a service that has different layers and elements, there could be objections or issues during different stages of the sales process. Focusing on how you can provide value throughout the sales process improves your reputation with customers, with a heightened sense of conversational intelligence to highlight customer problem areas and the potential solutions to solve them.
Versational provides a conversational assistant solution to ensure you reap the improved business value by focusing more on customer value and improving your value-based selling strategy. Try our product for free today.