Top Tips for Value-Based Selling
Selling based on value is a well-established approach. Without a clear understanding and justification for the value you provide, your margin is eroded and your pricing model undermined.
What is more, the customer is in control and loyalty is a hard won prize. To retain valuable customers and build long-term profitability for your business, a customer centric model with the customer’s needs at its heart, is essential. Customer loyalty is intrinsically tied to customer success. Forward looking companies understand that the quicker a customer can recognise the value of a newly purchased product and service in real terms – typically financial – the more likely they are to be retained and grown. Customer success teams work proactively to ensure the life-time value of a customer is realised.
A personalised approach that builds trust and understanding is an essential foundation for long-term sustainable partnerships and a successful value-driven approach. Here are our ten top tips for value-based selling success.
1. Know your Prospect
Define what a 'good' prospect looks like. Analyse where you have had success, in which organisations, of what size, in which sectors? Then, look for more of the same
2. Know your Market
Carry out independent market research to inform your strategy. Don't rely only on internal data or feedback from customer facing staff who may have a limited, short-term view.
3. Speak to the Right People
Identify the right contacts in those organisations. An IT Manager may understand features and functional benefits but other Decision Makers - CEO/CFO - will better appreciate the real business value - increased revenue, profitability, customer satisfaction.
4. Make a Connection
Once you've found the right person, keep the conversation going and invest in the relationship. An emotional connection and trusted relationship is one of the main drivers of high value sales.
5. Listen and Understand
Maintain an ongoing dialogue and use open questions to understand your prospect's pain points and challenges. Tailor benefits to present a compelling proposition that specifically addresses those needs.
6. Identify Value
Communicate the value of your proposition. What do you offer that can't be replicated by your competitors. If your solution is more expensive, how much more money will you save, how much more revenue will you generate?
7. Align your Teams
Align your teams around shared priorities to deliver that value. If your sales team presents a proposition, this must be reinforced by marketing communications, and reflected in your service offering.
8. Drive Customer Success
Sustainable high value sales require a customer-centric approach. With a real understanding of your customer's challenges you can offer solutions and expertise that give them a competitive edge and drive their success.
9. Be Genuine
...consistent and authentic. If you over-promise or fail to do what you say you will do, the relationship will fail.
There is a limited universe for high value products and services, and your reputation is precious.
10. Stay for the Long Haul
Selling based on value requires trust, particularly with high value sales involving longer buying cycles. Developing relationships and communicating complex propositions across complex decision making units takes time and patience.
To discuss how we can help you develop a successful value-driven approach, get in touch today.
Download our infographic for ten key tips for value-based selling success.
The Telemarketing Company