Sell the value, not the product
Let’s face it: modern B2B buyers are getting harder and harder to please. One of the reasons for this, is that buyers today do a lot on their own: they identify their needs, research and evaluate their solutions, and only then they might get in touch with your Sales team to finalize the details.
In other words, modern B2B buyers are more informed, and they are looking for solutions, not products: they want to know how you can help them save time or solve a specific problem they are facing – that is to say, they need to see the value your product or service adds to their daily lives.
Without the capability to showcase value, sales leaders drive the buyers away and towards top competitors. In fact, 89% of first sales meetings fail to get a second meeting because the seller hasn’t been able to show business value, and 74% of buyers end up making a purchase from the company that was the first to add value.
Sales reps who are able to communicate value get the benefits of an increased conversion rate, and the ability to sell at a higher price. When your buyers recognize the value of your product or service, they are willing to pay more!
Sales professionals still struggle to convey value
In a study recently conducted by Prezentor, we found that as much as 48% of Sales Leaders lament the inability to communicate value, and 34% also struggle to visualize their complex value proposition.
The good news is that Sales Leaders recognize the importance of value selling, as shown by the fact that 76% of those interviewed already have plans for, or are considering, investing in value-based/customer-centric sales, and 66% in sales pitch/presentation technology.
But what exactly should they invest in? And is this going to be enough to improve their selling process and ability to showcase value? If you are also looking for an answer to these questions, here are three simple tips that can help.
1. Do your homework
From our survey, it emerged that 25% of sales professionals see more educated buyers today. As we said before, modern buyers know what they want, and they expect you to know it too! They demand outstanding customer experience in every interaction, and do not waste time with unprepared salespeople. According to Salesforce, 52% of customers expect personalized offers and 66% expect companies to understand their unique wants and needs, yet they currently feel treated just like numbers.
Take the RAIN Group‘s advice of centering the conversation around the buyer to keep them engaged – it can be difficult to grab and keep the buyer’s attention, especially in online meetings, but people tend to be more interested if they are the focus of conversation. After all, value selling is all about putting the buyer – and their needs – first.
So do your research on your prospects, understand their role and industry, check their social media profiles, discover their interests, find out what their main pain points are and, most importantly, learn how you can make their life easier.
2. Be a trusted advisor
Knowing your buyers and putting them first is only the first step for gaining their trust. According to the RAIN Group, building trust is one of 6 key drivers of client loyalty.
At Prezentor, we strive to make sales more human by listening to our customers. In a recent study on Insurance sales in the United Kingdom, we found that for 70% of consumers it is important or very important to see their insurers as trusted advisors, rather than just ‘sellers’.
Building trust requires work, but it is doable. Here’s how:
- Be upfront about what you can and cannot offer and give your buyer honest advice on the solution that suits their needs better. It’s not about what you want to sell, it’s about solving your customer’s issues.
- Share reviews and case studies that help you show the value you created for other customers – 97% of consumers say customer reviews factor into their buying decisions.
- Don’t be afraid to connect on a personal level: be friendly, show genuine concern and find common interests that will help you build a relationship with your customers.
- Demonstrate integrity and honor commitments – basically, do not make promises you cannot keep!
3. Create dynamic conversations
Last but not least, the right Sales Enablement platform is a must-have, if you want to be able to create dynamic dialogues. Interactive presentations, value calculators and other visual aids can help you keep the buyer engaged, while focusing on what matters to them.
Sales Enablement platforms, like Prezentor, enable the buyer to drive the conversation where they wish, and the seller to adapt their content in real time to follow the buyer’s lead. With the proper tech, you can easily navigate through the interactive presentation to the slides that address their questions in mere seconds.
Value-based selling is the key to closing deals and increasing your conversion rates, yet sales professionals still struggle to communicate value and keep selling on product features instead.
Communicating value requires a little work but is not unachievable. It is all about:
- Knowing your buyer and their needs, so you can offer them the right solutions
- Building trust by sharing reviews and case studies, being honest, honoring commitments, and creating a genuine relationship with your clients
- Keeping the conversation dynamic thanks to interactive presentations, that enable you to focus on what matters to the buyer.
Sales Enablement platforms, like Prezentor, offer everything you need to help with value selling. Book a demo to find out more!