SALES AUTOMATION
Articles
Value selling – A guide
Selling products or services with a good value-based proposition is key to making sales, with Mercuri highlighting that 85% of businesses consider it a critical success factor for them. However, many businesses find it challenging to offer customers a high-value-based proposition, which impacts the number of sales a business makes. In this article, we will look at what value selling is, and how to do it effectively to boost your business’s sales, revenue, and growth.
What is value selling?
Value selling is the process of a business taking a selling approach that puts the customer’s needs first. This approach focuses on benefiting the customer throughout the sales process while providing them with a high value product or service. To effectively take a value-based selling approach, you must know your customer’s needs and requirements, so you can then give them the best offering possible to provide them with a high-value product or service. In a study by ValueSelling, they found that the top performers in businesses are great at taking a value-based approach, with them having an average score of 7.6 our of 10 in this area, while other performers only scored 5.6.
Offer a great value selling proposition
To offer a great value selling proposition to your customers, you should consider these tips:
-
Focus on the value of your product
When communicating with your customers, you should try and focus on the value that your product will bring them. You should link the customer’s pain points to your product, giving examples of how your product will help them in their context to show the value of what you are offering them.
-
Avoid creating a “sales-like” environment
When trying to add value to the customer’s experience, and your product or service, you should ensure that when interacting with customers you do not create a “sales-like” atmosphere. Instead, you should try to create a helpful informative environment with your clients, as this will add more value to their experience and result in your business winning more sales.
-
Understand your customers
If you have a good understanding of your customers, building a rapport and adding value to their experience will become a much easier process. This will give you a better understanding of their pain points, beliefs, values, needs and more. All of this information will help you when communicating with your customers, as you add value to your product or service by better linking it to their needs. Great ways to research and understand your customers are through:
- Social media research – LinkedIn, Instagram and other platforms are a great way to find out more about a client’s industry, values and more
- CRM software – CRM software will give you a great opportunity to find out more about your customers, such as the channels the lead was generated on.
- Google search – Searching a customers name, business or industry using google search could give you useful insights into who they are and what their pain points may be.
- Industry research – Look at industry reports to get a good understanding of the types of customers in your industry and what they are purchasing.
-
Act as a guide for your customers
To take an effective high-value-based approach, your sales representatives should act as a guide for customers when interacting with them. They should help customers find the best solutions to overcome their pain points and guide them through the buying process in the most informed and efficient way possible. This will help customers get the best outcome possible with the most value.
Value-based selling framework
There is a commonly used value-based selling framework that can be adopted, and your business will not have to completely alter your current sales routine to follow it. To get the most out of your value-based selling, adopt one or more of these approaches:
- Qualitative value
- Financial incentive value
- Differentiation value
- Piece of mind value
Qualitative value
Taking a value-based selling approach with the qualitative benefits of your product or service is an effective way of connecting with your clients and demonstrating the value you are offering. This method of value-based selling should focus heavily on your customer’s pain points and their context, as your sales representatives will need to effectively communicate how your product or service will benefit them.
Financial incentive value
Focusing on the financial success that your product or service will bring your customers is a very effective method of value-based selling. Using this approach, you should communicate the financial benefits your offering will have for your client. Examples of this can be if your offering will help boost their revenue or cut their operating costs. This will make the customer interested in your offering and likely to move forward with your business.
Differentiation value
A good approach to take when trying to share the value of your offering is to focus on the unique selling proposition of your business. This will help your business stand out from the other alternatives in the market and this differentiation will add value to the product or service that you are offering them. For example, if you offer a more personalised service to customers with special perks like extra features, you will increase the value of what you are offering.
Piece of mind value
Piece of mind value is the approach with customers where you show the value of your product in terms of how it can give them peace of mind about factors like risk or their security. This approach can be very effective as customers will find massive value in your product or service if it is offering them solutions for fears or vulnerabilities in their business.
The benefits of value-based selling
Get invaluable benefits from value-based selling such as:
- Increased customer satisfaction – With customers getting more value out of your products or services, they will leave your business with high satisfaction making it more likely they will make repeat purchases.
- Better brand image – Your brand image will improve as customers will associate your business with offering a high-value service and leaving your customers with high levels of satisfaction.
- Build trust with customers – Because a value-based selling approach focuses on helping the customer at every stage of the buying process, you will build more trust with your customers and create long-term customer relationships increasing your customer retention.
- Increased conversion rates – Customers will be more likely to move forward with your business with value-based selling which will increase your conversion rates helping boost your revenue.
- Can charge premium pricing – If you take a value-based selling approach, your business will have better success with charging premium pricing as the value of the product will justify the premium price.
Drive your value-selling methods with TEB
TEB is a sales automation CRM software that can streamline and enhance your value-selling approach by providing you with insightful and important customer data. Boost your sales, communicate your value effectively and increase revenue with TEBs key features:
- Access customer journey storyboards – View your customer’s entire buyer journey in the form of a storyboard to get a better understanding of your customers.
- Share crucial information on clients – Leave notes with useful information on clients so the rest of the sales team is able to see this information and know what approach to take with this customer.
- Organise your leads – Use TEBs custom filters and funnels to organise your leads to suit your business to adjust your value-selling approach.
- Generate custom reports – Drill down on information and view how your products, services team and more and performing.
Do not miss out, get in touch with us to book a demo where we will show you all of these features, and how you can streamline your entire sales process live.
Explore TEBillion Insights
Sales promotions and offers – how to get it right to win deals
- 288
