8 Steps to Selling Value over Price
Make Value-based Selling Part of Your Company’s DNA
The best companies get so good at this that it becomes a instinct. It’s as if they hard-wire all their systems, processes and strategies to bring their most unique strengths to bear on their customers’ most unique and difficult problems. You know these companies; they are the ones growing in your industry, the ones who are attracting new customers and growing total markets.
The companies who dominate satisfaction ratings have this nailed. They have integrated value-based selling, and even deeper than that, an appreciation of how their value can transform customers into who they are. If you can follow the eight steps below, you will be well on your way to changing the sales culture of your company.
1. Referencing Customers. Nothing shows value like having the majority of your customers able to be referenced. On the journey to deliver more value, it’s best to have stories to tell about how you did it. People learn from stories much more and they identify with them quicker. Get out to your customers’ sites and work to get each one of them reference ready. But don’t stop there. Get videos made of each one. Videos accessible right off your website is replacing white papers. Make it happen and you will be setting the foundation to sell on value over price.
2. Listen. Get serious about listening to the voice of your customer and put budget on it in 2013. Social networks are revolutionizing how Voice of the Customer programs are created and managed. This injects value because it gives your customers a chance to own the new product development and introduction process. Social networks are changing this area completely in 2013, making it possible to create programs very quickly. It’s time to get serious about Voice of the Customer programs because they help show value.
3. Integrate Pricing and Quoting. Price increases are possible when customers acknowledge your value as significantly above any competitor. It’s as if companies don’t want to realize how much value they are delivering – and hold back their prices as a result. That’s a major take-away of watching GE, IBM and others competing during the recession. They actually increased prices on their core products and drive competitors out of the market as a result. Integrating pricing into quoting can quickly give you an indication of how you are competing on value as well – because your prospects will tell you by the actions they take on pending decisions.
4. Reward Exceptional Customer Service. Disrupt the status quo of your company by celebrating those that make personal sacrifices on behalf of customers. These are the real heroes. You can change your culture by changing what you reward.
5. Create Teams of All-stars. Competing on value can crush your competitors faster than any price move can. Is your sales team the best in your industry? Everyone wants to be on a winning team. Creating a winning team starts with a strong push to deliver value. It’s a no-excuses, accountable mindset of delivering results that exceed customer expectations.
6. Understand and Document the Customer Journey. Selling on value is more about listening and less about hard selling. Instead of pushing products and low prices on customers, the best sales approaches are based on questions, listening and insight into solving a problem. It’s about becoming part of a customers’ journey to solving a major problem.
7. Leverage Internal Intelligence. Use your company’s intelligence aggressively to show value. This is another area where companies are selling themselves short and often don’t price themselves to the level their products – and intelligence as a business – can easily support. Harnessing the intelligence of solutions delivered for customers and having all that insight available for every sales call can easily earn a higher price for a solution.
8. Synchronize Watches. Realize your perception of time and your customers are most likely drastically different – and this has a unique effect on quoting performance. The longer it takes to produce a iron door quote, the more precise and thorough it is expected to be.
Don’t sell yourself or your company short because it’s the path of least resistance or to close a deal fast. Your company has much greater value than it gives itself credit for – you have to get that focus and mindset to grow your sales, not just churn through transactions.
To read our free eBook on 13 Major Marketing Trends For 2013click here. It’s a short easy to read guide that gives you more detailed information and provides links to online resources.
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Happy Marketing!
–Kimberly Estrada, Publisher Please call 949.478.5991 if you have any questions.