What is your product or service worth?
Whenever we ask that question we get a multitude of answers.
Some clients say, “We sell products priced from £500 to £10,000.”
Some say, “Well, the company has been valued at £3 million.”
Some say, “Our service is worth whatever the client will pay – it depends how desperate they are.”
If that last answer sails uncomfortably close to the shark school of salesmanship, it does get nearer the knuckle than the other responses.
Because the point is not how you price your product or service, it is how your prospects and clients value it.
And the value they place upon what you offer depends squarely on what they’re going to do with it and therefore the benefit it brings them and their business.
What’s the value of the telescope that shows the shipwrecked sailor the passing vessel in time to hoist an SOS flag? His or her life.
Put another way, if our sales and marketing advice lands you the contract that secures your next six months of trading and saves 50 jobs, that’s pretty valuable.
We’ve honed the following system to help our clients assess the value of what they do – so they can transform their sales process and maximise revenue:
Challenge 1 : It’s not what you think that counts
Answer: Value is in the eye of the beholder
Challenge 2: Value is not general to everyone
Answer: Value must be assessed specifically to a prospect or client
Challenge 3: Some sales people don’t understand the concept of value
Answer: Sales people need to be mentored specifically on how to understand and communicate value
Challenge 4: If you can’t sell value you are selling on price
Answer: Sell on value
Challenge 5: Generally no one measures the value their service delivers to their clients
Answer: Agree value measures upfront and then regularly meet/report on them
What are the benefits of this technique?
- Easy to understand and to buy
- Builds the internal business case for the prospect or client
- See higher closure rate
- Gain higher margins
- Increasing retention rates, maintains margins and makes you a strategic partner not just supplier
“Golden nuggets” like this can shift you whole business mindset. If it’s time you gave your organisation the best possible chance of maximising value, give us a call today at 0203 368 6606 or chat with us live via the link below.