What it really means to sell value
Last week we discussed the reason that selling value will become more important than ever.
The uncertainty and confusion created by the global pandemic will require us to take our business skills as sales professionals to a higher level.
I believe prospects will be extra cautious when buying once the smoke clears, and it will require us to demonstrate that we understand their situation at a much deeper level.
You will need to be skillful at uncovering and understanding the unique situation that each of your prospects finds themselves in, and then clearly demonstrate that you have ideas and solutions that will help.
This is fundamentally the definition of “consultative selling” and “selling value”. This approach will be required if you are to untangle their confusion and establish the level of trust they will need to move forward.
Uninformed salespeople may interpret “selling value” as an invitation to present their company's value proposition -- an opportunity to show and tell and talk about their capabilities. That’s really not what it means to sell value.
Selling value is actually about asking lots of relevant business questions as well as some tough and timely questions as well.
My partner organization, Objective Management Group (OMG), has evaluated or assessed nearly 2 million salespeople. Their findings indicate that only the top 5% of salespeople, the “elite”, are truly effective at selling value.
Why is this? There are four reasons:
Most salespeople aren't following or using a sales process that supports selling value. In fact, only 45% of all salespeople do.
They aren't using a consultative approach, and value selling won't work without it. Only 15% of all salespeople have consultative selling as a strength.
Most salespeople’s sales DNA doesn't support consultative or value selling - only 28% of all salespeople have the sales DNA to be successful.
The company hasn't been decisive about not discounting and sends conflicting messages.
Successfully selling value uses a consultative approach where:
The consequences of the problem are discussed and monetized. And the sales professional is capable of proving the solution is a fraction of the cost.
The salesperson, as a result of their care, concern and expertise, becomes the value for the prospect.
The salesperson differentiates him or herself from the competition and as a result is valued as a trusted advisor compared to the competition who is mostly viewed as a “vendor”.
The ability to sell value now is one of the things that will position you to immediately begin generating revenue when this coronavirus crisis is over.
This skill will help you differentiate your company from all others when the flood gates open.
Stay proactive, and reach out to us for assistance.