The truth about selling "value"...
As sales and marketing people, we are constantly faced with the pressure to negotiate price. This is especially true for those of you who sell, or want to sell, at the higher end of your market. There are many schools of thought about dealing with this common sales objection/issue, but the general consensus is to steer the prospect away from the conversation of price and toward a discussion of VALUE.
But, what is value? Technically, value means "the amount of money or relative worth that is considered to be the fair equivalent for what is to be received in return." Should be easy to identify and communicate, right? Ahhh, if it were only that easy. The truth about selling value is that it sounds much easer than it is to actual do. Why is that? The reason is two-fold:
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Value is in the eye of the buyer, not the seller (what you think has value, may not have relevant value to the buyer). We see it time and time again. A company believes they have a value proposition that matters to the buyer, but in the end...its not enough. What your customer values, and what they'll pay for it, are often at odds. Don't get caught in the fallacy that what you are providing, at the cost you are providing it, will be considered "value" by your buyer. Survey your customers and define your value proposition based on what you find.
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Buyers assume value is a given...what they really want is VALUE-ADD. When you look at the definition of value again, you can see that this is true. Buyers come to the table assuming that what they are going to pay for something will be a "fair equivalent" for what they will be receiving. What they are really looking for is a good value. No matter the price point, buyers want to know that what they are buying is worth more than what they are paying. As you define your value proposition, look for things you offer that add exclusive, yet relevant value, but are included in your price. Make those value-add things you a tangible part of your messaging!
So, as you begin to develop your "value pitch," remember these two very important things...your value must be RELEVANT to your buyer and it must be an exclusive (meaning only you offer it) value-ADD.
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