One of the most important words in sales is . . .Jun 01, 2022
Welcome to another post in our Sales Kaleidoscope series. If you missed the first post explaining what the Sales Kaleidoscope is, you can catch up here. It’s quick. we promise!
But on to this month’s content. One of the most important words in sales is ….
Value can be defined as the perceived worth of something to a person or group. Whether sentimental or monetary, the significance is impactful. So significant of a word is value, that a big box store used it to name their house brand that nets $27 billion annually. In addition to that, a survey conducted among shoppers revealed that 73 percent of consumers knew who owned the brand and exactly where to find it. So, how does a five letter word command so much attention and notoriety, and make such an impact on people? That’s easy. Perception. Consumers of any product or service are typically most concerned with getting the best deal (or value). Unlike well known big box stores, oftentimes when it comes to home improvement and services, prospects are left tasked with what they consider the daunting quest to find the best value. They turn to the internet to search company histories and reviews, and (ideally), ask family, friends and neighbors for referrals, hoping to narrow down the options and make an educated decision that will allow them to get the most value for their hard earned money.
The terms value add and value proposition, are well known in the world of sales, and their purposes are executed every day. Each serves to pave the way of achieving the most critical value of all. The value EXCHANGE. This is the point in the sales presentation where the light bulb goes on in the mind of your prospect, when they have weighed out all of the pluses of doing business with you; company reputation, quality of product, warranties, guarantees, plus your value add/proposition, and they feel the VALUE of what they are receiving exceeds the COST of what you’re asking them to give (pay). Providing and achieving this exchange is ultimately how we maximize sales, profitability and growth; quite possibly making it the most valuable element of the sales process. The goal is to walk away with a signed contract, and in the case that we don’t, leave enough on the table to win the competitive bid.
The most effective way to obtain the value exchange, (in addition to all of the great things you already bring to the table), is to offer something that commands the highest perceived value. This can vary, but thoughtful consideration of what resonates with customers and tugs on the heartstrings to elicit the strongest emotional response, is what will bring the greatest results. (Think the Uncle Rico sales scene with the sail boat from Napoleon Dynamite.) By including something that has a significant perceived value and meaning, you are providing the pattern interrupt, Christmas morning feeling, of something unexpected, but highly desirable that makes sense to the customer, and makes them feel like what they are getting is greater than what they are giving.
In order to present your value add/proposition in a way that speaks to your customer, it’s important to remember the three elements of successful selling. Psychology, authenticity and integrity. We already know that consumers want the cherry on top, that’s the psychology. Providing the additional layers of the sundae is what you do everyday in your sales presentations. Choosing and introducing the value add is just as critical as the sales presentation itself, because it’s the connecting factor. It has to command the maximum perceived value in order to feel significant to the customer, and needs to be something that resonates with what they want right now! Because we know that tugging on emotional heartstrings is what ultimately leads to the sale, weaving in an authentic story of why you are offering this value-add becomes paramount. Customers understand that companies want to earn their business, and they aren’t surprised when they are offered a discount or possibly a gift card with purchase. After all, who doesn’t want a gift card to take the family to dinner? Well, while most people aren’t going to turn down dinner with the kids, the trusty gift card isn’t really the ultimate differentiator. Theodore Geisel said, “Why fit in when you were born to stand out?” If you want to make a considerable impact with your customer, think outside the box and offer something that has personal meaning to them. Something that lasts much longer than a meal, and something that ultimately ties their memories of it to you. As companies, we work everyday to build the foundation of loyal customers. The ones that come back regardless of any mishaps in install, delay times or unforeseen circumstances. The ones that sing your praises to family, friends and neighbors, and the ones would never dream of calling anyone but you. Offering the thing that makes decision makers turn to each other and say, “ I want that!” is what makes us memorable and different, and how we build repeat business, excellent reviews and receive an abundance of referrals. Choose wisely to stand out from competitors, and give customers something they won’t soon forget!