How much do you spend on coffee per year?
If you buy one latte every day before work, you’re spending well over $1,000!
Why are you spending more on coffee than you did on your first car? The value exceeds the price.
Companies who use value-based selling can increase prices without their clients batting an eye. There are several examples of how and why you should sell value over price.
Have you ever had a customer come in and say, “This is too expensive,” or “You should reconsider your price.” Potential clients likely aren’t willing to pay your current price for one of two reasons:
- The customer is a price shopper. No matter how good your price or value is, this person will always negotiate. As my ex said, “It’s not you, it’s me.”
- The customer doesn’t perceive the value of your product or service as being higher than the cost.
Don’t give up on client #2. In fact, you should sell harder to convert them. Follow these examples of how to use value-based selling to increase sales.
1.) Share Testimonials and Reviews
What’s the first thing you do before purchasing something online? If you’re anything like most consumers, you gaze through reviews before adding an item to your online cart.
According to Spectoos, “Statistics have confirmed that customer testimonials are the most effective form of content.” Word of mouth has withstood the test of time, so leveraging the voice of your customers is the first strategy you should use to increase or prove value.
2.) Facilitate a Client-Centric Buying Process
During the sales process do you find yourself focusing on potential profits?
If so, you’re being company-centric and not client-centric. When you take your selling shoes off and put yourself into the shoes of your customer, you’re automatically able to provide more value. This allows you to better understand the prospect’s buying path, and where you fit into it.
Instead of thinking, “What will this sale do for me?” think, “What will this sale do for them?”
Prepare a unique value propositioning statement for every lead. To do so, pinpoint a specific aspect, service, or product that directly benefits each prospect you meet. Specific aspects can include:
- Speedy delivery
- Higher quality
- Competitive pricing
- Customer service (proven with testimonials)
- Enhancement of lifestyle
Of course you won’t know what facet is most important to them right away, so to uncover their buying Achilles heel buy asking discovery questions.
Use any of these 3 approaches to improve your value-based selling strategy, and you’ll notice an increase in sales.
Why? Because everything comes down to value at the end of the day. When you perceive the value to be greater than the cost, the cost becomes secondary.
That’s exactly why you buy that venti iced vanilla latte every day. Although it costs 3 times as much as making it yourself, it takes you half the time. Value.
What’s your best value-based selling tip? Send us a message on LinkedIn or Facebook, and we’ll be sure to share!