Sunday, November 7, 2010

Building Value

Let's get the dry definition out of the way first. Building Value is a function of strengthening your Value Propositions with additional examples within a Value Opportunity (VO), applying multiple Value Propositions to a VO, and repeating this process throughout multiple VOs (for complex sales).

7 Tips Related To Building Value
1. Building value with many little proofs (examples) is a subtle way to build acceptance and rapport. It is nonthreatening to the prospect, and they don't feel as if they're "being sold."
2. If you can keep adding specific Value Propositions that address a VO, you will gain acceptance.
3. Doing this shows you are actively listening to the customer. It validates your understanding of the customer's VOs.
4. It can increase the amount of your sale. Even if they want to buy, deepening the acceptance of value provided on already identified Value Opportunities can increase the amount of the sale.
5. You come across as having more in common with the customer. You don't feel like a stranger, and rapport is built quicker and stronger.
6. You come across as someone who understands their issues and has put thought into what real solution could be, as opposed to just pushing your product on them like many other sales reps do.
7. Once you feel you have reached a point where you can trial close, a powerful tool will be going back to summarize the multiple Value Propositions provided over multiple VOs.

How To Build Value
If you have deeply probed to gain a full understanding of a customer's particular VO and presented customer-specific value, you should get acceptance. Once this initial acceptance is revealed, present additional Value Propositions that you know will address that VO.
* Presenting more of the same Value Proposition: Present more specific examples of a Value Proposition to address a VO. For example, if the Value Proposition is the Marketing Director of the prospect company "needing qualified leads," then present to him or her more examples of the same type of leads you can offer them through your marketing service.
* Presenting additional Value Propositions: Your goal is to address multiple VOs with multiple Value Propositions and build enough overall acceptance to close. For example, if you are selling an truck to a customer, they may also need help selling (or trading in) their current vehicle. Plus, they may need guidance purchasing accessories for the truck, including a truck bed cap and a tow hitch. The more value you show them in those areas, the higher the likelihood of you making not just the vehicle sale but add-on sales.

When Building Value, keep it conversational. Don't get into a canned sales speech, and keep it in a context that's specific to the customer. Keep building value on a point that they like to talk about. Try to find as many examples of specific value as you can to ensure maximum acceptance.

The Erie Sales Club is a joint effort of three leading local businesses: Jameson Publishing, Marsha Marsh Real Estate Services, and VertMarkets.


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