What is Value Selling?
Value Selling is the promise of value to be delivered through the product or service you are selling. It represents the primary reason WHY a prospect should buy from you.
What is a Value Message?
A Value Message is NOT a slogan but rather a CLEAR statement that is:
- Relevant – It clearly explains how your product or service solves your prospects’ problems or improves their operation.
- Quantifiable – It delivers specific benefits and value to your prospects.
- Unique – It outlines to your prospects why they should buy from you and not from the competition.
As a first step, evaluate the product or service you are selling and determine if you can create the “Value Message”. To define your “Value Message”, start by answering the following questions:
- What product or service are you selling and who is your competition?
- What makes your product or service unique in your industry?
- What are the values and benefits of using your product or service?
Keep in mind that a great Value Message:
- Is CLEAR.
- Is EASY to understand in about 30 seconds or less.
- Can quantify the results from buying your product or service.
- Outlines the differentiator(s) against your competitors’ offerings.
- Resonates with your prospects.
What is a Value Proposition?
A Value Proposition is a promise of value that is based on a collection of reasons as to why a prospect should buy your offerings. The Value Proposition should convince a prospect that your solution or service will add more value or better solve a problem than other similar offerings in the industry and brings unique quantifiable value to your prospects. If you believe that Value Proposition is just a statement, then you have a lot of work ahead to do.
So the “Value Proposition” is to take the “Value Message” and deliver it using the “Ethos, Logos, Pathos” method, as defined by the Greek Philosopher Aristotle, where your goal is to persuade your audience that the product or service you are selling bring value than your competitors in the industry.
Where do you Pitch Your Value Proposition?
Once your “Value Message” and “Value Proposition” are defined, it is time to know who your target market is. For example, you CANNOT sell a Mercedes McLaren to somebody who makes $25,000 a year nor can you sell a VW Beetle to someone who wants a Mercedes McLaren – It just does not make sense so FIND your sweet spot and ideal customer. The Message and Proposition in your territory have to be founded on:
- Target Market; and
- Competitive landscape.
So, the first step is to tart with a complete analysis of your Territory so you could have a “360 View” of where, when, and how to pitch your Value Proposition.
Should your Value Message & Value Proposition CHANGE?
Yes, ONLY if your product or service evolve and bring more values to your prospects otherwise; I believe your “Value Message” should NEVER change as it is about who you are, what you offer, and what value you bring to your prospects.
Your “Value Proposition”, on the other hand, should evolve based on specific prospects’ needs as one-size-fits-all approach will NEVER work in every instance and therefore you must evolve your Value Proposition to make it successful. Make your “Value Proposition” configurable to each and every opportunity. Now, how do you that?
Let’s us first examine the definition of Consultative Selling. Consultative Selling is an exchange of value between two parties as it includes one-on-one interaction between the Sales Rep and a prospect where the Sales Rep acts as consultant and not an aggressive and disorganized Rep with poor knowledge of the industry and the product he or she is selling. Through Consultative Selling, a Sales Representative, acting as a consultant, MUST:
- Have expertise in the industry and related discussion subject.
- Ask the right questions to fully understand the prospect’s values, factors, fears, and needs while a Business Consultant asks more of direct questions to help them understand processes, existing environment, etc.
- Build the TRUST as you must always maintain your prospect’s best interest first. Do NOT talk about your offering during this process as it NOT about you but rather it is ALL about your prospect.
- Formulate solutions / propositions that can help your prospect see the value your product or service brings to them.
Through Consultative Selling, a Sales Representative must use a discovery-style approach to asking consultative questions to help them uncover not only the known but also the unknown. Many times, the known are gathered through research so there is nothing wrong with asking open-ended and provocative questions during your Consultative Selling process to help you uncover the unknowns you desperately need to know to help you build a proper and successful Value Proposition.
The unknowns, you find in the discovery process, will help you configure and position your Value Proposition to your prospect’s specific needs. So now you see that Consultative Selling and Value Proposition go hand-in-hand together.