Want to implement a value selling strategy in your business but don't know where to begin? This article explains it all for you!
What is value selling?
Value selling is the process of selling the prospect of the value your product or service brings to the customer over the product or service itself. Instead of selling people the latest features or how your product looks compared to other competitors as many businesses do, focus on selling how the product or service will benefit the customer in terms of saving them time or resolving a certain challenge. This will give the customer confidence that your product or service will actually give value to them and help them to resolve their issue.
Implementing value selling into your business will help you in many ways. Here are some of the ways to apply value selling when selling your product or service:
- Build trust and respect between your company and your customers by offering products that put the needs of the customer first. However, in order to understand this you need to have some knowledge of your customer’s background to recognise how your product / service will give value to the customer. Ensure you have this information before offering the suitable product / service.
- Instead of trying to convince the customer to purchase your product / service, work with the customer to find out their needs and add value to them throughout every part of the selling process. Pick out the parts of your product / service that will specifically benefit the customer and their needs. Don’t worry if their needs aren’t clear straight away, this will be understood over time as you get to know your customer.
- Focus on educating your customer. To do this, educate them on their topic of interest that also relates to your product / service. This will help to build trust between you and the customer meaning when your prospect is ready to buy they will find your product / service more appealing.
- Keep a personable approach and talk to them as if you are talking to a friend. The best way to do this is to ask open-ended questions. This will not only build more trust but will also help you to stay away from being too sales-driven.
- If you find that you can’t bring any value to your customer then either do something about it and offer another product / service, alter the initial product / service to fit their needs or qualify out. There is nothing worse than trying to sell something that has no benefit to the customer and their needs, this will only put them off from coming to purchase a product or service from you again.
There are many advantages to value selling and it is definitely something to implement into your business when selling your product or service. Value selling provides customers with the understanding that they are making a worthwhile investment as they have the confidence that your product or service will resolve their issues. Not only this, but value selling also automatically solves any problems the customer may have over pricing as you have already run through the positives your product or service would bring to them.
Value selling also helps to promote customer loyalty as the more you find out about your customer throughout this process, the more likely you are to offer them the correct product / service. This then leads to an increase in customer satisfaction and them being more likely to purchase from you again.
If you would like to know more about how Shark can help you with value selling please get in touch.