Written by Sean McPheat |
17 June, 2014
“Build the value”
You’ve heard it a million times before in every sales book you read, every sales coaching session you’ve had with your manager and probably countless times from me also!
So what are you actually doing to build the value and from the prospect’s point of view what’s happening in their mind whilst you are giving them all of the compelling reasons to buy?
Let’s take a closer look.
Now, you should have had a thorough fact find before presenting your solutions so I’m going to assume that’s been done and I’m also going to assume you’ve got a great product or service that solves your prospects issue/situation.
So there you are matching their pain points to the benefits of your product and service.
Now whilst you’re building the value your prospect has a meter running in their mind.
It’s a fare meter!
This fare meter is constantly trying to work out “How much is this going to cost me?”
You reveal a great benefit, the price goes up, you reveal another benefit but it’s not applicable to the prospect so the price stays the same, you reveal more goodies that come as part of the service that none of your competitors are offering – estimated price goes up. This goes on.
Now it’s your job as a sales professional to provide so much value that the prospect actually thinks this is going to be way out of their budget. The product or service solves all of their issues and then some.
So your prospect is creating a mental picture in their mind like below:
And then when you reveal the price of your product or service it’s a lot lower than what they were expecting – that’s value!
I remember giving a sales presentation to the board of directors for a multinational company. They wanted sales training for their 200 sales people. I had built up the value so much and involved their CEO and other board members that when I revealed the price the CEO sat back in his chair with a look of amazement and said “I thought it was going to cost a lot more than that”
That’s the position you want to get yourself into.
So in closing remember that your prospects have an internal fare meter running all throughout the time you are talking and it’s your job to make sure that when you actually reveal the price that the figure they had in their mind was a lot higher. Look closely at their body language and face when you reveal the price and you will be able to tell.