Our sales training clients in Vancouver, Edmonton and Calgary are constantly dealing with this issue. Every decision maker wants to get more for their dollar. As Salespeople, we are inclined to offer a product or service with a low hard cost that will still be viewed worthwhile in the eyes of our clients. While no one likes giving away stuff for free, having an extra value strategy makes sense to best deal with the requests. Top-producing Salespeople create one that costs little to nothing while still being a huge enticement to decision makers. Here’s how.
The concept of extra value is usually mentioned by a client firmly engaged in the sales cycle. A proper Customer Needs Analysis has been completed by a Salesperson. The decision maker is reasonably convinced that the product or service offered meets their needs and is worth consideration. Smart Salespeople have learned through experience that preparation and advance planning are the key to best dealing with value-added requests.
The Five Steps of an Extra Value Strategy
1. Establish the anchor of what your product, service and company are worth in the marketplace before the added-value request is being made. Branding, reputation and history are investments that your buyer is interested in no matter what indication he or she gives you. That doesn’t mean you need to be a sales ape, beat your chest and boast about your company. Simply establish the value of what your product and company offer on a consistent basis.
2. Distinguish yourself as the current market leader based on your unique selling proposition. This is different than the first step. If you are the anchor provider in your industry, prove to your client that you are not just riding the success of the past. You’re being innovative and customer-focused building on your previous pattern of success. If you’re not the anchor in your industry, illustrate how your company offers a fresh, new approach.
3. Ensure that your buyer is aware of your personal expertise and service levels within your industry. You are representing the best provider and have the ability to exceed expectations. You listen, act and create opportunities for solutions. Your clients buy your product for the experience of accessing your abilities and dealing with you. Consider creating a Testimonial Page of personal buyer endorsements. Read THE PROSALESGUY BLOG on this topic. Your champions are excellent Salespeople for you.
4. Offer your knowledge and experience in related fields of value to your buyer. This can sometimes be one of the most powerful steps of your Value-Added Strategy. It’s often overlooked by your competitors as they are busy focusing on their own industry. Get into the mind of your clients. What fields of expertise do you have outside your specific business category? Get creative and become a true resource to your clients by offering your business acumen and well-rounded skill set.
5. Have pre-determined forms of extra value in your back pocket when necessary. Smart buyers are good negotiators and want to confirm a purchase with some form of concession on your part. Understand that your client needs to do his or her job and represent their company no differently than you with yours. Knowing what you can offer in advance just seems to fast-track the decision making process.
The Take Away
Following Steps 1 to 4 before the buyer’s request for value-added may reduce or eliminate the amount you have to provide in Step 5. Realize that emotions are the basis of all decision making. Prove to your client that you are representing the best company with the best product. Always add your personal value-add in what you bring to the table and never underestimate the value of it. Have an additional offer of extra value if required. Preparing and planning in advance allow you to negotiate from a position of strength versus weakness.
What do you think? Do you have any personal suggestions to best offer extra value to confirm a sale? I’d love to read about them. I’m always interested in your comments. If you liked this post, share it on LinkedIn, Twitter or Google+.
Dave Warawa – PROSALESGUY
Author of SHUT UP! Stop Talking and Start Making Money available on Amazon