Thursday, September 16, 2010

Thoughtful Thursdays - So you want to sell value?

Last week in "Music to my ears", I mentioned value selling and the fact that you will be challenged to do it once a competitive situation is identified. This week's thought talks about the value selling.

Value selling has been around as long as there has been competition. In order to be successful, one must be able to quantify the value that is being talked about. That means coming up with a concrete number - dollars or units of time are examples. This is what will ultimately contribute to your competitive advantage.

In order to come up with this number, you must do the math.

In order to do the math accurately, you must know how your customer operates. What are the costs of providing their products and/or services. The number need not be exact, but it does need to be believable and more importantly, quantifiable.

As you are probably figuring out, this takes time and a significant amount of effort.

Continue to develop your business relationship. Demonstrate to your customer that you care about their business - show an interest in what they do. You may be surprised at what information begins to come your way. All other things being equal, people buy from people they trust.

When you have enough information, calculate how much time they will save or how profits will increase by working with your company. If the numbers are correct, they will listen.

Good selling,
Richard

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