When you get right down to it, B2B deals are driven by the buyers’ desire to lower costs or grow sales. Even if they tell you they want to “mitigate risks” or “achieve compliance,” buyers still expect to achieve their desired outcome along with a positive impact to their bottom line.
Our series on value pricing continues with a detailed look at how to set prices that benefit both you and your customers. Now that you understand the risks of other pricing models and how value pricing leverages the value your offering creates for customers to maximize earnings for your company, let’s look at one way to actually calculate the optimal price and the data you would need to populate the formula.
I had the pleasure of speaking with Mike Serulneck, an accomplished (and now happily retired) value engineer, who shared his experience using value selling methodologies to sell technology solutions, as well as his perspective on how value selling has changed over the last decade.
What can Aristotle teach us about value selling? Aristotle? Value selling? The link between one of the greatest thinkers of the Western world and value-based sales processes is stronger than you would think!
Your ability to help B2B buyers understand the value you provide can make or break the sale. In some cases, as with our client IQS, that means communicating the ways in which the prospect or customer is losing money so that the buyer understands the potential of the solution.
Strong sales enablement encourages positive, productive behaviors that help sales reps sell better, and sell more. Typical resources include CRM and marketing automation systems that track activity and progress through the sales cycle. Beyond that, every organization takes a different approach to supporting sales efforts based on the needs of their
A solid business case is essential for conveying the value of your solution through its obvious and more subtle advantages. When properly prepared, a business case informs and challenges customers to consider new perspectives, and gives you an opportunity to seal the deal with speed and confidence.
Upselling and cross-selling are strategic sales processes that can increase revenue and market penetration. Once a prospect or customer is “sold” on your product, you have a unique opportunity to provide additional value with enhanced and complementary products, if you fully understand your B2B customers’ needs. Building a solid business case for these opportunities is just as critical as it was for the initial sale.
A compelling value proposition is critical to sales success. It can, without a doubt, make or “brake” a sale and is often the root cause when new products or solutions fail to reach their destination. Without a clear value map or an understanding of “what’s in it for them,” prospects have little reason to invest in your offering.
SCi Sales Group reports that it takes an average of 80 calls to get an opportunity to speak with a C-level executive. The group also found that 76% of junior executives rejected the last three sales calls they received; however, only 47% of higher executives did the same.
