This article dives into 10 examples of value based selling, which tells us how to offer genuine value in B2B sales prospecting. In the video below, I summarize what these 10 value-based selling examples are, but if you’d rather barrel through, keep scrolling!
Value-based selling, or consultative selling, is an approach that puts the client at the centre of focus. Value selling not only communicates what you offer to the prospect but the worth of your product.
Sales reps who use value based sales methods are assured benefits such as:
Increase in conversion rates
Value selling puts you closer to your clients, allowing you to spend more time communicating with them by learning their needs and how to meet them. The process helps you convert as many leads as you can.
Can sell at higher prices
When a client realizes and understands the value of your product and its impact on their needs, it puts you at an advantage where you can charge more for your product. More value, more profit.
Having established all this, let’s take a look at what exactly value-based selling is and what the Value Selling Framework entails.
What is Value-Based Selling?
Value-based selling can be defined as the process of understanding and reinforcing reasons why your offer is valuable to a prospect or lead. Many might think that the process entails purely talking. It’s actually the total opposite; listening. The best salesperson is the one capable of listening to the prospect and deducing what exactly the client needs.
Value-based selling can also be defined as an approach that focuses on benefitting the customer throughout the sales process. The primary goal of value based selling is to put the needs of the customer first. This is achieved by guiding the prospect through the sales prospect to ensure they make the decision that best serves them; eventually leading to the purchase of the product.
Now that I’ve provided you with the value selling meaning, let’s shift our focus to the principles of value-based selling.
Value Selling Fundamentals: 10 Actions to Create Thoughtful Interactions
1) Firmly believe in your USP and back it up.
2) Block out some time to be thoughtful.
3) Watch and learn what the top influencers in your market are doing.
4) If you’re not a writer yet, BECOME a video content creator.
5) Before every single interaction or follow up, STOP for a moment.
6) Respect your prospect’s time!
7) Show a Genuine and Sincere Interest In Their Work.
8) Do Your Research
9) Focus on Teaching Instead of Selling
10) Adopt A Personable Approach
1) Believe in your USP and back it up
“Stand for something or you’ll fall for anything” ~ Malcolm X
One of the most solid pieces of advice I’ve ever received was from Phil Romano’s business partner, Joe Palladino. What he told me was plain and simple. He just told me to “Be what you are.”NOT what you think a prospect wants you to be. Know your own value and BE what you are.
If you approach your prospects trying to be a know-it-all chameleon or your USP isn’t focused on ONE great thing—it might be time to read Gary Keller’s book, The One Thing.
Sales tip #1: Be what you are and articulate your unique value for the rest of the world to see.
2) Block out some time to be thoughtful
Today’s homework? Get into the good habit of time-blocking.
Block out 10-15 minutes a day. Turn off your phone and find a quiet place. Next, write down 10 actionable things you can do and/or send your prospects that will encourage thoughtful change.
Share ideas that either inform or teach them something or brighten their day. Give them ideas that will help them beat their competition, make them smarter, make them smile, or tips that will help their career. The possibilities are endless!
Take this thoughtful time to focus on your prospect WINNING. You’ll be amongst the 1% of salespeople they actually trust. So make every minute count.
Sales tip #2: Write down 10 valuable ideas you can send your prospects that will encourage thoughtful change.
3) Watch and learn what the top influencers in your market are doing
At least once a week, I like to take a look at the top players in my space and ask “Why?”
What are they doing to be the “top player” in sales? Why are they doing it?
Sure, I’m BIG on being unique and being myself, but it’s also rewarding to watch others and keep an eye out on how to be highly successful in sales. I personally use 3×5 notecards to make notes once a week and jot down any ideas, campaigns, posts, and inspiration for brainstorming in the future.
You’ll be surprised by just how effective this simple exercise is. Remember, if you do it regularly and take action on what you’ve learned, the results will speak volumes.
Sales tip #3: Always focus on building your knowledge bank by learning weekly tips from the top players in your industry.
4) If you’re not a writer yet, BECOME a video content creator
My suggestion is to start creating original content. This is an amazing way to research and learn your market.
Start by building your own personal brand, and really get used to putting your prospects first in your heart and mind. If 7 in 10 B2B buyers are engaged in watching videos, I sure as hell want to be involved in producing video!
It’s totally OK to start off small too. Start by picking a topic and publishing one thoughtful video each week.
Sales tip #4: Content creation is something valuable to incorporate into your sales prospecting. Your job is to get good at it!
5) Before every single interaction or follow up, STOP for a moment
Before you hit “Send” or “Call”, take a moment to look at how thoughtful your interaction really is.
Are you just following up to follow up? Start catching yourself doing this. Trust me, it’s more common than you think.
To this day, even after having taught this at Predictable University for over 2 years, sometimes I still have to pause and say “STOP ARON! What are you doing to create a thoughtful interaction right now?”
Sales Tip #5: Quiz yourself on how thoughtful your interactions are. Remember to be in the moment and make your follow-ups count.
6) Respect your prospect’s time!
Don’t make your prospect have to guess what you do, why you do it, and why they should care.
I created the hashtag (cuss word alert!) #WTFSTC. This translates to “Why the f**k should they care?”
This is a reminder to respect your prospect’s time by articulating quickly why they should care. Why should they invest another 10 seconds in this interaction with you?
Try filling the blank. “Our customers hire us because ________”
This is a simple statement you can use in person, on the phone, or write in an email. The idea here is NOT to sell but to show respect and get to the #WTFSTC part of your interaction.
Sales tip #6: Streamline your own positioning and practice how to wow your customers in each interaction.
(Oh, and if you want me to post a video specifically on how and why I do this, let me know in the comments and maybe I’ll post it here.)
7) Show a genuine and sincere interest in their work
Belonging and acceptance are both basic human needs.
Remember Maslow’s Hierarchy of Needs? Everyone—I don’t care how successful or not they are—wants to feel like they belong, be accepted and feel validated.
I’m not telling you to lie or be a kiss ass, but to take some time to review what your prospect is doing.
Pay special attention to the great things—maybe they’re blogging, podcasting, or posting value-backed content on LinkedIn? Let them know why you think they’re doing such a great job!
Sales tip #7: Tune in and listen, then engage. Be confident in every opinion you’re bringing to the table.
8) Do Your Research
Value-based selling is to prioritize the needs of the prospect, but to do so, you have to know what exactly these needs are. You’ll have to do the research. By collecting valuable information such as their industry, current role, prior experience, social media, and any mutual connections on LinkedIn, you’ll get an idea of how you can be of service to the prospect.
The aim of value selling is to understand and reinforce the reasons why what you offer is of use to the prospect. By finding out data such as the prospect’s weak spots, their strongholds and what exactly it is they do, you are able to prepare an effective sales pitch.
9) Tell, Not Sell
A good sales person is one who knows how to communicate clearly and concisely. Aside from clear communication, a good sales representative knows how to package information in a fun and entertaining way while still getting their point across.
The key to retaining a prospect’s attention after getting as far as lead generation in the sales process, is to teach the prospect about the qualities of your product rather than selling the actual product.
By teaching them, you build trust and become their go to source of information. Slide presentations are a great educational resource which you can use during this process. Questionnaires can also be used so that the sales rep can pinpoint exactly where the prospect is struggling with and find ways to correct it.
10) Adopt A Personable Approach
Another principle that is a key part of the value selling framework is the tone you use while talking to prospects.
Your tone while value-based selling to your prospects should be conversational and personable, as if you were speaking to a friend after some small talk. This helps build trust between you and the client by showing that you are truly interested in them, and you aren’t just there to sell your product and be on your way.
Ask open ended questions to spark conversation and help you gain more understanding on your prospect and their needs. A good way to do this is to adopt a personable tone, one that makes the prospect feel as though they’re receiving advice from someone they trust.
Want to go deeper?
One company has created a whole framework around the concept of value-based selling called (surprise!) the ValueSelling Framework. This approach offers a straightforward plan to manage conversations with buyers through a mutual understanding around how the seller can add value to the buyer.
The idea is to confidently compete for your prospect’s business based on value and not price. There are simple, repeatable steps that don’t require an entire overhaul of your current sales routine.
Thoughtful questions and active listening are the foundation of business relationships. Sincere interest can elevate the conversation from transactional to strategic. To understand your buyer’s issues, priorities and motivations, practice O-P-C questions:
Open Ended: These questions further high level conversations and allow for expansive answers and crucial insight into how your prospect thinks. Be careful not to lead your buyer though.
Probing: Practice respectful persistence to uncover the most pressing challenges and discuss the value that the right solution can provide.
Confirming: After you’ve identified important issues and solutions, test your accuracy by confirming you understand the buyer’s needs. Use your prospect’s terminology when confirming their motivations.
The “Brass Tacks” of creating a value based story
Share stories that prove credibility and resonate with your buyer because they show how you will potentially bring them similar value. Each story should have these components:
- A good value story will demonstrate that you understand the individual, their role, the industry, and the issues and challenges facing them.
- The story should address continuing, top-level business problems. You want your audience to relate to the challenges you describe.
- Present the outcome of your story with solid data and a measurable impact.
- Complete your story with a question that transitions into a discussion about their own problems.
The ValueSelling Framework requires sellers to research their buyer’s industry, company, role and even personality. Creating credibility is done through continuously adding value to your buyer throughout your sales cycle.
Also published on Medium.