Ingredients You Need to Create Value for Your Customers
“Value.” It’s the standard by which your business measures and positions itself. More than ever, creating value is essential to a successful business strategy. Especially on the consumer side, it’s shown that people are willing to spend more money if a product or service provides a true, specific value or benefit.
Most businesses need to sell their product or service based upon its perceived, unique value. But making value marketable and measurable can be tricky—something that becomes clear when you begin to delve into these questions:
- How do you create value?
- How do you define value in your business? In non-generic terms
- What is your unique value proposition?
- Why should people do business with you?
Answering these questions requires a standard process or template by which your business can create and define its own unique value. The process isn’t simply a good exercise—it’s a way to transfer the value message, skills and knowledge within your organization, whether you’re communicating with a prospect, rallying the troops or training individual sales reps.
Working step by step through this process will help you convert the esoteric term “value” into a practical and tangible asset for your customers. And would you believe the recipe consists of only three ingredients?:
- Needs
- Features
- Benefits
With these, you have everything you need for a value-making recipe:
Value is created only when you:
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Here’s how the recipe comes together, step by step:
Step 1:
Identify, understand and define the differences between the features and benefits of your product or service. Don’t confuse features with benefits:
EX: Feature: Your car has six side-impact bags.
Benefit: You and your family will be protected from any side-impact accidents.
Step 2:
Identify the client’s problem, pain or need. The key step in this consultative selling process is “probing.” This means asking strategic and relevant questions (Rule of #) before the sales rep begins "unloading" information about the company’s product on the prospect.
Step 3:
Align the appropriate features and benefits with a client’s need. Once the client’s needs are identified through probing, the sales rep must match those needs with the specific benefit solution.
Mix up this recipe today.
Value truly is individualized. That’s one more reason why this three-step process is crucial to establishing your product’s unique value for your customers. Best of all, it’s easy and inexpensive (even free!) to implement. And it works whether you’re meeting with a prospect face to face, or chatting by phone.
Find more ways to define and create value in your company. Rahal Consulting can help you see your strengths in a new light and leverage them into measurable value for your organization. Let’s get started—contact Joe today:
Summary
This information presents a sampling of Rahal Consulting’s philosophy and approach toward sales and business development. With extensive and successful business experience accrued over numerous engagements across multiple industries, we are poised to help business leaders prepare for the future.
Rahal Consulting seeks to initiate a dialogue with business leaders and to objectively assist in the development and implementation of growth strategies and tactics.
To initiate a more in-depth discussion and for additional information, please contact:
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Boston, MA 617-999-7262 Rahal Consulting Successfully accelerating the performance of sales organizations
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