Many B2B providers will tell you that the landscape for North American B2B marketing has become somewhat bare over the last couple of decades. The financial crisis of 2008, the subsequent years of Quantitative Easing, and the rise of Asian manufacturers have made it more difficult than ever to sell B2b products and services.
For many businesses, the response to these conditions was simple; they shut their doors. Many B2B businesses felt that prices were too low, margins too thin, and the level of competition, especially against Asian manufacturers who have access to cheap labor, too high.
For those that have managed to maintain their operations as a going concern a change in marketing strategy was required. Many B2B markets have thus turned to something called Value Selling.
What Is Value Selling
Value is typically thought of as the difference between the price charged for a product or service and the benefits said service or product will give the customer. “For example, many fast-food burger chains have periodic two for the price of one sale. Receiving two burgers for the same price as they would normally pay for one means the customer is getting more value out of their money,” writes Phillip Barnes, a business writer at Luckyassignments and Gumessays. Value Selling is a philosophy and not a strict method. This being said, there are some key principles one can keep in mind while trying to implement Value Driver Sales. Below is a list of the most important considerations.
Identify The Right Products Or Offerings: Success in the B2B arena has much to do with which product or service one chooses to offer. “There are many products and services that are in high demand but also present a great deal of competition from other manufacturers,” writes Steph Schilling, a content marketer at Researchpapersuk and Writinity.
Position Value Propositions As Flexible Yet Simple Case Studies: Having too many graphs, images, documentation, and videos can often make a product or service seem complicated to understand. Case studies are value-driven approaches that communicate to the customer exactly what issues will be solved.
Focus On Solving The Customer’s Problems: When a company is considering purchasing a product or service they are not concerned with what kind of ‘deal’ they will be getting on the product. They are far more interested in how the product solves an issue or problem they are having.
Make The Value Offered Clear: If there is some way to “sweeten the deal” do not wait until the potential client says no to throw in any extra offer. All aspects of a product and service, and the value that comes with it, should be stated upfront. Trying to turn a no into a yes by adding extras to the purchase may make one come across as an infomercial salesman who won’t take no for an answer.
A major focus in value driven marketing and sales is to make all derived value clearly communicated upfront. This makes it easier for clients to say yes.
Focus On The Buying Process, Not The Selling Process: Many marketers and salespeople make the mistake of focusing too heavily on their sales pitch. The end client, and their mind set while deciding to purchase a product or not, needs to be considered heavily. When a lead feels like he is being rushed, or pushed too hard, towards a decision to purchase they
Target The highest Level Of Authority Possible: The more people a purchase decision has to go through the more likely it is that the answer will be no. A good strategy is to target the highest ranking decision maker one can and approach them with the value offer. Doing this greatly increases the chances that a company or organization will say yes to a product or service.
Ensure There Is A Motivated Sales Team In Place: Anyone who has been in sales knows that the best system will not work without the right people. Sales is just as much an art as it is a science, and part of guiding a person to truly appreciate the value that a product or service offers is not something any course can teach.
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