How do you know if your value proposition is weak? An easy telltale sign is that virtually no one responds to your emails or gets back to you on the phone.
One other key indicator is that prospects quickly brush you away with statements such as:
- We've already got that handled
- We're working with someone else already that's handled this for X years
It's already hard to sell after getting through the door, but it's even harder to sell if you can't even get through the door. The top salespeople always quote, "you can inspire buyers to take action unless you focus on what's important to them".
Without the right approach, sales would be downright impossible.
Is there such a thing as a strong value proposition?
Here's a case study. A large corporation is introducing a new system into the printing market. The place was buzzing because of the extraordinary capabilities it had that far exceeded anything else out there.
They were thinking that with these which printer company wouldn't jump in to order it? But as life would have it, nothing comes easy. Sales stalled after the early adopters have converted over to this new feature.
Here's what some research found:
- One printer had metrics on every aspect of their business, and it was able to:
- Cut the prepress staff by 33% while still handling the same amount of workload.
- It helped to cut overtime costs
- Reduce turnaround by 2 to 3 days
- Balance their workflow and enabled them to delay the purchase of an expensive new press machine.
These were the true value propositions. And these were really strong, as it related and focused on what was important to the customers.
The secret to your value proposition is with your customers
The case study above has shown that one of the best ways to discover the value proposition of your product or service is to actually ask your customers.
When you're struggling with sales, working with a new industry, or talking to different buyers this will be your golden ticket to finding out what value you actually offer.
Beware because this does not apply to all customers. The worst customers to interview are your long-term customers. Because they can't remember the issues and challenges they faced before they switched over to your company.
Choose more recent customers. Because they would know about the difference you've made and share with you exactly how it has impacted their business results.
When you go into these conversations always remember that you are there just to ask questions and to learn. Do not sell under any circumstance, because this would result in future opportunities being lost.
Conclusion
Knowing your value is essential to your sales success. Don't underplay it.
Remember no one wants to buy whatever product or service you offer. They're only interested in what problems they are facing and if you have anything that you can do for them.
The more clearly you can articulate your value proposition, the easier it will be to set up meetings, create momentum and close more deals.
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