The most effective way of closing the sale always focuses on the end game and impact for your customer. Here’s how to do it…
When it comes to closing the sale, selling value always trumps everything else. But what really does selling value entail? A lot of people think of value in terms of getting more for less. for example: you get 4 widgets for the price of 3, or get more time for less money. That really is not what “value selling” is all about.
Value selling has nothing to do with price shopping as described above but more to do with the final impact a customer gets if they engage with your business or service. i’ll explain.
Closing the Sale: Feature Selling
This is when you focus on the different aspects of your service and the processes involved. “it’s a 3 month program and it uses xyz software”
As we all know, selling features is pretty much useless because most of the time, your customers can’t tell what’s in it for them; and if they can’t do this, you can be rest assured that they will not convert into paying clients.
Closing the Sale: Benefits Selling
is when you go one step further and describe your product feature whilst also linking it in some way to improve your customers situation.
for example: “it’s a 3 month program and it uses xyz software which will help you get more productive and get leverage in your business”
Great! you’ve gone one step further, and your customer is probably sitting up and listening a bit more closely to what you have to say. However, the problem here is, whilst they can see the importance of being more productive and getting leverage by signing up to this program, they also have so many other priorities, and it’s hard for them to compare the increased productivity your program will create to these competing priorities….
This is where a lot of small business owners drop the ball. Once you’ve presented the benefits and your potential customer is having difficulties prioritizing the importance your service can provide, you let go and believe you’ve lost the sale.
Closing the Sale: Value Selling
This is where the savvy small business owners thrive. They understand that only do they have to sell the benefits and link it to an aspect of their customer’s life that needs improvement, they also have to go one step further to look at the financial impact of purchasing their service compared to the purchase cost.
What is the true cost of not getting their issue resolved?
Selling value is all about starting your sales conversation with the end goal of your customer in mind and then linking it to the specific benefits that particular feature generates.
Example: “Not managing time effectively means you’re losing 5 potential clients a week which is costing your business £5000 a month. Because the 3 month program uses xyz software, I can help you get more productive and manage your time more effectively to get more leverage in your business”
Does this sound like something anyone would sit up and pay attention to? Yes, they will….because you have shown them the financial impact of not getting the problem solved.
By just going one step further and looking at the financial impact of not getting the problem solved, you’re helping your potential customer see why getting your service is a top priority compared to other competing needs, and if the value you’re selling is unique enough and large enough, you will convert your prospect into a paying client – as long as they have the money to spend.
Selling value is always what will inspire your prospect to take action
1. Make a list of the features of your service
2. Make a list of the benefits of each feature of your service
3. Go one step further and describe the value of each benefit.