“As long as you can build the value even a little bit past the price, you will make a sale.” – Quina Feldstein in today’s Tip 933
How do you build value with your prospect?
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Scott Ingram: You’re listening to the Daily Sales Tips podcast and I’m your host, Scott Ingram. Today’s tip comes from Quina Feldstein. Quina has recruited and trained over 1,400 sales reps across various industries in her career. Her teams were top 5 out of hundreds. She was #1 in productivity per rep in the nation, generated millions in revenue, & President’s Club every year. She now oversees a team of Sales Empowerment Managers for House of Revenue who execute sales strategies and build sales infrastructure for all of their clients. Here she is:
Quina Feldstein: If you’re in sales, I’m sure you’ve heard the “this is too expensive for us. It’s not in our budget objection.” So if it’s too expensive versus I can’t afford it, those are completely two different objections. I can’t afford, it is purely a matter of means versus it’s too expensive or doesn’t fit our budget. That is more so around the value not being built. So the concept I don’t want to talk to you today about is value needs to exceed price always.
The moment the price exceeds the value that they that your prospect interprets, they see this as a rip-off. They don’t see they can’t justify the price. So the price as a salesperson you cannot handle and you have no control over the price is fixed and it stays pretty constant. But what you as a salesperson has control over is building the value. As long as you can build the value even a little bit past the price, you will make a sale.
So think of it this way.
You probably prefer a company right now where the price of your offering is either mid-level or one of the highest prices. And the reason why I say this so confidently is because your company wouldn’t need a salesperson if they were offering a product or service at the lowest price in the marketplace. They need you. It’s your job because you need to build the value. You basically need to justify and explain why your product or service is at a higher price than the incumbent.
A premium price needs a premium sales story. So your job is to deliver that premium sales story in order to justify a higher price. So your job is to build the value to exceed the price. And there are so many different things that build value. A lot of salespeople think it’s feature dumping. It’s going through capabilities and it’s going through all the different pros and cons of your service or product. And that’s how you build value. There’s a lot more to building value. You build value to the words that you use. The word you use can either break the value or build the value.
So looking at the way you speak, is there a word here and there that you can change out that would enhance or build value? For example, I’ll just give you, if you point out something as, “Oh, this is the white option, can you change that color to be purple or a word that exudes luxury.” You know, the way you do your proposals, the way you staple your proposal, or do you put them in a beautiful portfolio, your PowerPoint or your decks are they just put together with bullet points or they nicely branded. Even your brand, which I know you don’t have much control over, but the brand can signify value. Also, how you show up, you show up on time? Are you dressed sharp? How do you handle business? Are you quick to reply? Are you a professional? The way you hand your business card, the way you shake hands, the way you carry yourself, we’ll either add value to your product or service or deplete the value.
Another thing to think about is your tonality. Your tone must always be enthusiastic, but also more on the side a matter of fact. You never want to sound like you’re overselling because then it sounds like you’re overcompensating. So the attitude you have to have, the air of confidence you must have as you walk into a sales meeting is, you know, I love your business, but I don’t need your business. I don’t need you. I love you, but I don’t need you. Very much like dating. Right? Hey, it’s great to have you in my life, but I don’t need you in my life. You know, everyone’s buying. Don’t miss the boat. Use social selling. Then that’s how you can build the value to be higher than the price.
Once you’ve done that. Be sure to come back tomorrow for another great sales tip.