B2B Sales Always Comes Back to Selling Value

I recently came across this insightful blog post, How to Sell Value to Your Customer, that outlines a four-step process on how to sell on value. I want to take the last two steps and point you to some real life examples that might help you better relate to the points and achieve sales success.B2B Sales Always Comes Back to Selling Value

Step 3 – Identify Specific Values

This step really comes down to finding, for whatever problem your solution solves, where and how that problem manifests in your prospect’s organization. Read The Hidden Cost of Office Printing and Scanning: The Nuance Story to learn how one of my clients successfully addressed that challenge.

Step 4 – Quantify the Value

I would like to take point this a bit further. I believe that you not only need to provide an estimate of your offering’s value that is conservative to maintain credibility but also that the estimated value has to be something your customer believes. Your conservatism does no good if your prospect is even more conservative. It’s always a good idea to start with an industry benchmark or proof point if possible, but don’t let the conversation end there. Spend time with your customer until he or she is on board with the projected value. Read Success Story: How One ERP Vendor Proved Value to Prospects to discover how one of my clients used an ROI calculator to do just that.

How do you sell on value? Share your thoughts in the comments section.

Four Mistakes Sellers and Marketers Make

Making mistakes can be uncomfortable, but they’re a good opportunity to learn and improve (or at least move on). Here are four mistakes we’ve written about recently on our blog that we see in sales and marketing organizations. Feel free to share some of the major missteps you see among sellers and marketers in the comments section.

Mistake #1: Relying on spreadsheets for your presentations.

Have you ever made calculations in Excel to help convince a prospect to invest in your solution, only to find that a simple data-entry error foiled the end result? An analysis of multiple studies on spreadsheets from 2008 found that 88% of spreadsheets have errors. In addition, even the most carefully assembled spreadsheets contain errors in one percent or more of all formula cells. A complex sale typically involves complex calculations. The more faith you put in manual data-entry into spreadsheets, the more you risk making a simple error that could potentially result in a mistaken conclusion. An ROI calculator can easily prevent this. Not only will an ROI calculator prevent data-entry errors, many prospects are more inclined to put their faith in numbers generated by a calculator that’s been created by a third-party vendor.

Mistake #2: Not properly preparing reps to make sales calls.

According to Forrester research, only 13% of customers believe salespeople can demonstrate an understanding of their business challenges and how to solve them. What does this mean? Sales leaders are sending their reps into the field without giving them the tools to win. If this describes your sales team, I would say it’s time to dig into two areas of the organization. One is sales management. Explore sales coaching and training options you can provide for your reps. The second is product marketing. Strong assets from marketing can help reps explain in clear financial terms how they can help solve a prospect’s business challenges (which is a must-have skill in today’s business environment).

Mistake #3: Talking about ROI without understanding what it really means.

Do you every talk about “ROI”? Do you know what the term really means? During my first job out of college as an engineer, I became an economic evaluator. That meant part of my job was to evaluate capital investments and decide whether they represented a good investment for the company (including evaluating the payback period, NPV, and ROI). So that was where I learned a lot about financial analysis and how to talk about numbers with CFOs. I frequently hear people use the term “ROI” inaccurately. In a casual conversation, people might still give you the benefit of the doubt and have faith that you know your stuff. However, if you’re making a formal presentation or having a serious conversation with a prospect who’s well versed in financial terminology, any misuse of the term could obviously leave a disastrous impression about you and your company. Don’t let this happen to you — learn the proper definition of ROI and how to use the term to your advantage.

Mistake #4: Asking sales reps to become financial experts.

A salesperson’s biggest strengths are building rapport, understanding business problems, negotiating, etc. Although business acumen is important, some sales organizations are taking it a step too far by asking reps to essentially build what amounts to a financial analysis so that reps can say to prospects, “Here’s what the ROI would be when you invest in our solution.” This is putting too much on a sales rep’s plate. A better approach would be to embrace an ROI calculator that can be used over and over again with prospects in your target segment. With simple navigation and ease of use, an ROI calculator built upon a software platform can easily uncover the costs of buyers’ problems. These sales enablement tools seamlessly calculate the key financial metrics.

What are some mistakes you see in sales and marketing? Share your thoughts in the comments section. 

Engaging B2B Customers Online

Years ago many B2B companies would never have dreamed that they’d be using the Web to capture and engage with customers at the earliest stages of the sales cycle. Vendors’ websites were thought of as a place for prospects to affirm what they learned from sales. However, the reality for sales and marketing today is much different. As a CEB study has revealed, more than 1,400 B2B customers across industries revealed that 57% of a typical purchase decision is made before a customer even talks to a supplier.

I made the video below in response to the fact that many customers today actively avoid seeking out sales professionals to learn about products and solutions. Instead, customers are searching the Web to learn more about solutions that can solve their problems and get educated about topics that affect their business. Here are the steps I recommend that B2B vendors take to engage with buyers online:

1)     Include information on your site that is unique and relevant to your prospective customers.

2)     Offer engaging content such as videos, blogs, polls, calculators and assessments.

3)     Include a call to action that clearly articulates the next step forward.

I invite you to watch this short video to learn more and share your feedback with me in the comments section.