I was very intrigued when our client declared they would also be using their value selling tool to evaluate and prioritize their product development roadmap. Although we specifically designed the tool for marketing and sales, the more I thought about it, the more this strategy made sense.
Successful organizations use value selling tools to show the financial impact of their product or service. At Vitori Health, a value calculator estimates potential employer savings and helps build a solid business case that emphasizes the economic advantages of their modern employee health plan.
I am a big believer that value selling is a key element of successful B2B sales. It is based on the belief that customers are more interested in the business value of your offering than its features or attributes. And it requires a persuasive economic argument for the value of your product or service.
I recently reflected on what might cause sellers to reassess their value pricing and value selling strategies in a changing economy. While both are rooted in value, value pricing and value selling use different tools with different purposes and reference sets. Let’s take a moment to review the basics.
Sales adoption is a crucial challenge to rolling out a successful value-based selling program. Beyond providing ROI tools, companies must also help the sales team embrace a new way of selling. You can understand and overcome these challenges using best practices gleaned from our 20 years of experience.
In B2B buying decisions and consumer purchases, humans do not always make optimal or even rational economic decisions, as predicted by Rational Choice Theory. If this is true, why do we continue to preach value-based selling? The fascinating and evolving study of Behavioral Economics may hold the answers.