I recently spoke with Mike Serulneck, an accomplished value engineer who has successfully developed and managed business value engineering and sales proposal teams at Tier 1 technology companies. During our conversation, Mike shared his experience using value selling methodologies to sell technology solutions, as well as his perspective on how value selling has changed over the last decade.
Value selling? Aristotle? The link between one of the greatest thinkers of the Western world and value-based sales processes is stronger than you would think!
B2B marketing advice can be found everywhere, but some of it is outdated and misguided when it comes to achieving its most important goal -- closing the sale. Today’s B2B marketing approach requires attention to three critical certainties in order to improve sales revenue.
Your ability to help B2B buyers understand the value you provide can make or break the sale. In some cases, as with our client IQS, that means communicating the ways in which the prospect or customer is losing money so that the buyer understands the potential of the solution.
Purpose-built value selling tools are designed to simplify sales enablement and build trust between your organization and its prospects and customers. The most valuable tools can provide strategic insights into how your customers do business, and help them understand the risk and cost of continuing “business as usual.” Value selling tools can also accelerate the sales process and help you close more business with greater confidence. So why don’t more organizations use them?
A solid business case is essential for conveying the value of your solution through its obvious and more subtle advantages. When properly prepared, a business case informs and challenges customers to consider new perspectives, and gives you an opportunity to seal the deal with speed and confidence.
When it comes to deploying value selling tools that successfully increase sales, there are three metrics that must be addressed: timeliness, effectiveness, and cost. Any project manager knows that when it comes to timeliness, effectiveness, and cost, you can only control two of the three.
Buyers go through a natural process when deciding to invest in a technology solution. The most successful sales approaches guide customers through that process quickly, confidently, and collaboratively.
Upselling and cross-selling are strategic sales processes that can increase revenue and market penetration. Once a prospect or customer is “sold” on your product, you have a unique opportunity to provide additional value with enhanced and complementary products, if you fully understand your B2B customers’ needs. Building a solid business case for these opportunities is just as critical as it was for the initial sale.
Value selling tools are an essential part of the B2B sales process. When built properly and used consistently, they can strengthen your sales message, improve the credibility of your sales reps, and by extension, your organization. Additionally, they can help close more sales in less time. Some consultants dispute their potential because homegrown and generic tools typically struggle to meet expectations.
