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.
Sometimes the earliest stage in the buying process isn't when a prospect realizes he or she has a problem. It’s a nagging feeling they have about the status quo. Even though things are going well, they still feel they could somehow be better.
This is an opportunity for sellers and marketers. Your job is to paint a vision of what “better” looks like (including, hopefully, the idea that your product or solution can help prospects get there).
Is your offering underpriced? It happens more often than you’d think. For example, during a recent consulting project, I helped a particular business unit at a material manufacturer realize they were charging $100,000 for an offering that was delivering $1.2 million in value. How is that possible? Five primary reasons:
- They came up with their existing price of $100,000 based on how much it cost them to make the product (aka, cost-plus pricing).
- They were also using their competition’s price ($250,000) as a benchmark for their own price (aka, discount pricing).
- The existing price provided over 60% margin, which was higher than many of their other products.
- They were focused on other areas of their business and never paid much attention to this particular product line.
- They had never stopped to consider or quantify how much value their product delivered to customers.
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 B2B sales success.
Content marketing is an integral piece of today’s B2B marketing approach. However, pushing out content just to prove you have a content marketing strategy rarely generates meaningful results. To be meaningful, you have to help buyers realize why they should work with you. One of my clients, Nuance, does this by showing prospects how much the status quo is costing them.
How much time and money does your company waste each day?