We’ve shared a lot of great advice this year, and in case you missed it, we wanted to present you with the highlights.
Here are our top seven ROI selling tips of 2016 and how to apply them to your own business.
Just when you think you have clinched the sale, the buyer springs a competitor on you, or someone inside the buyer’s company is suddenly suggesting an alternative method.
Either way, you need to prove your solution is the better buy, worth more in value and benefits than the unwelcome newcomer. Nothing does this better than showing the finance people how the total cost of ownership outshines that of the interloper.
Check out these nine amazing benefits of a TCO tool that can help take you the final distance to win the deal.
Discounting the price of your product or service may seem like a fast and easy way to close a deal, but in the long run, you will literally be selling your company short.
It’s easy enough to see how price discounting can get started:
Value selling tools such as assessment, ROI, and TCO tools, as well as value calculators, all fit neatly into your marketing and sales efforts. Deploying these tools is like giving your marketing automation platform a bunch of power-ups, leveraging even more of its strength.
Marketo, Pardot, HubSpot, and ActOn are all major players in the marketing automation arena. Other marketing solutions are available, with new products and services introduced every month.
In each case, you can build value selling tools into the automated marketing and sales workflow, creating a smoother path through the sales cycle.
Total Cost of Ownership (TCO) and Return On Investment (ROI) seem to be similar methods of proving cost effectiveness, but they perform best in totally different situations.
In fact, if you use a TCO tool at the wrong time in the sales process, you are taking a couple of big risks. Let's take a closer look at ROI vs. TCO and which tool is better for your business.
Value and total cost of ownership comparisons are important to any B2B sales process. Between them, they attract and justify the selection of your product while building a business case for prospective customers to use when presenting your offering to buying committees and financial approvers.
However, they operate in different ways and at different points in the sales cycle. Each tool has a different goal and addresses different pain points, and each is used by a different primary user to different benefit.
Has your sales cycle grown longer and more complex? Are you challenged by new buying behaviors that exclude you in the early stages of discovery? Chances are you’re also faced with more restrictive corporate and financial oversight, which shifts purchasing authority to CFOs and inter-departmental committees.
How can you get the attention of buyers and decision makers in such a dynamic sales environment? A proven approach is value selling, a strategy that develops distinct sales messages focused on the bottom line. When all is said and done, prospects want to know how investing in your solution helps save money, increase sales and revenue, and achieve pertinent business goals.
Quite often sales and marketing professionals seek a TCO analysis to help grow sales when an ROI calculation would actually be a better choice. Many people assume they need a TCO analysis to close deals, when an ROI analysis would actually be far more beneficial. I know this because I get frequent requests to create TCO tools, and my first question is “What problem are you trying to solve?”
When customers make a purchase, they typically go through a few different stages. As a seller or marketer, your job is to help shepherd the customer through these stages quickly and efficiently.
Depending on where the prospect is in the buying process, there are different tools or calculators to help you with your value-based selling approach.
In the earliest stages of the sales cycle, you want to establish the prospect’s pain and how much that problem is costing them. This will help set you up for a conversation about how much your offering can help. A value calculator helps you show how much money the prospect is leaving on the table each month, or how much they’re spending that’s unnecessary. This helps you establish the “value” of solving the problem. (Here’s a good example of a value calculator.)