Comparing prices. It’s how a lot of people start their search for a product, and the vast majority of consumers will run a price comparison at some point in the process. Selling on price is traditional and it’s easy, but what if your competition are undercutting you by so much that you can’t keep up? Or what if you are proud of your product’s quality and know it’s worth more.
The answer is to sell on value, but what does this mean?
What is Value-Based Selling?
Value-based selling focuses not on the dollar amount your product costs, but the value your product provides. The most simplistic version is to talk about, for example, how your product lasts longer or works faster.
But ultimately, the trick is to think of your product or service as solving a problem. They are not just buying your product, they are buying your expertise.
How to Sell on Value
Selling on value is not always easy or straightforward. But here are some tips:
- Think about what makes your product stand out from the competition. Is it particularly easy to use? Do you offer a longer warranty? Is it faster? Are you using more renewable parts? All of these are things that might make your product more valuable.
- Offer education or value before you start selling something. Provide content, give free consultations, and otherwise make your expertise available. Provide lots of information about your product, what it does, and how it works.
- Collect customer reviews and testimonials. A lot of people will see a salesperson as naturally biased, but a former customer will be more honest. (Always use real reviews).
- Extend benefits your competition doesn’t offer and compete on service rather than price.
If you sell on value, you will be able to charge more for your product without losing sales, and ultimately become a stand-out brand people will choose. If you need help coming up with ways to sell on value, including educating your customers, Empowered Pulse can help. Contact us to find out more about what we can do for you and your sales strategy.