In today’s B2B landscape, where subscription sales are prevalent and buyers can easily switch to new solution providers, sellers need to differentiate themselves and constantly compete on the value their business provides.
What is value?
- Value: The regard that something is held to deserve; the importance, worth, or usefulness of something. (Oxford)
In B2B sales, touting features, functions, and pricing are no longer relevant to buyers who already have easy access to this information online. Sales professionals need to guide buyers in their decision-making process with the customer’s best interest at the forefront.
What is value-based selling?
- Value-based selling: A selling methodology that focuses on providing customers with value in every step of the sales process and showing customers the potential value they can gain from using your product, service, or solution.
Through value selling, sellers have tailored conversations based on the buyer’s needs, priorities, and goals to show how their solution will benefit the buyer and help them solve their challenges while delivering value that is most meaningful to the customer.
According to Bain & Company’s research, there are 40 elements of value that customers perceive. These value elements include categories of table stakes, functional value, ease of doing business value, individual value, and inspirational value. Understanding what your customers and stakeholders value most can help your organization stand out against your competition, improve your value proposition, and gain more loyal customers.
Learn more about how to sell value to B2B organizations in the video clip with Jamie Cleghorn, Partner at Bain & Company below.